MIRA INFORM REPORT

Report Date :

11.11.2014

IDENTIFICATION DETAILS

Name :	HERO MOTOCORP LIMITED (w.e.f. July, 2011)
Formerly Known As :	HERO HONDA MOTORS LIMITED
Registered Office :	34, Community Centre, Basant Lok, Vasant Vihar, New Delhi - 110057
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.01.1984
Com. Reg. No.:	55-017354
Capital Investment / Paid-up Capital :	Rs.399.400 Millions
CIN No.: [Company Identification No.]	L35911DL1984PLC017354
TAN No.: [Tax Deduction & Collection Account No.]	DELH00028A
PAN No.: [Permanent Account No.]	A AACH0812J
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is engaged in the manufacturing and selling of motorized two-wheelers spares parts and related services.
No. of Employees :	5257 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (80)

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 160000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a one of leading motorcycles manufacturer in India. It is a Well – established and reputed company having excellent track record. The rating reflects HMCL’s strong business risk profile marked by strong liquidity position and decent profitability margins of the company. Further rating also reflects company’s strong brand appeal supported by wide distribution

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks Weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in Blue Ridge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the Weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had willfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

On Mobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk
Date	June 12, 2014
Rating Agency Name	CRISIL
Rating	Short Term Rating=A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	June 12, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

Management non- co-operative (91-11-26142451)

LOCATIONS

Registered Office / Corporate Office :	34, Community Centre, Basant Lok, Vasant Vihar, New Delhi - 110057
Tel. No.:	91-11-26142451 / 46044100
Mobile No.:
Fax No.:	91-11-26143321 / 26143198
E-Mail :	mayank@heromotocorp.com
Website :	http://www.heromotocorp.com
Plant 1 :	Dharuhera Plant 69 K.M. Stone, Delhi-Jaipur Highway, Dharuhera, District Rewari - 122 100 Haryana, India
Tel. No.:	91-1274-264 000
Fax No.:	91-1274-267 018
Plant 2 :	Gurgaon Plant 37 K.M. Stone, Delhi-Jaipur Highway, Sector 33, Gurgaon – 122 001 Haryana, India
Tel. No.:	91-124-2894200/2372123
Fax No.:	91-124 2373 141/42
Plant 3 :	Haridwar Plant Plot No. 3, Sector 10, I.I.E., SIDCUL, Roshanabad, Haridwar – 249 403, Uttarakhand, India
Tel. No.:	91-1334-238500/239514-16
Fax No.:	91-1334-239512-13

DIRECTORS

As on: 31.03.2014

Name :	Mr. Pawan Munjal
Designation :	Managing Director and Chief Executive Officer
DIN:	00004223
Name;	Brijamohan Lall Munjal
Designation:	Chairman
DIN:	00004134
Name;	Mr. Gen. (Retd.) V. P. Malik
Designation:	Non-Executive and Independent Director
Name :	Dr. Pritam Singh
Designation :	Non-Executive and Independent Director
Name :	Mr. M. Damodaran
Designation :	Non-Executive and Independent Director
Name :	Mr. Ravi Nath
Designation :	Non-Executive and Independent Director
Name :	Mr. Pradeep Dinodia
Designation :	Chairman
DIN;	00027995
Name :	Mr. Suman Kant Munjal
Designation :	Non-Executive Director
Name :	Mr. Paul Edgerley
Designation :	Non-Executive Director
Name :	Dr. Anand C. Burman
Designation :	Non-Executive and Independent Director
Name :	Mr. Sunil Kant Munjal
Designation :	Joint Managing Director

KEY EXECUTIVES

Audit Committee
Name :	Mr. Pradeep Dinodia
Designation :	Chairman
Name :	Gen. (Retd.) V. P. Malik
Designation :	Member
Name :	Dr. Pritam Singh
Designation :	Member
Name :	Mr. M. Damodaran
Designation :	Member
Shareholders’ Grievance Committee
Name :	Dr. Pritam Singh
Designation :	Chairman
Name :	Mr. Pradeep Dinodia
Designation :	Member
Name :	Mr. M. Damodaran
Designation :	Member
Remuneration Committee
Name :	Gen. (Retd.) V. P. Malik
Designation :	Chairman
Name :	Mr. Pradeep Dinodia
Designation :	Member
Name :	Mr. Ravi Nath
Designation :	Member
Senior Management Team
Name :	Mr. Ravi Sud
Designation :	Sr. Vice President and Chief Financial Officer
Name :	Mr. Anil Dua
Designation :	Sr. Vice President-Sales and Marketing
Name :	Mr. Vikram Kasbekar
Designation :	Head-Operations and Supply Chain
Name :	Mr. Neeraj Mathur
Designation :	Vice President-Strategic Sourcing and Supply Chain
Name :	Mr. Harjeet Singh
Designation :	Vice President-HRM, Corporate Planning and Strategy
Name :	Mr. Vijay Sethi
Designation :	Vice President- R and D
Name :	Mr. Deepak Mokashi
Designation :	Vice President and Head Global Busienss
Name :	Mr. Sanjay Bhan
Designation :	Business Head – Parts Buasinss
Name :	Mr. Rajat Bhargava
Designation :	Head of Strategy and Performance Transformation
Compliance Officer
Name :	Mr. Ilam C. Kamboj
Designation :	Sr. General Manager - Legal and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 01.07.2014

