MIRA INFORM REPORT

Report Date :

02.05.2014

IDENTIFICATION DETAILS

Name :	BAJAJ AUTO LIMITED (w.e.f. 05.03.2008)
Formerly Known As :	BAJAJ HOLDINGS AND INVESTMENTS LIMITED
Registered Office :	Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.04.2007
Com. Reg. No.:	25-130076
Capital Investment / Paid-up Capital :	Rs. 2893.700 Millions
CIN No.: [Company Identification No.]	L65993PN2007PLC130076
TAN No.: [Tax Deduction & Collection Account No.]	PNEB05807E
PAN No.: [Permanent Account No.]	AADCB2923M
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the stock exchanges.
Line of Business :	Manufacturers and Exporter of Two and Three Wheelers.
No. of Employees :	2802 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 316078000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having excellent track record. Financial performance of the company seems to be strong and healthy. Performance capability of the company is good. Trade relations are trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

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 Rating=AAA
Rating Explanation	Highest credit quality and lowest credit risk.
Date	27.12.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating=A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	27.12.2013

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 DENIED

Management Non Co-Operative (91-22-27472851)

LOCATIONS

Registered/ Head Office/ Factory 1 :	Bajaj Auto Limited Complex, Mumbai-Pune Road, Akurdi, Pune – 411 035, Maharashtra, India
Tel. No.:	91-20-27472851/ 27406603 / 27406063 / 27406281/ 27406137
Fax No.:	91-20-27407380 / 27407392
E-Mail :	vpbhand@bajajauto.co.in investors@bajajauto.co.in jsridhar@bajajauto.co.in
Website :	http://www.bajajauto.com
Factory 2 :	Bajaj Nagar, Waluj, Aurangabad – 431 136, Maharashtra, India
Factory 3 :	MIDC, Plot No. A1, Mahalunge Village, Chakan Industrial Area, Chakan, Pune – 410 501, Maharashtra, India
Factory 4 :	Plot No. 2, Sector -10, IIE Pant Nagar, Udham Singh Nagar – 263 531, Uttarkhand, India

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Rahul Bajaj
Designation :	Chairman
Name :	Mr. Madhur Bajaj
Designation :	Vice Chairman
Name :	Mr. Rajiv Bajaj
Designation :	Managing Director
Name :	Mr. Sanjiv Bajaj
Designation :	Executive Director
Name :	Mr. Kantikumar R. Podar
Designation :	Director
Name :	Mr. Shekhar Bajaj
Designation :	Director
Name :	Mr. D.J. Balaji Rao
Designation :	Director
Name :	Mr. D.S. Mehta
Designation :	Director
Name :	Mr. J.N. Godrej
Designation :	Director
Name :	Mr. S.H. Khan
Designation :	Director
Name :	Ms. Suman Kriloskar
Designation :	Director
Name :	Mr. Naresh Chandra
Designation :	Director
Name :	Mr. Nanoo Pamnani
Designation :	Director
Name :	Mr. Manish Kejriwal
Designation :	Director
Name :	Mr. P. Murari
Designation :	Director
Name :	Mr. Niraj Bajaj
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Pradeep Shrivastava
Designation :	Chief Operating Officer
Name :	Mr. Abraham Joseph
Designation :	Chief Technology Officer
Name :	Mr. S Sridhar
Designation :	President (Motorcycle Business)
Name :	Mr. R C Maheshwari
Designation :	President (Commercial Vehicle Business)
Name :	Mr. Rakesh Sharma
Designation :	President (International Business)
Name :	Eric Vas
Designation :	President (New Projects)
Name :	Mr. K Srinivas
Designation :	President (Retail Finance)
Name :	Mr. Kevin P D’sa
Designation :	President (Finance)
Name :	Mr. S Ravikumar
Designation :	Senior Vice President (Business Development and Assurance)
Name :	Mr. Amrut Rath
Designation :	Vice President (Human Resources)
Name :	Mr. C P Tripathi
Designation :	Vice President (CSR)
Name :	Mr. J Sridhar
Designation :	Company Secretary

