MIRA INFORM REPORT

Report Date :

03.09.2014

IDENTIFICATION DETAILS

Name :	MAHINDRA VEHICLE MANUFACTURERS LIMITED (w.e.f. 19.12.2008)
Formerly Known As :	MAHINDRA AUTOMOTIVE LIMITED
Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.05.2007
Com. Reg. No.:	11-171151
Capital Investment / Paid-up Capital :	Rs.9622.500 Millions
CIN No.: [Company Identification No.]	U34100MH2007PLC171151
TAN No.: [Tax Deduction & Collection Account No.]	MUMM32438A
PAN No.: [Permanent Account No.]	AAFCM1217M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Tractors and Utility Vehicles.
No. of Employees :	4300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “MAHINDRA AND MAHINDRA LIMITED”. It is a well-established company having fine track record. The rating reflects company’s strong financial risk profile marked by adequate liquidity position and decent profitability levels of the company. Further rating also reflects financial and managerial support that company receives from its parent company. Trade relation are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of strong holding support, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based bank facilities: “AA”
Rating Explanation	High degree of safety and very low credit risk.
Date	January, 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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-24901441)

LOCATIONS

Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24931441 / 24935626/ 24905619
Fax No.:	91-22-24900833
E-Mail :	bade.kiran@mahindra.com iyer.sangameshwar@mahindra.com maheshwari.sumeet@mahindra.com
Website :	www.mahindra.com
Factory :	MIDC, Chakan, Pune – 410501, Maharashtra, India

DIRECTORS

As on 16.06.2014

Name :

Dr. Pawan Kumar Ram Kishore Goenka

Designation :

Director

Address :

Flat No.602, 9, JVPD, 10th Road, Juhu Vile Parle Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

23.09.1954

Qualification :

B.Tech, M.S., PHd

Date of Appointment :

06.08.2008

DIN No.:

00254502

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72400MH1995PLC091404	MAHINDRA ENGINEERING SERVICES LIMITED	Director	30-04-2003	30-04-2003	-	Active	NO
2	U70100MH1999PTC122738	SYLVAN REALTY PRIVATE LIMITED	Director	26-05-2003	26-05-2003	-	Active	NO
3	U34100MH2005PTC153702	MAHINDRA AUTOMOBILE DISTRIBUTOR PRIVATE LIMITED	Director	06-08-2010	05-08-2005	28-07-2012	Active	NO
4	L65921MH1991PLC059642	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	Director	23-07-2010	26-10-2005	24-07-2014	Active	NO
5	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	26-10-2005	26-10-2005	01-04-2010	Active	NO
6	U63040MH1994PLC079098	MAHINDRA TRUCKS AND BUSES LIMITED	Director	14-07-2006	11-01-2006	30-04-2014	Active	NO
7	U72200MH2000PTC173332	PLEXION TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	16-02-2006	16-02-2006	-	Amalgamated	NO
8	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	23-08-2006	29-04-2006	-	Active	NO
9	U74999MH2007PTC167071	RN AUTOMOTIVE PRIVATE LIMITED	Nominee director	05-03-2007	05-03-2007	10-03-2008	Strike off	NO
10	U34100MH2007PLC171151	MAHINDRA VEHICLE MANUFACTURERS LIMITED	Director	06-08-2008	25-05-2007	-	Active	NO
11	U35914MH2007PTC169753	MAHINDRA HEAVY ENGINES PRIVATE LIMITED	Director	31-07-2008	31-01-2008	26-04-2014	Active	NO
12	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	12-08-2009	29-09-2008	-	Active	NO
13	U34300DL1960NPL093535	ASSOCIATION OF INDIAN AUTOMOBILES MANUFACTURERS (SECTION-25 COMPANY)	Director	28-08-2009	28-08-2009	-	Active	NO
14	L45202PB1974PLC003516	SWARAJ AUTOMOTIVES LIMITED	Director	03-08-2010	06-05-2010	09-04-2014	Active	NO
15	L50210PB1985PLC006473	SWARAJ ENGINES LTD	Director	03-08-2010	06-05-2010	-	Active	NO
16	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	17-09-2010	26-05-2010	-	Active	NO
17	U92190MH2008PLC178894	MUMBAI MANTRA MEDIA LIMITED	Director	28-09-2012	28-03-2012	-	Active	NO
18	U85300DL2008NPL181612	NATIONAL SKILL DEVELOPMENT CORPORATION	Director	27-06-2013	27-06-2013	05-08-2014	Active	NO
19	L65990MH1945PLC004558	MAHINDRA AND MAHINDRA LIMITED	Whole-time director	23-09-2013	23-09-2013	-	Active	NO
20	U93000MH2013NPL251507	MAHINDRA 'ELECTORAL TRUST' COMPANY	Additional director	10-02-2014	10-02-2014	-	Active	NO