Category Of Shareholder	Total No. Of Shares	% Of Total No. Of Shares
(A) Shareholding Of Promoter And Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	62404852	31.25
Bodies Corporate	17307630	8.67
Sub Total	79712482	39.92
(2) Foreign
Total Shareholding Of Promoter And Promoter Group (A)	79712482	39.92
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	7109082	3.56
Financial Institutions / Banks	553853	0.28
Insurance Companies	9179580	4.60
Foreign Institutional Investors	68564539	34.34
Sub Total	85407054	42.77
(2) Non-Institutions
Bodies Corporate	3238423	1.62
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	11940093	5.98
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	819484	0.41
Any Others (Specify)	18569964	9.30
Non Resident Indians	234006	0.12
Clearing Members	169179	0.08
Trusts	1089290	0.55
Foreign Corporate Bodies	17077489	8.55
Sub Total	34567964	17.31
Total Public Shareholding (B)	119975018	60.08
Total (A)+(B)	199687500	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)	199687500	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the manufacturing and selling of motorised two-wheelers spares parts and related services.

Products :

Product Description	Item Code No.
Motorised two wheelers upto 350cc engine capacity	87112003

Payment Term:

Selling:

Not Available

Purchasing:

Not Available

GENERAL INFORMATION

Supplier	Not Available
Customer:	Not Available
No. of Employees :	5257 (Approximately)
Bankers :	The Royal Bank of Scotland NV Bank of America NA Citibank N.A. HDFC Bank Limited Hong Kong and Shanghai Banking ICICI Bank Limited Punjab National Bank Standard Chartered Bank The Bank of Tokyo-Mitsubishi UFJ Limited Kotak Mahindra Bank Limited Yes Bank Limited

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	7th Floor, Building No. 10, Tower B, DLF Cyber City Complex, DLF City Phase- II, Gurgaon – 122 002, Haryana, India
Tel. No.:	91- 124-679 2000
Fax No.:	91- 124-679 2012
E-Mail Id :	www.deloittee.com/in
Name :	Ramanath Iyer and Company Chartered Accountants
Address :	BL - 4, (Paschmi), Shalimar Bagh, Delhi - 110088, India
Tel. No.:	91-11-2748 1904, 4702 8048
Fax No.:	91-11-2748 1904
E-Mail Id :	arrricon@rediffmail.com arrricon@gmail.com
Parties in respect of which the Company is an associate :	Ø Hero Investment Private Limited
Associate :	Ø Hero FinCorp Limited
Parties over which the company has control – Subsidiary companies	Ø HMCL (NA) Inc (w.e.f May 29, 2013) Ø HMC MM Auto Limited (w.e.f November 11, 2013)