SHAREHOLDING PATTERN

AS ON 31.03.2014

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	12613090	4.36
Bodies Corporate	132120042	45.67
Sub Total	144733132	50.03
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	144733132	50.03
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1732339	0.60
Financial Institutions / Banks	1079789	0.37
Insurance Companies	17481009	6.04
Foreign Institutional Investors	54010575	18.67
Sub Total	74303712	25.68
(2) Non-Institutions
Bodies Corporate	23752715	8.21
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	13999399	4.84
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	30353094	10.49
Any Others (Specify)	2164924	0.75
Non Resident Indians	978867	0.34
Overseas Corporate Bodies	1425	0.00
Foreign Bodies - D R	49178	0.02
Trusts	754413	0.26
Clearing Members	379408	0.13
Foreign Nationals	1633	0.00
Sub Total	70270132	24.29
Total Public shareholding (B)	144573844	49.97
Total (A)+(B)	289306976	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	60044	0.00
Sub Total	60044	0.00
Total (A)+(B)+(C)	289367020	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Category of Shareholders	No. of Shares	Percentage of Holding
Anant Bajaj	1,49,614	0.05
Deepa Bajaj	21,150	0.01
Geetika Bajaj	600	0.00
Kiran Bajaj	2,050	0.00
Kriti Bajaj	70,000	0.02
Kumud Bajaj	9,69,868	0.34
Madhur Bajaj	14,32,232	0.49
Minal Bajaj	1,25,800	0.04
Neelima Bajaj Swamy	5,35,438	0.19
Nimisha Jaipuria	3,14,570	0.11
Niraj Bajaj	21,09,476	0.73
Niravnayan Bajaj	4,23,132	0.15
Rahulkumar Bajaj	29,70,570	1.03
Rajivnayan Bajaj	7,26,100	0.25
Rishabnayan Bajaj	17,000	0.01
Sanjali Bajaj	18,200	0.01
Sanjivnayan Bajaj	8,00,448	0.28
Shefali Bajaj	20,000	0.01
Shekhar Bajaj	4,21,760	0.15
Siddhantnayan Bajaj	15,000	0.01
Suman Jain	10,47,008	0.36
Sunaina Kejriwal	4,23,074	0.15
Bachhraj And Company Private Limited	37,27,756	1.29
Bachhraj Factories Private Limited	19,45,174	0.67
Bajaj Finance Limited	150	0.00
Bajaj Holdings And Investment Limited	9,11,19,000	31.49
Bajaj Sevashram Private Limited	44,62,720	1.54
Baroda Industries Private Limited	16,70,802	0.58
Hercules Hoists Limited	1,82,590	0.06
The Hindustan Housing Company Limited	14,400	0.00
Jamnalal Sons Private Limited	2,58,44,400	8.93
Kamalnayan Investment & Trading Private Limited	1,32,200	0.05
Madhur Securities Private Limited	79,400	0.03
Niraj Holdings Private Limited	19,600	0.01
Rahul Securities Private Limited	2,70,600	0.09
Rupa Equities Private Limited	2,86,800	0.10
Sanraj Nayan Investments Private Limited	60,000	0.02
Shekhar Holdings Private Limited	63,000	0.02
Bajaj Auto Employees Welfare Fund	21,44,250	0.74
Bel Employees Welfare Fund	97,200	0.03
Total	14,47,33,132	50.02

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Category of Shareholders	No. of Shares	Percentage of Holding
Life Insurance Corporation Of India	13231448	4.57
Jaya Hind Investments Private Limited	10243928	3.54
Maharashtra Scooters Limited	6774072	2.34
Sikkim Jansewa Pratisthan Private Limited	3659916	1.26
Europacific Growth Fund	5302128	1.83
National Westminster Bank Plc As Depositary Of Fir	3165458	1.09
Total	42376950	14.64

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporter of Two and Three Wheelers.

