MIRA INFORM REPORT

Report Date :

13.06.2014

IDENTIFICATION DETAILS

Name :	GOVIND RUBBER LIMITED
Registered Office :	418, Creative Industrial Estate, 72, N.M. Joshi Marg, Lower Parel, Mumbai -400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.05.1985
Com. Reg. No.:	11-036320
Capital Investment / Paid-up Capital :	Rs. 218.418 Millions
CIN No.: [Company Identification No.]	L25110MH1985PLC036320
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08858D
PAN No.: [Permanent Account No.]	AAACG3682P
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the stock exchange.
Line of Business :	Manufacturer of Tyres and Tubes.
No. of Employees :	Information Declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects instances of delay by GRL in servicing its term debt obligations and the delays have been caused by the company’s weak liquidity. Further profitability of the company has declined during financial year 2013. Business is active. Payment terms are slow. The company can be considered for business dealings on safe and secured 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Ratings D
Rating Explanation	Instruments with this rating are in default or are expected to be in default soon.
Date	26.11.2013

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 BY

Name :	Mr. D. S. Mundra
Designation :	Finance Manager
Contact No.:	91-22-23091784
Date :	10.06.2014

LOCATIONS

Registered Office :	418, Creative Industrial Estate, 72, N.M. Joshi Marg, Lower Parel, Mumbai -400011, Maharashtra, India
Tel. No.:	+91-22-2309 5641/ 1784 / 309 21124 / 309 21126
Fax No.:	91-22-23092296
E-Mail :	info@govindrubber.com
Website :	http://www.grltires.com
Head Office :	G-15, Creative, 72, N MK Joshi Marg, Lower Parel, Mumbai – 400 011, Maharashtra, India
Tel. No.:	91-22-23095641/1784/30921124/30921126
Fax No.:	91-22-23092296
E-Mail :	info@govindrubber.com
Factory 1 :	VPO Jugiana, G.T. Road, Ludhiana - 141 120, Punjab, India
Tel. No.:	91-161-2510335/416/449/825
Fax No.:	91-161-2510535
E-Mail :	ludhiana@govindrubber.com
Factory 2 :	Kangawal Road, V.P.O. Jugiana, G.T. Road, Ludhiana - 141 120, Punjab, India
Factory 3 :	SP-923, RIICO, Phase III, P.O. Bhiwadi – 301019, District Alwar, Rajasthan, India
Tel. No.:	91-1493-20074/20075
Fax No.:	91-1493-20073
E-Mail :	bhiwadi@govindrubber.com

DIRECTORS

As on: 21.08.2013

Name :

Mr. Vinod Poddar

Designation :

Chairman and Managing Director

Address :

20, Mount Unique, 62/A, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

18.06.1960

Date of Appointment :

01.08.2013

DIN No.:

00182629

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	L25110MH1985PLC036320	GOVIND RUBBER LIMITED	Managing director	01/08/2013	17/03/1988	-	Active	NO
2	U92412MH2012PTC225995	PY FILMS PRIVATE LIMITED	Director	12/01/2012	12/01/2012	-	Active	NO
3	U17110MH2003PTC139002	SHIV SHAKTI SYNTEX PRIVATE LIMITED	Additional director	02/04/2012	02/04/2012	15/03/2013	Active	NO
4	U25203MH2012PTC230352	GRL TIRES PRIVATE LIMITED	Director	27/04/2012	27/04/2012	-	Active	NO
5	U25119DL2005PTC141947	GRL OFFHIGHWAY TIRES PRIVATE LIMITED	Director	29/09/2012	21/07/2012	-	Active	NO

Name :

Mr. Kamalakant Mohanlal Garg

Designation :

Director

Address :

A/602, Raghav Vasant Valley Complex, Malad (West), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

05.11.1958

Date of Appointment :

23.06.2001

DIN No.:

00387515

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	U67120MH1995PTC085934	PROMPT SHARE SERVICES PRIVATE LIMITED	Director	28/02/1995	28/02/1995	-	Active	NO
2	U17120MH1995PTC085963	NUPUR SYNFAB PRIVATE LIMITED	Director	01/03/1995	01/03/1995	-	Active	NO
3	L25110MH1985PLC036320	GOVIND RUBBER LIMITED	Director	23/06/2001	23/06/2001	-	Active	NO
4	U45200MH1991PTC063192	JASMINE DEVELOPERS PVT LTD	Director	02/09/2002	02/09/2002	-	Active	NO
5	U45200MH1992PTC068710	GO-GO LANDS AND PROPERTIES PRIVATE LIMITED	Director	02/09/2002	02/09/2002	-	Active	NO
6	U65990MH1991PTC063003	GO GO INVESTMENT PRIVATE LIMITED	Director	01/02/2005	01/02/2005	-	Active	NO
7	U18101MH1995PTC091461	SHRINGAR CREATIONS PRIVATE LIMITED	Director	01/02/2005	01/02/2005	-	Active	NO
8	U17120MH2003PTC142322	SHIVAM WEAVING PRIVATE LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
9	U70101MH2006PTC165047	WISE REALTORS & DEVELOPERS PRIVATE LIMITED	Director	03/10/2006	03/10/2006	-	Active	NO
10	U01403MH2011PTC225184	XCEL BIO-DIESEL PRIVATE LIMITED	Director	20/12/2011	20/12/2011	-	Active	NO
11	U24290MH2012PTC233335	PAAK ENTERPRISES PRIVATE LIMITED	Director	13/07/2012	13/07/2012	-	Active	NO
12	U37100MH2013PTC239611	NEXTGEN FIBRES PRIVATE LIMITED	Director	14/01/2013	14/01/2013	-	Active	NO

Name :

Mr. Sandeep Jhunjhunuwala

Designation :

Director

Address :

A/2002, Anmol Opposite Patel Petrol Pump, Goregaon (West), Mumbai -400104, Maharashtra, India

Date of Birth/Age :

05.07.1968

Date of Appointment :

28.09.2001

DIN No.:

00214387

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	L17120MH1999PLC032256	OXEMBERG FASHIONS LIMITED	Director	01/03/2000	01/03/2000	-	Active	NO
2	L25110MH1985PLC036320	GOVIND RUBBER LIMITED	Director	28/09/2001	28/09/2001	-	Active	NO
3	U72900MH1982PLC028908	POLO QUEEN INFOTECH AND TEXTILE LIMITED	Director	26/03/2003	26/03/2003	28/11/2008	Amalgamated	NO
4	L67120MH1982PLC027394	BALGOPAL HOLDINGS AND TRADERS LTD	Director	31/03/2008	31/03/2008	-	Active	NO
5	U17299MH2007PLC168720	BALKRISHNA SYNTHETICS LIMITED	Director	28/01/2009	28/01/2009	-	Active	NO
6	U17120MH1976PLC019345	BKT MOULDS LIMITED	Director	22/04/2010	22/04/2010	-	Amalgamated	NO
7	U17120MH1994PLC076885	SEEOM FABRICS LIMITED	Director	23/09/2011	30/03/2011	-	Active	NO

Name :

Mr. Umesh Lathi

Designation :

Whole – Time Director

Address :

904, Falcon Crest, New Link Road, Near Jairaj Nagar, Borivali (West), Mumbai – 400091, Maharashtra, India

Date of Birth/Age :

30.09.1969

Date of Appointment :

01.07.2012

DIN No.:

01854584

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	L25110MH1985PLC036320	GOVIND RUBBER LIMITED	Whole-time director	01/07/2012	26/06/2007	-	Active	NO
2	U17119RJ2011PLC035215	DIVA-INDUSTRIES LIMITED	Director	05/09/2012	01/11/2011	-	Active	NO

Name :

Mr. Rahul poddar

Designation :

Director

Address :