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.2/- each	Rs.500.000 Millions
400000	Cumulative Convertible Preference Shares	Rs.100/- each	Rs.40.000 Millions
400000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.40.000 Millions
	Total		Rs.580.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
199687500	Equity Shares	Rs.2/- each	Rs.399.400 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	399.400	399.400	399.400
(b) Reserves & Surplus	55599.300	49663.000	42498.900
(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)	55998.700	50062.400	42898.300
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	1324.100	2082.600
(c) Other long term liabilities	244.500	3021.600	10113.900
(d) long-term provisions	499.800	301.600	380.000
Total Non-current Liabilities (3)	744.300	4647.300	12576.500
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	22905.900	18733.400	22931.700
(c) Other current liabilities	5880.800	8876.400	9962.000
(d) Short-term provisions	15443.300	14097.000	10520.700
Total Current Liabilities (4)	44230.000	41706.800	43414.400
TOTAL	100973.000	96416.500	98889.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18972.700	18917.600	17431.400
(ii) Intangible Assets	3459.800	11792.200	20423.700
(iii) Capital work-in-progress	8541.100	620.900	388.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8128.800	6144.700	6739.600
(c) Deferred tax assets (net)	1059.800	0.000	0.000
(d) Long-term Loan and Advances	4773.900	7800.600	5336.400
(e) Other Non-current assets	478.100	364.400	260.100
Total Non-Current Assets	45414.200	45640.400	50579.600
(2) Current assets
(a) Current investments	32758.900	30093.600	32903.000
(b) Inventories	6695.500	6367.600	6755.700
(c) Trade receivables	9205.800	6650.000	2723.100
(d) Cash and cash equivalents	1175.000	1810.400	768.200
(e) Short-term loans and advances	5503.100	5535.500	4756.000
(f) Other current assets	220.500	319.000	403.600
Total Current Assets	55558.800	50776.100	48309.600
TOTAL	100973.000	96416.500	98889.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	252754.700	237681.100	235790.300
		Other Income	4463.800	3983.800	3645.700
		TOTAL	257218.500	241664.900	239436.000
Less	EXPENSES
		Cost of materials consumed	182215.300	173648.600	173654.100
		Changes in inventories of finished goods and work-in-progress	83.600	328.000	(838.400)
		Employee benefits expenses	9300.400	8209.200	7355.200
		Other expenses	25754.800	22650.500	19431.600
		TOTAL		204836.300	199602.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		39864.400	36828.600	39833.500
Less	FINANCIAL EXPENSES		118.200	119.100	213.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		39746.200	36709.500	39620.500
Less/ Add	DEPRECIATION/ AMORTISATION		11073.700	11417.500	10973.400
	PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX		28672.500	25292.000	28647.100
	EXCEPTIONAL ITEMS		0.000	0.000	0.000
	PROFIT BEFORE TAX		28672.500	25292.000	28647.100
Less	TAX		7581.700	4110.400	4865.800
	PROFIT AFTER TAX		21090.800	21181.600	23781.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		30399.800	25385.700	14448.000
Less	APPROPRIATIONS
		Dividend	12991.300	11981.300	8985.900
		Corporate Tax on Dividend	2207.900	2036.200	1457.700
		Transfer to General Reserve	2150.000	2150.000	2400.000
	BALANCE CARRIED TO THE B/S		34141.400	30399.800	25385.700
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	4655.400	6202.400	5986.400
		Freight and Insurance	45.500	42.200	9.100
	TOTAL EARNINGS		4700.900	6244.600	5995.500
	IMPORTS
		Raw Materials*	244.500	367.000	145.600
		Components, spare parts and others *	10688.800	10111.600	9237.300
		Capital Goods	2266.700	1060.900	840.300
	TOTAL IMPORTS		13200.000	11539.500	10223.200
	Earnings Per Share (Rs.)		105.61	106.07	119.09

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Total Income	(%)	8.34	8.91	10.09
Operating Profit Margin (PBIDT/Sales)	(%)	15.77	15.49	15.80
Return on Total Assets (PBT/Total Assets}	(%)	34.44	28.21	28.40
Return on Investment (ROI) (PBT/Networth)		0.51	0.51	0.61
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.26	1.22	1.11

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	399.400	399.400	399.400
Reserves & Surplus	42498.900	49663.000	55599.300
Net worth	42898.300	50062.400	55998.700
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	235790.300	237681.100	252754.700
		0.802	6.342

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales Turnover	235790.300	237681.100	252754.700
Profit	23781.300	21181.600	21090.800
	10.09%	8.91%	8.34%

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	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	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	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

BUSINESS PERFORMANCE:

During the Financial year (FY) the Company clocked the sales of 6,245,960 units depicting an increase of 2.8% over the previous FY 60, 75,583 units. The total sales of products (net of excise duty) was increased by 6.5% to Rs. 251250.000 Millions in the FY under review from Rs. 23583.000 Millions in previous FY. Net Revenue from Operations of the Company increased by 6.3%, from Rs.237680.000 Millions in FY 2012-13 to Rs.252750.000 millions in FY 2013-14. Profit before Tax (PBT) has shown an increase of 13.37% from Rs.25290.000 millions in 2012-13 to Rs.28670.000 millions in 2013-14. The Company’s Profit after Tax (PAT) decreased by 0.4% from Rs.21180.000 millions in 2012-13 to Rs.21090.000 millions in 2013-14. Earnings before Interest, Depreciation and Taxes (EBIDTA) margins stood at 14.01% in FY 2013-14 as compared to 13.82% in FY 2012-13. Similarly the operating margins stood at 9.62% in FY 2013-14 as compared to 9.02% in FY 2012-13.

