MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	TUDOR INDIA LIMITED
Registered Office :	Plot No. 10-1, Kamalpur Naationl Highway No. 8, Prantij – 383205, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.11.2000
Com. Reg. No.:	04-038908
Capital Investment / Paid-up Capital :	Rs. 239.721 Millions
CIN No.: [Company Identification No.]	U31109GJ2000PLC038908
PAN No.: [Permanent Account No.]	AAACT1681R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Batteries
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 410000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The company has incurred some accumulated losses. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

HENKEL RATING

HENKEL’s Rating :

B 400 (High risk), 450 (Very high risk)

Credit Rating	Henkel Rating (Customer Risk Assesment- CRA)
Mira Inform	Risk Category	Credit Limit	Description
Aaa	100	Inter Company, credit limit not required	Very low risk (blue ships)
Aa	200, 201	(120% of Gross Annualised Sales/365)*Credit Term.	Low risk
A	300, 301	(100% of Gross Annualised Sales/365)*Credit Term.	Moderate risk
Ba	350	(90% of Gross Annualised Sales/365)*Credit Term.	Significant risk
B	400	(80% of Gross Annualised Sales/365)*Credit Term.	High risk
	450		Very high risk
Ca or C	500*	NIL/ Legal/ Bad/No Transaction	Doubtful accounts
	007*	NIL	Small unrated customers
	009*	NIL	Inactive customers
	999*	Initially First Invoice vales, CRA will be done and based on report the CL would get revised.	New customer

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 BlueRidge 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 wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile 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.

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 PARTED BY

Name :	Mr. Rajnikant
Designation :	Account Department
Contact No.:	91-2770-233661
Date :	16.10.2014

LOCATIONS

Registered Office / Factory :	Plot No. 10-1, Kamalpur Naationl Highway No. 8, Prantij – 383205, Gujarat, India
Tel. No.:	91-79 - 23221683
Fax No.:	91-79 - 23232729
E-Mail :	tudor-india@icenet.net corporate@tudor-india.com
Website :	http://www.tudor-india.com
Branch Office :	Located at Mohali Ghaziabad New Delhi Gurgaon JAIPUR  Lucknow Prantij Ahmedabad  Indore  Mumbai Pune Hyderabad Bangalore  Chennai  Cochin  Patna  Kolkata

DIRECTORS

As on 30.09.2013

Name :	Mr. Nicholas James Iuanow
Designation :	Director
Address :	4005 Schooner Ridge, Alpharetta, Georgia USA 30005
Date of Birth/Age :	01.03.1959
Date of Appointment :	18.01.2005
DIN No.:	00725440
Name :	Mr. Brad Stewart Kalter
Designation :	Director
Address :	100 Club Falls Drive, Alpharetta, Georgia USA 30022
Date of Birth/Age :	01.10.1967
Date of Appointment :	18.01.2005
DIN No.:	00725372
Name :	Mr. Keyoor Madhusudan Bakshi
Designation :	Director
Address :	205 Nisha Apartments, Near Judges Bunglows, Cross Roads, Ahmedabad -380 015, Gujarat, India
Date of Birth/Age :	31.05.1957
Date of Appointment :	13.04.2006
DIN No.:	00133588
Name :	Jyotikumar Kantilal Satta
Designation :	Director
Address :	B/301 Retreat, Near Shymal Row House, Satellite Ahmedabad-380 015, Gujarat, India
Date of Birth/Age :	16.11.1938
Date of Appointment :	13.04.2006
DIN No.:	00247886
Name :	Mr. Vijay Kulhari
Designation :	Director
Address :	Krishnapark Society, ITI Road, Kubernagar, Naroda, Ahmedabad- 382345, Gujarat, India
Date of Birth/Age :	14.12.1973
Date of Appointment :	12.02.2011
DIN No.:	03463817
Name :	Mr. Richard Ian Derek Lord
Designation :	Additional Director
Address :	18 Winterburn Avenue, Bolton BL23FY
Date of Birth/Age :	15.10.1965
Date of Appointment :	07.03.2014
DIN No.:	06833856

KEY EXECUTIVES

Name :	Mr. Rajnikant
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Cmp Batteries Limited	20619137
Ashok Jani	1
Gautam Prajapati	1
Jaydeep Vaghela	1
Rajesh Shah	1
Rajni Thakker	1
Koladiya Mahesh Gordhanbhai	1
CMP Batteries Limited	2276784
Ksbl Escrow A/C – Til Delisting Off	1076193
Total	23972120

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	95.50
Other top fifty shareholders	4.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Batteries

Products :

Description of product or service category	ITC code
Storage batteries	85071000

Exports :

Products :

Finished Goods

Countries :

Australia

Imports :

Products :

Raw Material

Countries :

• Thailand
• USA
• UK

Terms :

Selling :

Cash / Advance Payment / L/C/ Cheque / Credit

Purchasing :

Cash / Advance Payment / L/C/ Cheque / Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

250 (Approximately)

Bankers :

• Corporation Bank, Sector - 28, Gandhinagar - 382028, Gujarat, India

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Short-term borrowings
Loans repayable on demand from banks	49.939	0.000
Total	49.939	0.000