Products :

ITC Code	Products Description
8711	Scooters, Auto-rickshaw, Motorcycles and Mopeds

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Two Wheelers and Three Wheelers up to 350 CC Engine Capacity [Including two wheelers c. k. d. packs 200000 nos.]	Nos.	1639350	5040000	3844438

Note:

(a) Licensed Capacity is stated as per the Original License held by the erstwhile Bajaj Auto Limited (pre-demerger). However, the Company’s products are exempt from licensing requirements under New Industrial Policy in terms of notification no.S.O.477 (E) dated 25 July1991.

(b) As certified by the COO and being a technical matter, accepted by the Auditors as correct.

GENERAL INFORMATION

No. of Employees :	2802 [Approximately]
Bankers :	· Central Bank of India · State Bank of India · Citibank N.A. · Standard Chartered Bank · Bank of America · ICICI Ban · HDFC Bank

Banking Relations :	--
Auditors :
Name :	Dalal and Shah Chartered Accountants
Cost Auditors :	A.P. Raman Cost Accountants
Holding company, subsidiaries and fellow subsidiary :	· PT. Bajaj Auto Indonesia (98.94% shares held by Bajaj Auto Limited) · Bajaj Auto International Holdings B V (Fully owned subsidiary) · Amsterdam Netherlands (Fully owned subsidiary)
Associates, joint ventures and investing parties :	· Bajaj Holdings and Investment Limited (Investing party - holds 31.49% shares of Bajaj Auto Limited)
Enterprises over which anyone exercises significant influence :	· Bajaj Finserv Limited · Bajaj Finance Limited · Bajaj Allianz Life Insurance Company Limited · Bajaj Finance Solutions Limited · Bajaj Electricals Limited · Hind Musafir Agency Limited · Hindustan Housing Company Limited · KTM Sportsmotorcycle AG · KTM Sportsmotorcycle India Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs. 10/- each	Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
289367020	Equity Shares	Rs. 10/- each	Rs.2893.670 Millions

a) Further, of the above:-

144,683,510 equity shares were allotted as fully paid bonus shares by capitalisation of General reserve by the Company on 13 September 2010. 101,183,510 equity shares were allotted as fully paid up pursuant to the scheme of arrangement for demerger of erstwhile Bajaj Auto Limited (now Bajaj Holdings and Investment Limited) by the Company on 3 April 2008.

1,805,071 equity shares thereof (excluding 1,805,071 equity shares allotted as bonus shares thereon) are deemed to be issued by way of Euro Equity Issue represented by Global Depository Receipts (GDR) evidencing Global Depository Shares outstanding on the record date. Outstanding GDRs at the close of the year were 66,196 (169,088)

b) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of ` 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors and approved by the shareholders in the annual general meeting is paid in Indian rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) Details of shareholders holding more than 5% shares in the Company

Name of Shareholder	Number of Shares	% holding
Bajaj Holdings and Investment Limited	91119000	31.49%
Jamnalal Sons Private Limited	25949400	8.97%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2893.700	2893.700
(b) Reserves & Surplus	76125.800	57517.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	79019.500	60410.700
(3) Non-Current Liabilities
(a) long-term borrowings	712.700	974.800
(b) Deferred tax liabilities (Net)	1151.000	484.400
(c) Other long term liabilities	1220.600	1570.700
(d) long-term provisions	1346.100	1118.500
Total Non-current Liabilities (3)	4430.400	4148.400
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	19796.100	19577.900
(c) Other current liabilities	5461.600	6043.300
(d) Short-term provisions	16078.600	20660.500
Total Current Liabilities (4)	41336.300	46281.700
TOTAL	124786.200	110840.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18044.300	14795.900
(ii) Intangible Assets	0.000	21.400
(iii) Capital work-in-progress	2232.900	117.700
(iv) Intangible assets under development	702.600	298.800
(b) Non-current Investments	37191.500	37862.100
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4623.900	6008.700
(e) Other Non-current assets	10.200	14.300
Total Non-Current Assets	62805.400	59118.900
(2) Current assets
(a) Current investments	27113.300	10966.000
(b) Inventories	6362.800	6785.300
(c) Trade receivables	7675.800	4227.900
(d) Cash and cash equivalents	5588.500	16538.300
(e) Short-term loans and advances	13117.200	10248.500
(f) Other current assets	2123.200	2955.900
Total Current Assets	61980.800	51721.900
TOTAL	124786.200	110840.800