Name :

Mr. Ajay Mansukhlal Choksey

Designation :

Director

Address :

Kanyakumari, Andheri Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

12.08.1952

Qualification :

B.Com., C.A., ACS

Date of Appointment :

20.08.2009

DIN No.:

00204454

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status
1	U18101MH1995PLC095482	NBS INTERNATIONAL LIMITED	Director	01-11-2000	01-11-2000	-	Active
2	U34100MH2007PLC171151	MAHINDRA VEHICLE MANUFACTURERS LIMITED	Director	20-08-2009	06-08-2008	-	Active
3	U34100MH2005PTC153702	MAHINDRA AUTOMOBILE DISTRIBUTOR PRIVATE LIMITED	Director	01-08-2011	06-08-2010	-	Active

Name :

Mr. Sundaram Venkatraman

Designation :

Director

Address :

501, Vikas Classic, Building No.4, Behind Basant Theater, Dr. C. Gidwani Marg, Chembur, Mumbai – 400074, Maharashtra, India

Date of Birth/Age :

07.05.1952

Qualification :

B.Com., ICWA

Date of Appointment :

20.08.2009

DIN No.:

00077193

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1995PLC093447	TECPRO ASHTECH LIMITED	Director	05-12-2002	05-12-2002	05-01-2008	Amalgamated	NO
2	U45201MH2001PLC131942	MAHINDRA INFRASTRUCTURE DEVELOPERS LIMITED	Nominee director	23-04-2003	23-04-2003	-	Active	NO
3	U74210MH1993PLC074723	MAHINDRA CONSULTING ENGINEERS LIMITED	Nominee director	22-04-2004	22-04-2004	-	Active	NO
4	U45200MH1992PLC068846	MAHINDRA CONSTRUCTION COMPANY LIMITED	Director	29-09-2007	24-04-2006	-	Active	NO
5	U45205MH1999PLC121235	MAHINDRA WATER UTILITIES LIMITED	Director	18-09-2007	10-10-2006	-	Active	NO
6	U74999MH1954PLC019908	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED	Director	27-08-2007	16-01-2007	-	Active	NO
7	U74140MH1992PLC066606	MAHINDRA AND MAHINDRA CONTECH LIMITED	Director	05-09-2008	30-05-2008	-	Active	NO
8	U30007MH1991PLC064368	BRISTLECONE INDIA LIMITED	Director	24-07-2009	25-07-2008	-	Active	NO
9	U34100MH2007PLC171151	MAHINDRA VEHICLE MANUFACTURERS LIMITED	Director	20-08-2009	19-11-2008	-	Active	NO
10	U92190MH2008PLC178894	MUMBAI MANTRA MEDIA LIMITED	Director	08-09-2009	03-02-2009	-	Active	NO
11	U29268MH2010PTC198438	MAHINDRA CONVEYOR SYSTEMS PRIVATE LIMITED	Director	23-06-2011	04-01-2010	31-07-2014	Active	NO
12	U34100MH2005PTC153702	MAHINDRA AUTOMOBILE DISTRIBUTOR PRIVATE LIMITED	Director	01-08-2011	31-08-2010	-	Active	NO
13	U74999MH2011PTC212468	MAHINDRA INTEGRATED BUSINESS SOLUTIONS PRIVATE LIMITED	Director	18-01-2011	18-01-2011	-	Active	NO

Name :

Mr. Pravin Nagindas Shah

Designation :

Additional Director

Address :

41/42, Sailesh, Plot No.94A, Linking Road, TPS 2, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

14.05.1954

Qualification :

B.Com, FCA

Date of Appointment :

28.07.2012

DIN No.:

00056173

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	24-07-2007	25-10-2006	Active	NO
2	U34100MH2005PTC153702	MAHINDRA AUTOMOBILE DISTRIBUTOR PRIVATE LIMITED	Director	28-07-2012	25-01-2012	Active	NO
3	U34100MH2007PLC171151	MAHINDRA VEHICLE MANUFACTURERS LIMITED	Director	28-07-2012	25-01-2012	Active	NO
4	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	18-07-2012	28-01-2012	Active	NO

Name :

Mr. Vijay Anant Dhongde

Designation :

Whole Time Director and Chief Executive Officer

Address :

D-1, 207, Jumbo Darshan Co-operative Society Limited, Jeeva Mahale Road, Andheri (East), Mumbai - 400069, Maharashtra, India