Banking Relations :	---
Auditors :
Name :	Bhatt Vijay Nautamlal Chartered Accountants
Address :	Lodha Excelus, 1^st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 4000011, Maharashtra, India
PAN No.:	AAAFB9852F
Holding Company :	GNB Industrial Power (UK) Limited, U.K. (Formerly known as CMP Batteries Limited, U. K.)
Ultimate Holding Company	Exide Technologies, U. S. A.
Fellow subsidiary / associate company	Exide Technologies, New Zealand Exide Technologies (Shanghai) Company Limited Exide Australia PTY Limited GNB Technologies (India) Private Limited GNB Technologies (China) Exide Technologies SRL Exide Technologies, Australia

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
35,000,000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23,972,120	Equity Shares	Rs.10/- each	Rs.239.721 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

FINANCIAL DETAIL FINE ATTACHED

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	246.168	239.721	239.721
Reserves & Surplus	76.184	(91.038)	(136.179)
Net worth	322.352	148.683	103.542
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	49.939
Total borrowings	0.000	0.000	49.939
Debt/Equity ratio	0.000	0.000	0.482

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	1087.399	1296.270	1519.188
		19.208	17.197

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	1087.399	1296.270	1519.188
Profit / (Loss)	80.124	(128.543)	(45.140)
	7.37%	(9.92%)	(2.97%)

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	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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATIONS DETAILS

HIGH COURT OF GUJARAT

STAMP NUMBER No. 891 of 2013

Status : PENDING

CCIN No : 001087201300891

Last Listing Date:

18/04/2013

Coram

HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI

S.NO.	Name of the Petitioner	Advocate On Record
1	STATE OF GUJARAT	GOVERNMENT PLEADER for: null  1

Presented On	: 02/04/2013	Registered On	: 02/04/2013
Bench Category	: DIVISION BENCH	District	: SABARKANTHA
Case Originated From	: THROUGH ADVOCATE	Listed	: 1 times
StageName	: FOR OFFICE OBJECTION

OFFICE OBJECTION

Filing Stage Filing Stage

WHETHER PROPER & FULL COURT FEE IS PAID ? WHETHER CERTIFIED COPIES FILED ? APPELLATE JUDGEMENT

Classification	DB - TAX MATTERS - GUJARAT VALUE ADDED TAX ACT, 2006 - OTHER MATTERS
Act	SALES TAX ACT, 1969

OTHER FORUMS

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	SA/498/2008	GUJARAT VALUE ADDED TAX TRIBUNAL AHMEDABAD	PRESIDENT	13/03/2009	SABARKANTHA

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	02/04/2013	MEMO OF APPEAL/PETITION/SUIT	GOVERNMENT PLEADER  for PETITIONER(s)  1	50	GOVERNMENT PLEADER:1

APPLICATIONS

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	CIVIL APPLICATION/259/2013	DISPOSED	03/05/2013	CA DISPOSED OF HONOURABLE MR.JUSTICE AKIL KURESHI  HONOURABLE MS JUSTICE SONIA GOKANI

COURT PROCEEDINGS

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	17/04/2013	7	-	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	ADDITIONAL REGISTRAR ( JUDICIAL)
2	18/04/2013	7	67	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI  HONOURABLE MS JUSTICE SONIA GOKANI

BACKGROUND OF THE COMPANY

Subject is a subsidiary of GNB Industrial Power (UK) Limited, U.K. (formerly known as CMP Batteries Limited, U.K.), which in turn is the British Arm of the world’s largest battery manufacturing group based in Pennsylvania, U.S.A, viz Exide Technologies, U.S.A. The Company is engaged in the business of manufacturing and marketing lead acid storage batteries for various applications cars, Light Commercial Vehicles, Heavy Commercial Vehicle, tractors, earth moving equipments, inverters, gensets etc. The four major areas where the Company's products are used are Automotive, Standby / Inverter, Industrial and Electric Vehicles.

OPERATIONS, FINANCE AND WORKING CAPITAL

The company consolidated its position during the year. Sales volume increased by 17 % to Rs.1513.000 Millions and the PBDIT registered Rs.0.490 Million as against Rs. 27.070 Millions the year before. The drive for Cash and Carry sales in the aftermarket segment continued relentlessly leading to leaner balance sheet and lower working capital requirements.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10509510	16/06/2014	2,000,000.00	VOLKSWAGEN FINANCE PRIVATE LIMITED	3RD FLOOR, WING - A, SILVER UTOPIA, CARDINAL GRACIOUS ROAD, CHAKALA, ANDHERI, MUMBAI, MAHARASHTRA -  400099, INDIA	C11346228
2	10085989	11/03/2008 *	170,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A38999272
3	10085155	11/03/2008 *	170,000,000.00	CORPORATION BANK	SECTOR - 28, GANDHINAGAR, GUJARAT - 382028, INDIA	A39265103
4	90101010	10/06/2004	500,000.00	HDFC BANK LIMITED	NEAR NIRMA HOUSE, INCOME TAX; ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA	-
5	90102358	21/04/2004	20,000,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, MUMBAI, MAHARASHTRA - 400038, INDIA	-
6	90100917	30/06/2003	600,000.00	HDFC BANK LIMITED	NEAR NIRMA HOUSE, INCOME TAX; ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA	-
7	90100395	24/03/2001 *	2,500,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, RAHEJA CENTRE; NARIMAN  POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other equipments

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.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.