MANAGEMENT DISCUSSION AND ANALYSIS:

GLOBAL ECONOMY:

According to the World Economic Outlook (WEO) Report published by the International Monetary Fund (IMF) in April 2014, the global economy grew by 3% in CY2013, supported by encouraging performance of the US economy. However, global growth was weighed down by modest growth in the Euro Zone, Japan and Emerging Market and Developing Economies.

We are now seeing a new pattern in the performance of global economies’ between 2009 and 2012, the emerging market and developing economies had been spearheading global recovery as the advanced economies lurched from one crisis to another. Now the scenario is changing, with the advanced world, led by the US, contributing around 20% of global economic growth.

China’s growth is expected to be around 7.5% in 2014, as the political leadership is ensuring a gradual transition to a more sustainable growth path. Such a situation will pave the way for a period of more balanced global growth.

Besides, with India having resoundingly voted for political stability and better governance, the country’s around 2-trillion dollar economy is also likely to pick up pace and contribute significantly towards global recovery.

INDIAN ECONOMY:

A few years ago, India’s impressive growth rates were the envy of the world. As Asia’s second largest economy moved forward, the country created a perception of being a citadel of energy and enterprise. However, spillover effects of lackluster global growth and continuous policy paralysis in the government has since arrested India’s economic surge.

Matters came to a head in the middle of 2013-14, with indications that the US Fed was withdrawing its Quantitative Easing programmer. This caused capital flight and significant rupee depreciation. India’s economic growth engine lost steam, and stubbornly high core inflation made matters worse.

The financial prowess of India Inc. deteriorated with a dramatic fall in infrastructure and corporate investments, with adverse implications on asset quality of banks and other financial institutions. In such a bleak external environment, job prospects dimmed and consumer demand weakened. This influenced the sales of different categories of automobiles.

The recovery of the monsoon in the season’s second half in 2012 and a good monsoon in 2013 provided some breathing room. It helped the agriculture sector recover with record productions in rice, wheat, pulses, oilseeds and cotton. However, the demand recovery in rural India was negated largely by industrial stagnation, a slump in service sector growth and a decline in government spending.

On the positive side, both current account deficit and foreign trade deficit narrowed significantly in the second half of 2013-14. In addition, policy measures to strengthen capital flows in September and October 2013 helped reduce external vulnerabilities. The Indian currency has stabilized at the time of writing, inflation is under better control and exports have shown some recovery.

OUTLOOK:

The elections have delivered a clear mandate for decisive governance and development. 2014 could be a momentous year for India, given the new energy and political will to drive economic reforms. The new leadership has shown a resolve to implement radical policies to bring the economy back on track. If this resolve translates into action, three developments could take place. Stalled projects could see quick execution. Better-directed subsidies could prune the fiscal deficit. Finally, strong leadership at the helm could make the administration more streamlined and responsive. Hopefully, these steps will quicken the pace of capital formation and improve productivity. Continued reforms and a stable monetary policy would bolster the country’s macroeconomic fundamentals and deliver a powerful message of societal and economic dynamism to the world.

TWO-WHEELER INDUSTRY:

During FY 2013-14, the two-wheeler industry grew marginally by 7.1%, from 16.900 millions units sold compared to 15.800 millions units in FY 2012-13. In a similar pattern, the motorcycle volumes—which account for a major industry proportion — grew by 4.3% from 11.950 millions units in FY 2012-13 to 12.500 millions units in FY 2013-14, Continuing its growth path, the scooter category was the star industry performer with 22.1% growth in sales, from 3.070 millions units in FY 2012-13 to 3.750 millions units in FY 2013-14. Like in the previous years, sales of moped de-grew by 7.8% from 0.790 millions units in 2012-13 to 0.730 millions units in 2013-14.

EXPORTS:

Reversing the trend of the previous fiscal, the export sales of the entire two-wheeler industry grew by 6.5% to 1.900 millions units. Hero MotoCorp, with sales of over 130,763units, accounted for 6% of motorcycle exports from India. This share is likely to go up significantly in the coming years.