Date of Birth/Age :

19.09.1953

Date of Appointment :

01.04.2014

PAN No.:

ADBPD7401N

DIN No.:

03601867

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U34100MH2007PLC171151	MAHINDRA VEHICLE MANUFACTURERS LIMITED	Whole-time director	01-04-2014	23-08-2011	Active	NO

KEY EXECUTIVES

Name :	Nidamaluri Nagesh
Designation :	Head – MES Division

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.06.2014

Names of Shareholders	No. of Shares
Mahindra and Mahindra Limited, India	962249994
Mahindra and Mahindra Limited, India Jointly with Anand G. Mahindra	1
Mahindra and Mahindra Limited, India Jointly with Bharat Doshi	1
Mahindra and Mahindra Limited, India Jointly with A.K. Nanda	1
Mahindra and Mahindra Limited, India Jointly with Pawan Kumar Goenka	1
Mahindra and Mahindra Limited, India Jointly with Rajeev Dubey	1
Mahindra and Mahindra Limited, India Jointly with P. N. Shah	1
Total	962250000

As on 16.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tractors and Utility Vehicles.

Products :

Item Code No. (ITC Code)	Product Description
87033399	Passenger Vehicle
87042190	Goods Carrier
87060049	Heavy commercial Vehicle
84295900	Construction Equipments

GENERAL INFORMATION

No. of Employees :

4300 (Approximately)

Bankers :

· Canara Bank (Security Trustee for the Lenders), Prime Corporate Branch - II, Verma Chambers, 2^nd Floor, Homji Street, Fort, Mumbai – 400001, Maharashtra, India

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Non-convertible debentures others	5300.000	8000.000
Term loans from banks	326.800	588.100
SHORT TERM BORROWINGS
Loans repayable on demand from banks	0.000	663.700
Total	5626.800	9251.800

Banking Relations :	--
Financial Institution :	Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADFD2337G
Cost Auditor:
Name :	Dhananjay V. Joshi and Associates Cost Accountants
Address :	Pune, Maharashtra, India
Holding Company :	Mahindra and Mahindra Limited, India
Fellow Subsidiary Company :	· Mahindra Automobile Distributor Private Limited Mahindra Reva Electric Vehicles Private Limited Mahindra Intertrade Limited Mahindra Ugine Steel Company Limited Mahindra Forging Limited Mahindra Hinodaya Limited Mahindra Logistics Limited Mahindra Navistar Engine Private Limited Mahindra Truck and Buses Limited Mahindra Gears and Transmissions Private Limited Mahindra BPO Services Private Limited Mahindra Holidays and Resorts India Limited Ssangyong Motor Company Mahindra Conveyor Systems Private Limited Mahindra Defence Systems Limited CIN No.: U75220MH2012PLC233889 Mahindra Two Wheelers Limited CIN No.: U35911MH2008PLC185462 Mahindra Sanyo Special Steel Private Limited CIN No.: U27310MH2011PTC223696