20, Mount Unique, 62/A Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

07.11.1985

Date of Appointment :

11.07.2012

DIN No.:

02232117

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	U51100MH1985PLC036650	GRL INTERNATIONAL LIMITED	Additional director	31/01/2009	31/01/2009	09/11/2011	Active	NO
2	L25110MH1985PLC036320	GOVIND RUBBER LIMITED	Director	11/07/2012	10/11/2011	-	Active	NO
3	U92412MH2012PTC225995	PY FILMS PRIVATE LIMITED	Director	12/01/2012	12/01/2012	-	Active	NO
4	U17110MH2003PTC139002	SHIV SHAKTI SYNTEX PRIVATE LIMITED	Additional director	02/04/2012	02/04/2012	15/03/2013	Active	NO
5	U25203MH2012PTC230352	GRL TIRES PRIVATE LIMITED	Director	27/04/2012	27/04/2012	-	Active	NO
6	U25119DL2005PTC141947	GRL OFFHIGHWAY TIRES PRIVATE LIMITED	Director	29/09/2012	13/09/2012	-	Active	NO

Name :

Mr. Srinivasa Raghavan Dorai Rajan

Designation :

Director

Address :

1/169, Sannidhi Street, Sadagopan Nagar, Jalladampet, Chennai – 600100, Tamilnadu, India

Date of Birth/Age :

22.10.1951

Date of Appointment :

11.07.2012

DIN No.:

00628373

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	U74140TN2005PTC058426	KANZEN INSTITUTE ASIA PACIFIC PRIVATE LIMITED	Director	26/12/2005	26/12/2005	-	Active	NO
2	U01407TN2008PTC067853	VISHNUPRIYA FARMS PRIVATE LIMITED	Director	22/05/2008	22/05/2008	-	Active	NO
3	U01111TN2005PTC057194	EVP SANMI RATHI AGRO TECHNOLOGIES PRIVATE LIMITED	Director	26/09/2011	21/03/2011	20/03/2014	Active	NO
4	L25110MH1985PLC036320	GOVIND RUBBER LIMITED	Director	11/07/2012	10/11/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. D. S. Mundra
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	11675495	53.46
Sub Total	11675495	53.46
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	11675495	53.46
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	9400	0.04
Financial Institutions / Banks	328655	1.50
Sub Total	338055	1.55
(2) Non-Institutions
Bodies Corporate	1607674	7.36
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	5621911	25.74
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2433014	11.14
Any Others (Specify)	162313	0.74
Foreign Nationals	95238	0.44
Non Resident Indians	67075	0.31
Sub Total	9824912	44.99
Total Public shareholding (B)	10162967	46.54
Total (A)+(B)	21838462	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)	21838462	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tyres and Tubes.

Products :

Item Code No. (ITC Code)	40115000
Product Description	Cycle Tyre
Item Code No. (ITC Code)	40132000
Product Description	Cycle Tube
Item Code No. (ITC Code)	40114001
Product Description	Auto Tyre
Item Code No. (ITC Code)	401 39002
Product Description	Auto Tube

GENERAL INFORMATION

No. of Employees :

Information Declined by the Management

Bankers :

• Bank of Baroda, C.F.S. Branch, Ballard Pier, Mumbai - 400023, Maharashtra, India
• Indian Overseas Bank, Industrial Area Branch, Ludhiana - 141003, Punjab, India
• Central Bank of India, Corporate Finance Branch, MMO Building, 1^st Floor, Mahatma Gandhi Road, Fort, Mumbai - 400023, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Term loan from bank	154.027	209.028
Term loans from others	4.309	7.227
Other loans and advances	1.081	2.288
SHORT TERM BORROWINGS:
Working capital loans from banks	770.437	632.036
Total	929.854	850.579