TWO-WHEELER: SEGMENTAL REVIEW:

The two-wheeler industry has three distinct segments, based on income and lifestyle classifications. In FY 2013-14, the deluxe category accounted for 66% of sales. It was followed by the entry segment (18% of sales) and the premium category (16% of sales). The deluxe segment grew by 5.4% with volumes of 6.800 millions units. Hero Moto Corp continued to have a major share of this segment with sales of 4.200 millions units and a segment share of 61%, whereas the nearest competitor managed a 19.4% segment share. However, the entry segment which accounted for 1.800 millions units, declined by 2.6%. Hero Moto Corp’s sales in the entry segment grew by 3.4% to 1.060 millions units, resulting in a segment share of 56.8%. The sales in the industry’s premium segment increased significantly by 7.1% to 1.600 millions units. However, Hero Moto Corp’s performance was not encouraging in this segment. Nevertheless, the Company’s main segment continued with their strong showing, and Splendor, Passion Pro and HF Deluxe continued to feature among the top six motorcycle brands sold in India. The two top-selling brands (Pleasure and Maestro), in the scooter category continued to perform strongly. Volumes increased to 2.900 millions units from 2.600 millions units. In relative terms, Hero Moto Corp’s sales grew by 13.6% and accounted for 21.4% of the two-wheeler market.

OPERATIONAL PERFORMANCE:

In FY 2013-14, Hero Moto Corp sold 6.200 millions units compared to 6.070 millions units in the previous year. In the motorcycle segment, Hero Moto Corp with sales of 5.500 millions units, continued to lead the domestic market with 44.4% market share. Sales in the domestic motorcycle market remained flat at 10.480 millions units, compared to 10.080 millions units in the previous year. In the Indian market, Hero Moto Corp captured 51.8% market share, with sales of 5.400 millions unit’s vis-à-vis sales of 5.300 millions units in FY 2012-13. Remarkably, the Company sold more units than the second, third, fourth and fifth placed motorcycle manufacturers in India taken together during the year.

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED

30^th September, 2014

		Particulars	Quarter Ended		Sixth Month
			30.09.2014	30.06.2014	30.09.2014
		Number of Two Wheelers Sold	1692523	1715254	3407777
1	Income from Operations
	a) Net Sales/Income from Operations (net of excise duty)		68635.000	69994.000	138629.000
	b) Other Operating Income		518.400	374.400	892.800
	Total Income from Operations (Net)		69153.400	70368.400	139521.800
2	Expenses
	a)	Cost of Materials consumed	50054.400	50563.100	100617.500
	b)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(346.800)	548.500	201.700
	c)	Employee benefit expenses	2849.800	2678.100	5527.900
	d)	Depreciation and amortization expense	749.600	2915.200	3664.800
	e)	Other expenses	7247.800	7106.700	14354.500
	Total Expenses		60554.800	63811.600	124366.400
3		Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)	8598.600	6556.800	15155.400
4	Other Income		1935.100	1127.500	3062.600
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)	10533.700	7684.300	18218.000
6	Finance Costs		49.400	29.800	79.200
7	Profit /(Loss) from ordinary activities before tax		10484.300	7654.500	18138.800
8	Tax Expense		2850.600	2026.900	4877.500
9	Net Profit /(Loss) from ordinary activities after tax (9-10)		7633.700	5627.600	13261.300
10	Paid up equity share capital (Eq. shares of Rs.10/- each)		399.400	399.400	399.400
	Face value of share (Rs.)		20.000	20.000	20.000
11	Reserve excluding revaluation reserves
		Basic and Diluted earnings per share face value Rs. 2/- each(In Rupee)	38.23	28.18	66.41
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding	(Rs. 2.00 Per Shares)	(Rs. 2.00 Per Shares)	(Rs. 2.00 Per Shares)
		- No. of Shares	119975018	119975018	119975018
		- Percentage of Shareholding	60.06%	60.08%	60.08%
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	Nil	Nil	Nil
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	--	--	--
		- Percentage of shares (as a % of the total share capital of the Company)	--	--	--
		b) Non- encumbered
		- Number of shares	79712482	79712482	79712482
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100.00	100.00	100.00
		- Percentage of shares (as a % of the total share capital of the Company)	39.92%	39.92%	39.92%

	Particulars		Quarter ended 30.09.2014
B		Investor Complaints
		Pending at the beginning of the quarter	7
		Received during the quarter	90
		Disposed during the quarter	97
		Remaining unresolved at the end of the quarter	0