CAPITAL STRUCTURE

As on 16.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000000	Equity Shares	Rs.10/- each	Rs. 13000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
962250000	Equity Shares	Rs.10/- each	Rs. 9622.500 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	9622.500	9622.500	9622.500
(b) Reserves & Surplus	4734.600	3217.500	1198.700
(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)	14357.100	12840.000	10821.200
(3) Non-Current Liabilities
(a) long-term borrowings	5626.800	8588.100	9094.400
(b) Deferred tax liabilities (Net)	1615.000	1408.400	618.300
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	468.100	365.200	128.900
Total Non-current Liabilities (3)	7709.900	10361.700	9841.600
(4) Current Liabilities
(a) Short term borrowings	0.000	663.700	16.800
(b) Trade payables	10048.200	13700.200	13302.700
(c) Other current liabilities	4443.000	2724.300	2689.800
(d) Short-term provisions	804.200	832.000	11.400
Total Current Liabilities (4)	15295.400	17920.200	16020.700
TOTAL	37362.400	41121.900	36683.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19166.400	18593.900	17237.900
(ii) Intangible Assets	76.000	102.400	94.800
(iii) Capital work-in-progress	258.600	558.100	675.500
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	28.000	28.000	28.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3276.600	4742.800	2568.400
(e) Other Non-current assets	0.000	0.000	90.800
Total Non-Current Assets	22805.600	24025.200	20695.400
(2) Current assets
(a) Current investments	440.000	200.000	1361.400
(b) Inventories	3776.100	6610.500	5617.500
(c) Trade receivables	5137.800	5891.300	4587.000
(d) Cash and cash equivalents	1910.000	413.200	1024.900
(e) Short-term loans and advances	850.600	635.100	1002.700
(f) Other current assets	2442.300	3346.600	2394.600
Total Current Assets	14556.800	17096.700	15988.100
TOTAL	37362.400	41121.900	36683.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	57830.300	78830.800	44806.800
		Other Income	181.200	205.600	83.800
		TOTAL (A)	58011.500	79036.400	44890.600
Less	EXPENSES
		Cost of materials consumed	48476.500	69724.200	40361.500
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	1591.800	-81.400	-1916.200
		Employee benefit expense	1472.400	1312.000	928.500
		Other expenses	1028.600	1653.900	1498.000
		TOTAL (B)	52569.300	72608.700	40871.800
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5442.200	6427.700	4018.800
Less	FINANCIAL EXPENSES (D)		1024.500	1052.500	1246.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4417.700	5375.200	2772.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1126.600	1069.900	937.800
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		3291.100	4305.300	1834.900
Less	TAX (H)		1124.400	1467.500	617.200
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2166.700	2837.800	1217.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2457.600	1162.700	(19.000)
Less	APPROPRIATIONS
		Transfer to Debenture Reserve	708.300	723.900	36.000
		Proposed Dividend on Equity Shares	555.200	700.000	0.000
		Income-Tax on Proposed Dividend	94.400	119.000	0.000
	BALANCE CARRIED TO THE B/S		3266.400	2457.600	1162.700
	IMPORTS
		Raw Materials	2808.600	5230.900	1287.100
		Capital Goods	122.000	242.100	204.900
	TOTAL IMPORTS		2930.600	5473.000	1492.000
	Earnings / (Loss) Per Share (Rs.)		2.25	2.95	1.27

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	3.73	3.59	2.71
Net Profit Margin (PBT/Sales)	(%)	5.69	5.46	4.10
Return on Total Assets (PBT/Total Assets}	(%)	8.88	10.62	5.10
Return on Investment (ROI) (PBT/Networth)		0.23	0.34	0.17
Debt Equity Ratio (Total Debt/Networth)		0.39	0.72	0.84
Current Ratio (Current Asset/Current Liability)		0.95	0.95	1.00

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	9622.500	9622.500	9622.500
Reserves & Surplus	1198.700	3217.500	4734.600
Net worth	10821.200	12840.000	14357.100
long-term borrowings	9094.400	8588.100	5626.800
Short term borrowings	16.800	663.700	0.000
Total borrowings	9111.200	9251.800	5626.800
Debt/Equity ratio	0.842	0.721	0.392

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	44806.800	78830.800	57830.300
		75.935	-26.640

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	44806.800	78830.800	57830.300
Profit	1217.700	2837.800	2166.700
	2.72%	3.60%	3.75%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10434317	23/05/2013	8,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B77660553
2	10236113	14/06/2012 *	1,500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B43154582
3	10213377	31/10/2012 *	2,000,000,000.00	CANARA BANK (SECURITY TRUSTEE FOR STANDARD CHARTER  ED BANK)	PRIME CORPORATE BRANCH - II, VERMA CHAMBERS, 2ND  FLOOR, HOMJI STREET, FORT MUMBAI, MAHARASHTRA -  400001, INDIA	B61651733

OPERATIONS

During the year 1,08,695 vehicles were produced as against 1,56,143 during the year 2012-13 (30.38% lesser than previous year). This was due to slow down in overall economy and auto industry as well.

The vehicles manufactured by your Company were exported to a number of countries. 16,642 number of vehicles were exported (through Mahindra and Mahindra Limited) as compared to 19,252 vehicles in FY13.

The Company ensured that all expectations of customers were met in terms of volume and quality.

With relentless focus on quality systems, the Company underwent surveillance audits for ISO 9001-2008, EMS and OSHAS recertification. The Company also maintained a constant focus on cost reduction and successfully maintained costs below planned levels.

The Company won several awards and recognitions during the year. Some prominent ones amongst them included the CII ITC Sustainability Award 2013 (Commendation Certificate for Significant Achievement on the journey towards Sustainable Development), CII Environmental Best Practices Award 2013, Mahindra Group Innovation Award for HRTS and Rain Water Harvesting project, NCQC Award etc.

FIXED ASSETS

TANGIBLE ASSETS

· Leasehold Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

INTANGIBLE ASSETS

· Computer Software

License

Technical Know How

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.60.61
UK Pound	1	Rs.100.49
Euro	1	Rs.79.56

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.