Banking Relations :	--
Auditors :
Name :	Jayantilal Thakkar and Company Chartered Accountants
Address :	111/A M. G. Road, Fort, Mumbai- 400023
PAN No.:	AAAFJ3458R
Associates :	Balkrishna Industries Limited CIN NO : L99999MH1961PLC012185 Siyaram Silk Mills Limited CIN NO:L17116MH1978PLC020451 Grl International Limited CIN NO:U51100MH1985PLC036650 Beetee Textile Industries Limited CIN NO:U17110MH1985PLC035838 S P Finance And Trading Limited CIN NO:L51900MH1981PLC024295
Subsidiaries:	GRLBV The Netherlands
Joint Venture:	GK Company Limited

CAPITAL STRUCTURE

As on: 21.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs. 220.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21838463	Equity Shares	Rs.10/- each	Rs. 218.385 Million

As on: 31.03.2013

Authorized Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs. 220.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21838463	Equity Shares	Rs.10/- each	Rs.218.385 Millions
	Forfeited Shares		Rs. 0.033 Million
	Total		Rs.218.418 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	218.418	218.418	218.418
(b) Reserves & Surplus	100.834	85.230	(24.849)
(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)	319.252	303.648	193.569
(3) Non-Current Liabilities
(a) long-term borrowings	294.417	353.543	282.166
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	179.379	136.285	162.734
(d) long-term provisions	12.855	10.174	8.104
Total Non-current Liabilities (3)	486.651	500.002	453.004
(4) Current Liabilities
(a) Short term borrowings	770.437	632.036	628.974
(b) Trade payables	783.037	784.632	542.003
(c) Other current liabilities	300.384	196.808	266.900
(d) Short-term provisions	5.555	4.263	4.968
Total Current Liabilities (4)	1859.413	1617.739	1442.845
TOTAL	2665.316	2421.389	2089.418
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	326.268	338.378	336.152
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	29.848	7.091	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	32.421	22.341	0.028
(c) Deferred tax assets (net)	87.868	92.705	42.794
(d) Long-term Loan and Advances	91.327	68.648	31.159
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	567.732	529.163	410.133
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	429.062	467.562	496.847
(c) Trade receivables	1532.725	1294.249	1119.392
(d) Cash and cash equivalents	32.344	62.311	19.956
(e) Short-term loans and advances	103.453	68.104	43.090
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2097.584	1892.226	1679.285
TOTAL	2665.316	2421.389	2089.418

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4077.023	3358.781	3397.840
		Other Income	10.668	48.017	11.355
		TOTAL (A)	4087.691	3406.798	3409.195
Less	EXPENSES
		Cost of Materials Consumed	2595.332	2103.224	2325.748
		Purchases of Stock-in-Trade	49.289	31.971	95.513
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(19.396)	138.287	(256.509)
		Employees benefits expense	304.546	236.236	228.230
		Other expenses	932.512	665.490	762.495
		TOTAL (B)	3862.283	3175.208	3155.477
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		225.408	231.590	253.718
Less	FINANCIAL EXPENSES (D)		175.958	142.617	116.078
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		49.450	88.973	137.640
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.792	28.841	27.839
	PROFIT BEFORE TAX (E-F) (G)		20.658	60.132	109.801
Less	TAX (H)		5.054	(49.946)	59.113
	PROFIT AFTER TAX (G-H) (I)		15.604	110.078	50.688
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(316.900)	(427.000)	(477.700)
	BALANCE CARRIED TO THE B/S		(301.296)	(316.922)	(427.012)
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS		646.645	534.903	133.177
	IMPORTS
		Raw Materials	261.563	374.424	726.183
	TOTAL IMPORTS		261.563	374.424	726.183
	Earnings Per Share (Rs.)		0.71	5.04	2.32