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		2893.700
2] Share Application Money		0.000
3] Reserves & Surplus		46208.500
4] (Accumulated Losses)		0.000
NETWORTH		49102.200
LOAN FUNDS
1] Secured Loans		235.300
2] Unsecured Loans		2681.900
TOTAL BORROWING		2917.200
DEFERRED TAX LIABILITIES		297.100
TOTAL		52316.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14827.100
Capital work-in-progress		698.600
INVESTMENT		47219.100
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5472.800
	Sundry Debtors	3598.900
	Cash & Bank Balances	2287.800
	Other Current Assets	6180.500
	Loans & Advances	12190.500
Total Current Assets		29730.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17892.600
	Other Current Liabilities	6708.200
	Provisions	15558.000
Total Current Liabilities		40158.800
Net Current Assets		(10428.300)
MISCELLANEOUS EXPENSES		0.000
TOTAL		52316.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	199972.500	195289.800	158968.200
		Other Income	7954.900	6080.400	10779.200
		TOTAL (A)	207927.400	201370.200	169747.400
Less	EXPENSES
		Cost of raw material and components consumed	135237.400	134455.400	113118.900
		Purchases of traded goods	8588.300	7511.500	5684.100
		(Increase)/decrease in inventories of finished goods, work-in-progress and traded goods	240.000	(941.500)	(827.900)
		Employee benefits expense	6394.800	5401.100	4935.800
		Other expenses	13788.000	12157.700	9525.800
		Expenses, included in above items, capitalized	(628.500)	(494.300)	(166.600)
		Exceptional items	0.000	1340.000	(7245.500)
		TOTAL (B)	163620.000	159429.900	125024.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		44307.400	41940.300	44722.800
Less	FINANCIAL EXPENSES (D)		5.400	222.400	16.900
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44302.000	41717.900	44705.900
Less	DEPRECIATION/ AMORTISATION (F)		1639.700	1456.200	1228.400
	PROFIT BEFORE TAX (E-F) (G)		42662.300	40261.700	43477.500
Less	TAX (H)		12226.600	10221.200	10080.200
	PROFIT AFTER TAX (G-H) (I)		30435.700	30040.500	33397.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		37051.400	25154.800	8549.900
Less	APPROPRIATIONS
		Transfer to General Reserve	3050.000	3010.000	3340.000
		Proposed Dividend	15234.500	15133.900	13452.400
	BALANCE CARRIED TO THE B/S		49202.600	307051.400	25154..800
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of exports	65082.700	64491.800	44504.500
		Exchange gain/(Loss) on Derivative hedging instruments, debtors	399.100	1547.900	0.000
		Forwarding charges exports recovered	86.700	129.800	1013.000
		Interest	26.600	19.500	14.000
		Royalty	26.600	8.000	5.900
		Technical Know how	8.300	3.000	0.000
		Asset Disposal	0.000	0.700	1.200
		Other Earnings	23.400	58.900	21.500
	TOTAL EARNINGS		65653.400	66259.600	45560.100
	IMPORTS
		Raw Materials	381.700	1157.000	1092.700
		Components	5478.500	5216.800	4054.000
		Vehicles and spare parts	117.800	96.000	0.000
		Machinery spares	68.900	92.000	68.300
		Capital goods	3783.700	217.000	377.800
		Tools, stores, etc.	64.600	68.300	52.500
	TOTAL IMPORTS		9895.200	6847.100	5645.300
	Earnings Per Share (Rs.)		105.20	103.80	115.40