Statement of assets and Liabilities as per Clause 41 of the Listing Agreement

Particular	30.09.2014	31.03.2014
	Unaudited
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	399.400	399.400
(b) Reserves & Surplus	61622.200	55599.300
(c) Money received against share warrants	0.000	0.000
Total Shareholders’ Funds (1) + (2)	62021.600	55998.700
(2) Non- current Liabilities
(a) Long term Borrowing
(c) long term liabilities	265.600	244.500
(d) long-term provisions	570.600	499.800
Total Non-current Liabilities (3)	836.200	744.300
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	29794.900	22905.900
(c) Other current liabilities	4816.700	5880.800
(d) Short-term provisions	670.900	15443.300
Total Current Liabilities (4)	35282.500	44230.000
TOTAL	98140.300	100973.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32760.500	30973.600
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	8939.900	8128.800
(c) Deferred tax assets (net)	1007.200	1059.800
(d) Long-term Loan and Advances	5164.900	4773.900
(e) Other Non-current assets	540.000	478.100
Total Non-Current Assets	48412.500	45414.200
(2) Current assets
(a) Current investments	15618.900	32758.900
(b) Inventories	9573.800	6695.500
(c) Trade receivables	15516.300	9205.800
(d) Cash and cash equivalents	1544.400	1175.000
(e) Short-term loans and advances	7175.400	5503.100
(f) Other current assets	299.000	220.500
Total Current Assets	49727.800	55558.800
TOTAL	98140.300	100973.000

NOTE:

1. The above financial results for the second quarter and half year ended September 30, 2014 have been reviewed and recommended by the Audit committee and approved by the Board of Directors [Board] in their respective meetings held on Thursday, October 16, 2014

2. As the Company's business activity falls within a single primary business segment viz "Two-Wheelers. Its parts and ancillary services' and is a single geographical segment, the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting: specified in the Companies (Accounting Standard) Rules, 2006 are not applicable.

3. During the half year, the Company has implemented Schedule II of the Companies Act, 2013, and accordingly has computed the depreciation as prescribed by Schedule II to the Act or actual useful life of assets, whichever is lower. The carrying value of assets which has completed its depreciation period as on April 01, 2014 has been adjusted to the General Reserve. The remaining assets have been depreciated over the revised useful life and as a result higher depreciation has been recognized as charge in the Statement of Profit and Loss for the half year ended September 30, 2014.

4. During the quarter, the Company has invested Rs. 13750.000 Millions as part of capital contribution in the wholly owned subsidiary HMCL Netherlands B.V. The subsidiary would act towards furtherance of business interest of the company.

5. During the quarter an interim dividend of Rs. 30/- (1500%) per equity share of Rs. 2 each for the financial year 2014-15 amounting to Rs. 700870.00 Millions (including dividend tax)was declared and paid to the shareholders holding shares as on the record date i.e. August 11, 2014 fixed for this purpose.

6. Previous period/year figures have been regrouped/ reclassified wherever necessary, to make them comparable.

7. The above results of the Company are available on the Company's www.heromatocwp.com and also on www.bseindia.cam and www.nseindia.cam

PRESS RELEASES:

RAJASTHAN CHIEF MINISTER SMT VASUNDHRA RAJE INAUGURATES HERO MOTOCORP’S NEEMRANA MANUFACTURING FACILITY & GLOBAL PARTS CENTRE

HERO MOTOCORP RIDES INTO A GREENER TOMORROW WITH “GARDEN FACTORY”

LINES UP TOTAL INVESTMENT OF OVER RS 5000 CR (US$ 800 MILLION) IN BUILDING CAPACITY ACROSS THE GLOBE

- BUILDS STATE-OF-THE-ART MANUFACTURING FACILITY ON ‘GREEN CONCEPT’ TO PROMOTE SUSTAINABLE GROWTH
- INVESTS RS 1050 CRORE (US$ 175 MILLION) IN WORLD-CLASS PRODUCTION UNIT & GLOBAL PARTS CENTRE (GPC)
- STARTS PRODUCTION WITH INITIAL CAPACITY OF 750,000 UNITS PER ANNUM
- AIMS TO DOUBLE PARTS BUSINESS TURNOVER TO RS 3000 CR (US$ 500 MILLlON) IN 2-3 YEARS

“It is a momentous occasion for us as We synergies environment and cutting-edge technology to unveil our fourth manufacturing unit, which is a garden of health and productivity, where We don’t only manufacture products but also nurture life. We believe in giving back to the environment as much as we take from it. And that is why Hero has kept the ’green concept’ in focus while building this ‘Garden Factory’. As leaders in the automotive industry, we fully realize our responsibility as an opinion leader in the fast changing industrial environment. With the knowledge that a cleaner, pollution-free environment is the only way forward, we are ushering in an era of change. Today, we are living up to that commitment by unveiling the first of our ‘Green Concept’ manufacturing unit which will serve as a template for our upcoming production facilities to replicate.