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013	31.12.2013	31.03.2014
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	656.400	1217.700	951.500	1247.800
Total Expenditure	624.700	1176.300	899.000	1179.900
PBIDT (Excl OI)	31.700	41.400	52.500	67.900
Other Income	1.400	17.000	4.200	14.800
Operating Profit	33.100	58.400	56.700	82.700
Interest	46.500	47.300	48.200	55.000
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	(13.400)	11.100	8.500	27.700
Depreciation	7.700	7.500	6.700	10.700
Profit Before Tax	(21.100)	3.600	1.800	17.000
Tax	0.000	0.000	0.000	(1.500)
Profit After Tax	(21.100)	3.600	1.800	18.500
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	(21.100)	3.600	1.800	18.500

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.38	3.23	1.49
Net Profit Margin (PBT/Sales)	(%)	0.51	1.79	3.23
Return on Total Assets (PBT/Total Assets}	(%)	0.82	2.62	5.37
Return on Investment (ROI) (PBT/Networth)		0.06	0.20	0.57
Debt Equity Ratio (Total Debt/Networth)		3.34	3.25	4.71
Current Ratio (Current Asset/Current Liability)		1.13	1.17	1.16

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	218.418	218.418	218.418
Reserves & Surplus	(24.849)	85.230	100.834
Net worth	193.569	303.648	319.252
long-term borrowings	282.166	353.543	294.417
Short term borrowings	628.974	632.036	770.437
Total borrowings	911.140	985.579	1064.854
Debt/Equity ratio	4.707	3.246	3.335

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	3397.840	3358.781	4077.023
		(1.150)	21.384

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	3397.840	3358.781	4077.023
Profit	50.688	110.078	15.604
	1.49%	3.28%	0.38%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Loans and advances from related parties:	135.000	135.000
Total	135.000	135.000

OPERATIONS:

The company has achieved a gross turnover and operational income of Rs.4294.200 millions as compared to Rs 3553.500 millions in the previous year with a growth of 20.84% over last year. The gross profit is Rs.49.400 millions as compared to Rs 88.900 millions in the previous year. The net profit for the year stood at Rs.15.600 millions as compared to Rs 110.100 millions in the previous year.

OUTLOOK FOR THE CURRENT YEAR 2013-2014:

The company is expanding its wings into domestic market by reaching to end consumer and retailers through various attractive packages. Exports in European market and through their subsidiary is poised to increase in coming years due to high end bicycle tyres. Joint venture has also commenced its production and selling its products into Korea, china and other neighbouring countries. The company is also taking measures to improve on customer services by introducing new technology of modern era. The company has started gaining its market acceptance of auto tyres and tubes into many part of the country and intends to penetrate its product across India through its wide network. The company is undertaking various cost saving measures at plant level by applying modern methods of optimizing man, machine and material resources

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10457763	05/10/2013	30,800,000.00	INDIAN OVERSEAS BANK	INDUSTRIAL AREA BRANCH, LUDHIANA, PUNJAB, LUDHIANA- 141003, PUNJAB, INDIA	B88607155
2	10451391	05/09/2013	40,000,000.00	BANK OF BARODA	C.F.S.BRANCH, BALLARD PIER, MUMBAI- 400023, MAHARASHTRA INDIA	B85887701
3	10409654	17/01/2013	40,000,000.00	BANK OF BARODA	C.F.S.BRANCH, BALLARD PIER, MUMBAI-400023, MAHARASHTRA , INDIA	B69880383
4	10389097	05/11/2012	50,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, MMO BUILDING, 1ST FLOOR, MAHATMA GANDHI ROAD, FORT, MUMBAI - 400023, MAHARASHTRA , INDIA	B63017115
5	10359052	16/05/2012	67,500,000.00	BANK OF BARODA	C.F.S.BRANCH, BALLARD PIER, MUMBAI - 400023, MAHARASHTRA , INDIA	B40955221
6	10355670	30/03/2012	16,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BLDG, M.  G. ROAD, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B39617592

FIXED ASSETS:

· Land (Freehold)

· Factory Building

· Plant and Machinery

· Electrical Installation

· Furniture, Fixture and Equipment

· Vehicles

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.59.33
UK Pound	1	Rs.99.68
Euro	1	Rs.80.30

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		18

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.