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	14.64	14.92	19.67
Net Profit Margin (PBT/Sales)	(%)	21.33	20.62	27.35
Return on Total Assets (PBT/Total Assets}	(%)	53.31	60.51	97.58
Return on Investment (ROI) (PBT/Networth)		0.54	0.67	8.87
Debt Equity Ratio (Total Debt /Networth)		0.01	0.02	0.06
Current Ratio (Current Asset/Current Liability)		1.50	1.12	0.74

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Share Capital	2893.700	2893.700
Reserves & Surplus	57517.000	76125.800
Net worth	60410.700	79019.500
long-term borrowings	974.800	712.700
Short term borrowings	0.000	0.000
Total borrowings	974.800	712.700
Debt/Equity ratio	0.016	0.009

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	158,968.200	195,289.800	199,972.500
		22.848	2.398

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	158,968.200	195,289.800	199,972.500
Profit	33,397.300	30,040.500	30,435.700
	21.01%	15.38%	15.22%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

(Rs. In Millions)

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
Current maturities of long-term debt	171.700	275.500	334.200

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	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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 Rs. in Millions	As on 31.03.2012 Rs. in Millions
Unsecured Loans
Sales tax deferral liability/loan, an incentive under Package Scheme of Incentives 1983, 1988 and 1993 - interest free, partially prepaid	712.700	974.800
Total	712.700	974.800

LITIGATION DETAILS:

HIGH COURT OF BOMBAY

Case Details

Bench:-Bombay

Stamp No.:-

FAST/13586/2010

Filing Date:-

07/06/2010

Reg. No.:-

FA/1840/2010

Reg. Date:-

09/12/2010

Petitioner:-

DELHI AUTOMOBILES LIMITED. AND ANR -

Respondent:-

M/S. BAJAJ AUTO LIMITED AND ANR -

Petn.Adv.:-

GIRDHAR GOVIND AND COMPANY (0)

Resp.Adv.:-

DHRU AND COMPANY FOR RESP NO 1 (0)

District:-

PUNE

Bench:-	DIVISION
Status:-	Admitted(Unready)
Last Date:-	02/12/2011	Stage:-	DUE FOR ADMISSION
Last Coram:-	HON’BLE SHRI JUSTICE B.H. MARLAPALLE HON’BLE SHRI JUSTICE NISHITA MHATRA

Act :-

C.P.C.- (Non-Interlocutory Order)

MANAGEMENT DISCUSSION AND ANALYSIS:

Research and Development and technology absorption

PRODUCTS:

Pulsar 200 NS

Pulsar 200 NS was launched in May 2012. It has gone on to redefine the sports motorcycle segment in India. It has set a new benchmark in terms of performance, style, technology and affordability. It has brought additional set of customers to the Pulsar portfolio. It has won an astounding number of 12 awards for product and technology including the award for the best product design in all automobiles.

Discover 125 ST

This product complements Discover 125 ST and extends the all new design of Discover 125 ST to smaller engine capacity. It sharply focuses on the customers who prefer greater fuel efficiency, but desire all the enhancements. The vehicle is powered by a high performance 4 valve air cooled 100 cc DTSi engine, delivering 10.2 Ps, with a 5 speed gear box suitably mated to the power characteristics of the engine. This is the world’s first 100 cc single cylinder 4valve DTSi engine and delivers class leading power and fuel efficiency.

KTM Duke 125 - Duke 200

Model Year 2013 saw Duke 125 and Duke 200 substantially upgraded. Vehicle safety is taken to the next level with the introduction of “Anti-lock braking system (ABS)”. The vehicle is equipped with twin channel ABS offering independent control for both the wheels and increases driver safety by not allowing the vehicle to skid even in case of panic braking on low friction surfaces.

The Duke 200 won 8 awards this year. Between Pulsar and KTM, the Company swept practically all the major awards announced during the year.

PROCESS:

R&D has been working on improving its operations in a number of areas as listed below.

· Manpower: R&D has been expanding its team size in areas of design, analysis and validation in order to keep up with the rapidly expanding aspirations of the Company.