“Augmenting our capabilities, HMCL’s highly-automated Global Parts Centre is our big stride in building self-sufficiency.

“We have lined up total investment of over Rs 5000 Cr (US$ 800 Million) across the globe, including the manufacturing plants in Colombia and Bangladesh, and the new plants coming up at Gujarat and Andhra Pradesh and the Hero Global Centre for Research & Design at Kukas in Rajasthan.”

Mr. Pawan Munjal
Vice Chairman, Chief Executive Officer & Managing Director
Hero Moto Corp Ltd.

Neemrana, Rajasthan, October 21th, 2014

The state-of-the-art platinum-class manufacturing plant of Hero MotoCorp Ltd at Neemrana in the Northern Indian state of Rajasthan has gone on stream, in keeping with the company’s vision to surpass 100 million units in cumulative production by year 2020.

Rajasthan Chief Minister Smt. Vasundhara Raje officially inaugurated Hero MotoCorp’s Garden Factory at Neemrana today.

Hero’s one-of-a-kind-garden factory that will redefine manufacturing is based on the core principle of sustainable development as the company remains committed to maintain the highest ecological standards. From efficient building envelope, to the Big Foot air handlers, to water and energy optimisation - the Garden Factory demonstrates HMCL’s environmental aspirations.

With the launch of this facility, about 120 km south-West of the national capital New Delhi, Hero MotoCorp now has four globally-benchmarked manufacturing units in India – Haridwar in the hill state of Uttarakhand, Gurgaon and Dharuhera in the northern state of Haryana, and Neemrana. The combined installed production capacity of the company has now risen-up to 7.65 million per annum – well in course to achieve the stated objective of 12 million annual capacity by Year 2020.

HMCL has injected a sum of Rs 1050 Crore (US$ 175 million) as initial investment to build this sustainable manufacturing unit balancing nature, business and mankind.

Adjacent to the plant is Hero MotoCorp’s state-of-the-art Global Parts Centre (GPC) which has automated storage and retrieval system, automated packaging and sorting system, on-line tracking of parts through Warehouse Management System (WMS), lean manufacturing systems and most importantly, a similar Green Building Concept.

Aiming to double its annual turnover to over Rs 3000 Crore in the next two to three years, the GPC is designed to have minimal manual intervention while significantly enhancing productivity.

The new plant will manufacture HMCL’s range of motorcycles and scooters. Going forward, the company has plans to develop high-end two-wheelers from this facility. The current production capacity of the plant is 750,000 units per annum which is likely to go up with rising demand.

The unveiling of HMCL’s new plant at Neemrana - just over a year after construction began - showcases the perseverance & aggression with which the company is working towards realising its long-term vision of reaching higher volumes to meet growing demand from domestic and international markets.

Hero MotoCorp is also set to commence construction of its fifth & sixth manufacturing plants in Gujarat and Andhra Pradesh respectively. When operational, all these plants – including the ones in Colombia and Bangladesh – will take the total installed capacity of Hero MotoCorp to 12 million units of two-wheelers.

HERO MOTOCORP DEMONSTRATES LEADERSHIP PERFORMANCE WITH ROBUST NUMBERS FOR Q2 FY’15

REPORTS PAT OF RS. 763 CRORE & TURNOVER 
OF RS 6,915 CRORE FOR JUL-SEPT QUARTER

Financial Results for Q2, FY’15

• Total sales for the quarter stands at 16,92,523 units
• Total turnover (Net sales and other operating income) Rs.69150.000 Millions
• Profit Before Tax (PBT) stands at Rs.10480.000 Millions
• Net Profit After Tax (PAT) stands at Rs 7630.000 Millions
• EBIDTA margin for the quarter at 13.52 per cent

We are laying the roadmap for the future at Hero with a strong focus on technology and innovation. While our multi-location technology eco-system is working on the new product line, our customers have given a resounding affirmation to the innovation and technology-improvements on the existing platforms. The Splendor iSmart with the path-breaking i3S technology, Pleasure scooter with the Integrated Braking System (IBS) and the new ZMR and Karizma R have all been driving large volumes, adding to our leadership. We are only beginning to see how strong an impact we can make on the market with our innovations and technological improvements. The entire team is confident that we can further build on our leadership once we roll out our global range of new motorcycles and scooters. At the same time, a concerted focus on costs has enabled us to have good margins even as we continue to keep strengthening our market leadership. These numbers bode well for the festive season and we are looking at leveraging this momentum to ensure record retail sales in the month of October.