· Facilities: R&D continued to enhance its design, computing, proto-typing and validation facilities. Such enhancement efforts have enabled R&D to develop durable and refined products. A number of new test facilities were put in to validate the durability and performance of the forthcoming 4 wheelers. The prototyping facilities were also upgraded to enable building of the prototypes of these vehicles.

· Technology: This year, R&D launched the Triple Spark technology for the Pulsar family. This technology takes the DTS-I performance to the next higher level. It gives best in class fuel efficiency and performance on a sports bike. This technology went on to win the “Automotive technology of the year” award competing in the category of not just 2 wheelers, but in all categories of automobiles.

· Total Productive Maintenance (TPM): R&D continues to vigorously pursue the TPM way of thinking and working. This has yielded excellent results in quality management of design and validation process. The TPM approach has also been effective in the lead time reduction on the various critical processes in R&D by elimination of waste.

INTERNATIONAL BUSINESS:

Subject continues to outperform competition in terms of two and three wheeler exports, in spite of the grim world economic scenario. We have maintained our leadership position in exports and have dominated the Indian two and three wheeler export scenario. Bajaj has exported a total of 1,547,157 two and three wheelers, highlighting the stellar lead the Company has established against competition.

More details of International Business are set out in the annexed Management Discussion and Analysis Report.

INDUSTRIAL RELATIONS:

Industrial relations with staff and workmen across the plants at Akurdi, Waluj, Chakan and Pantnagar continued to be cordial.

At Pantnagar, wage settlement dated 7 December 2012 was amicably signed in conciliation between the management and representatives of workmen. The workmen have formed a trade union on 21 August 2012 under the name and style “Bajaj Auto Limited. Employees Sangh”, which has a majority following.

At Chakan, Vishwa Kalyan Kamgar Sanghatana, the recognised union has given notice of termination of the existing settlement dated 21 May 2010 as per provisions of The Industrial Disputes Act, 1947.

Five workmen of BAL-Waluj and two workmen of BAL-Chakan have received Best Worker (Gunwant Kamgar) Welfare Awards for the year 2012 declared by the Maharashtra Labour Welfare Board, Mumbai, Government of Maharashtra.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10122149	26/07/2008	4,300,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, FORT, MUMBAI – 400 023, MAHARASHTRA, INDIA	A45544905

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2013	31.03.2012
Claims against the Company not acknowledged as debts	4188.800	4187.400
Guarantees given by the Company to banks, on behalf of its subsidiary, PT Bajaj Auto Indonesia	271.400	254.400
Guarantees given by the Company to Housing Development Finance Corporation Limited - for loans to Employees	0.400	1.200
Excise and Customs demand - matters under dispute and Claims for refund of Excise Duty, if any, against Excise Duty Refund received in the earlier year	2933.100	1817.800
Income tax matters - Appeal by company	541.300	95.800
Value Added Tax (VAT)/Sales Tax matters under dispute	3774.800	3578.500
Claims made by temporary workmen Pending before various judicial/appellate authorities in respect of similar matters adjudicated by the Supreme Court. The matter is contingent on the facts and evidence presented before the courts/adjudicating authorities and not necessarily likely to be influenced by the Supreme Court’s order	Liability unascertained	Liability unascertained
Total	11741.0313	9966.3312

FIXED ASSETS:

· Land Leasehold

· Land Freehold

· Buildings

· Water pump

· Reservoirs and Mains

· Plant and Machinery

· Dies and Jigs

· Electric Installations

· Factory Equipments

· Furniture Fixtures

· Electric Fittings

· Vehicles and Aircraft

· Office Equipments

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2013

(Rs. In Millions)

	Particulars	31.12.2013	30.09.2013	31.12.2013
		(Unaudited)
	Sales in numbers	99369.000	96133.000	293429.500
1	Income from operations
a.	Gross sales	52945.500	53342.500	156869.400
	Less: Excise duty	2697.900	2727.600	7919.600
	Net sales	50247.600	50614.900	148949.800
b.	Other operating income	1064.800	1134.000	3222.400
	Total income from operations (net)	51312.400	51748.900	152172.200
2	Expenses
	(a) Cost of materials consumed	33354.000	32540.000	97308.300
	(b) Purchases of stock-in-trade	2345.400	2322.900	6699.000
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(36.700)	(177.200)	407.700
	(d) Employee benefits expense	1847.900	1833.800	5518.200
	(e) Depreciation	459.500	442.900	1346.300
	(f) Other expenses	2647.900	4049.000	11019.100
	(g) Expenses capitalised	(197.900)	(139.200)	(518.600)
	Total expenses	40420.100	40872.200	121780.000
3	Profit from operations before other income, finance costs and exceptional items (1-2)	10892.300	10876.700	30392.200
4	Other income (See note 1)	2218.400	1241.600	5126.000
5	Profit from ordinary activities before finance costs and exceptional items (3+4)	13110.700	12118.300	35608.200
6	Finance costs	1.900	0.400	3.200
7	Profit from ordinary activities after finance costs but before exceptional items (5-6)	13108.800	12117.900	35605.000
8	Exceptional items	--	--	--
9	Profit from ordinary activities before tax (7+8)	13108.800	12117.900	35605.000
10	Tax expense	4063.300	3746.300	10811.100
11	Net Profit for the period (9-10)	9045.500	8371.600	24793.900
12	Paid-up equity share capital (Face value of Rs.10)	289.37	289.37	289.37
13	Reserves excluding Revaluation Reserves
14	Basic and Diluted Earnings per share (Rs.) (not annualised)
	before and after extraordinary items	31.3	28.9	85.7

A. Particulars of shareholding
1. Public Shareholding
- Number of shares	144633888	144633888	144633888
- Percentage of shareholding	49.98	49.98	49.98
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	79855	86855	79855
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	0.06	0.06	0.06
Percentage of shares (as a % of total share capital of the company)	0.03	0.03	0.03
b) Non Encumbered
Number of shares	144653277	144646277	144653277
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	99.94	99.94	99.94
Percentage of shares (as a % of total share capital of the company)	49.99	49.99	49.99
B. Investor Complaints	31.12.2013
Pending at the beginning of the quarter	Nil
Receiving during the quarter	2
Disposed of during the quarter	2
Remaining unreserved at the end of the quarter	Nil

SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	31.12.2013	30.09.2013	31.12.2013
	(Unaudited)
1. Segment revenue
Automotive	52208.700	52076.500	153922.400
Investments	1269.800	914.00	3413.500
Unallocable	52.300	0.000	52.300
Total	53530.800	52990.500	157388.200
2. Segment profit / (loss) before tax and finance cost
Automotive	11791.100	11206.600	32149.700
Investments	1267.300	911.700	3406.200
Unallocable	52.300	0.000	52.300
Total	13110.700	12118.300	35605.000
Less: Finance cost	1.900	0.400	3.200
Total profit before tax	13108.800	12117.900	3560.500
3. Capital employed
Automotive	24639.300	17616.000	24639.300
Investments	79417.500	77505.900	79417.500
Unallocable	1955.800	785.700	1955.800
Total	106012.600	95907.600	106012.600

1. The marked-to-marked gain/ loss representing time value of foreign exchange contracts to hedge future exports, which reserves out over the period of contract, net of such reversals are recognized either as ‘Other Income’ or ‘ Other Expenses’ as the case may be. The above results include these impacts as follows :

(Rs. In Millions)

Particulars	31.12.2013	31.09.2013	31.12.2013
Net Gain as Other Income	--	--	--
Net Loss as Other Expenses	(955.200)	393.600	398.400

2. Other income includes following -

(Rs. In Millions)

Particulars	31.12.2013	31.09.2013	31.12.2013
Investment income	1269.800	914.000	3413.500
Others	948.600	327.600	1802.500

3. Figures for previous year / period have been regrouped wherever necessary.

4. The above results have been reviewed by the audit committee, approved by the Board of directors in the meeting held on 16 January 2014 and subjected to a limited review by the statutory auditors.

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.60.53
UK Pound	1	Rs.101.77
Euro	1	Rs.83.92

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		73

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.