“With the new stable government at the Centre, the sentiment in the entire country has turned positive. The Rupee depreciation, which had adversely impacted several sectors, and pulled up the costs of essential commodities, has also more or less stabilized. We will continue to be innovative in tackling any extraneous pressures to protect our margins.”

PAWAN MUNJAL
Vice Chairman, Chief Executive Officer & Managing Director

With sales of 16,92,523 two-wheelers in Q2 (July-September 2014) of Financial Year (FY) 2014-15, the company registered a total turnover (Net Sales & other Operating Income) of Rs 6,915 crore and net profit after tax (PAT) of Rs 763 crore. HMCL had reported a total turnover of Rs. 5,726 and PAT of Rs 481 crore in the corresponding quarter in the previous fiscal (2013-14).

EBIDTA margin (Earnings before Interest, Depreciation & Amortization) for the second quarter of this financial year stood at 13.52 per cent.

The cumulative sales for first half of the year (April-Sept’14) stands at 34,07777 two-wheelers. The company registered a total turnover (Net Sales & other Operating Income) of Rs 139520.000 Millions and net profit after tax (PAT) of Rs 13260.000 Millions in this period. HMCL had reported a total turnover of Rs. Rs. 11,886 crore and PAT of Rs 10300.000 Millions in the corresponding period in the previous fiscal (2013-14). EBIDTA margin (Earnings before Interest, Depreciation & Amortaization) for the first half (FY 2014-15) stood at 13.49 per cent.

The Q2 of FY’15 marked several milestones in Hero MotoCorp’s journey towards next-generation technological excellence.

Global Foray	In July 2014, HMCL launched its operations in Colombia-:  o Forms wholly-owned subsidiary – “HMCL Colombia SAS” o Commences construction of state-of-the-art manufacturing plant at Villa Rica, Cauca; to be operational by mid-2015 with capacity of 78,000 units, that will go up to 150,000 units in phase II leading to sustainable direct & indirect employment o Project cost - US$70 million as: US$ 38 million in capex & rest to be utilised as working capital over the next 3 years o Makes equity investment through wholly-owned subsidiary in Netherlands –“HMCL BV”
Consolidation of Leadership Team	- Mr. Markus Braunsperger has joined Hero MotoCorp as the Chief Technology Officer (CTO). - Mr. Sanjay Jorapur has joined Hero MotoCorp as Chief Human Resources Officer.
Sales Performance in FY’15	- Registered sales of 5,29,862 units of two-wheelers in July 2014 and 5,58,609 units of two-wheelers in August 2014 - In September 2014, HMCL clocked a record 6,04,052 units of two-wheelers for any month of September. Hero MotoCorp had crossed the figure of 6-lakh plus in monthly sales in only two previous occasions – in October 2013 when it sold 6.25
Product launches	- Launched new exciting products - Karizma, ZMR and Xtreme
Announcements related to Sports	- In July 2014, HMCL became the Title Sponsor of the Indian Super League; the first-of-its-kind franchise-based football league in the country  - In September 2014, in the first-of-its-kind top-level global association with golf, HMCL became the Title Sponsor of the World Challenge tournament. To be hosted by the Tiger Woods Foundation at the Isleworth Golf & Country Club at Orlando in the US in the first week of December this year, the marquee event will be called “Hero World Challenge.”

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80065350	11/08/2005	400,000,000.00	HDFC BANK LIMITED	KAILASH BUILDING , 26, K.G. MARG, NEW DELHI - 110001, INDIA	-
2	80065345	28/10/1998 *	628,000,000.00	PUNJAB NATIONAL BANK	ECE HOUSE, KASTURBA GANDHI MARG, NEW DELHI, - 110001, INDIA	-
3	90335393	06/01/1996 *	28,000,000.00	PUNJAB NATIONAL BANK	K.G. MARG, NEW DELHI, Delhi, INDIA	-
4	80065346	02/06/1989	80,000,000.00	PUNJAB NATIONAL BANK	ECE HOUSE, KASTURBA GANDHI MARG, NEW DELHI - 110001, INDIA	-
5	80065347	28/06/1996 *	80,000,000.00	PUNJAB NATIONAL BANK	ECE HOUSE, KASTURBA GANDHI MARG, NEW DELHI - 110001, INDIA	-

FIXED ASSETS

• Land
• Buildings
• Plant and machinery
• Furniture, fixtures and office equipment
• Vehicles
• Office Equipment
• Computer and data processing
• Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.97.39
Euro	1	Rs.76.16

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		80

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.