MIRA INFORM REPORT

Report Date :

06.09.2014

IDENTIFICATION DETAILS

Name :	ZF ELECTRONICS TVS (INDIA) PRIVATE LIMITED (w.e.f 28.04.2009)
Formerly Known As :	TVS CHERRY PRIVATE LIMITED
Registered Office :	TVS Building, 7-B, West Veli Street, Madurai – 625001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.12.1993
Com. Reg. No.:	18-026291
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U30007TN1993PTC026291
TAN No.: [Tax Deduction & Collection Account No.]	MRIT00154A
PAN No.: [Permanent Account No.]	AAACT6768M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electro Mechanicals Switches.
No. of Employees :	325 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 717000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a joint venture between “TVS Srichakra investments Limited and ZF Electronics Systems, Pleasant Prairie, LLC, USA. It is an established company having satisfactory track. The company possesses an average financial profile marked by adequate networth base and low gearing which supports the credit profile. Management has witnessed a growth in its sales volume during FY13. The rating also take into consideration, its modest scale of operations along with the technical and manufacturing support from its parent companies. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of long standing presence and reputation, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

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 tat 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	India Rating and Research
Rating	Long term rating BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	July 21, 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 PARTED BY

Name :	Mr. Ram Nathan
Designation :	Assistant Manager (Account’s)
Contact No.:	91-9944314289
Date :	04.09.2014

LOCATIONS

Registered Office :	TVS Building, 7-B, West Veli Street, Madurai – 625001, Tamilnadu, India
Tel. No. :	91-452-3253651 / 4356400
Mobile No. :	91-9944314289 (Mr. Ram Nathan)
Fax No. :	91-452-2910382 / 2341587
E-Mail :	kalyani@tvsics.com ramnathan.ks@zftvs.com
Website :	www.zftvs.com
Factory :	Madurai – Melur Road, Vellaripatti, Madurai – 625122, Tamilnadu, India
Tel. No. :	91-452-3253651
Fax No. :	91-452-2910382
E-Mail :	contact@zftvs.com starson.j@zftvs.com
Regional Marketing Office 1 :	Sudarshan Building, 5^th Floor, 14, Whites Road, Chennai – 600014, Tamilnadu, India
Tel. No. :	91-44-28420384
Fax No. :	91-44-28512139
E-Mail :	chennai@zftvs.com moorthy.m@zftvs.com
Regional Marketing Office 2 :	203, Timmy Arcade, Makwana Road, Marol, Andheri, Mumbai– 400059, Maharashtra, India
Tel. No. :	91-22-28512139
E-Mail :	mumbai@zftvs.com prasad.m@zftvs.com
Regional Marketing Office 3 :	No. MZ-21, Ansal Fortune Arcade, Sector – 18, Noida, Uttar Pradesh, India
Tel. No. :	91-120-4277425
Fax No. :	91-120-4277425
E-Mail :	delhi@zftvs.com chandresh.m@zftvs.com

DIRECTORS

As on 19.09.2013

Name :

Ramachandhran Haresh

Designation :

Director

Address :

16, Jawahar Road, Chokkikulam, Madurai – 625002, Tamilnadu, India

Date of Birth/Age :

29.11.1954

Date of Appointment :

01.12.1993

DIN No. :

00363096

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	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR & SONS LIMITED	Managing director	01/04/13	30/09/80	-	Active	NO
2	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	05/03/91	05/03/91	-	Active	NO
3	U30007TN1993PTC026291	ZF Electronics TVS (India) Private Limited	Director	01/12/93	01/12/93	-	Active	NO
4	U30007TN1995PLC033338	TVS Telecom Components Limited	Director	26/10/95	26/10/95	-	Strike off	NO
5	U35202TN1998PLC041466	Global TVS Bus Body Builders Limited	Director	23/11/98	23/11/98	11/02/14	Active	NO
6	U72300TN1997PLC039110	TVS INTERCONNECT SYSTEMS LIMITED	Managing director	06/05/11	10/11/99	-	Active	NO
7	U72300MH2000PTC123780	SOFTDEL SYSTEMS Private LIMITED	Director	23/05/00	23/05/00	13/06/12	Active	NO
8	U67200TN2000PLC045611	ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED	Director	22/10/00	22/10/00	25/03/10	Active	NO
9	U72900TN2007PLC063049	India Telecom Infra Limited	Director	10/12/09	09/04/07	-	Amalgamated	NO
10	U65921TN2007PLC063294	NSM Holdings Limited	Director	27/04/07	27/04/07	-	Active	NO
11	U72900TN2004PLC054575	Moka Technology Services Limited	Director	20/08/07	14/07/07	30/07/12	Active	NO
12	U51900TN2009PLC072487	Tor Auto Components Limited	Director	05/08/09	05/08/09	22/03/14	Active	NO
13	U32204TN2009PLC072529	NK Telecom Products Limited	Director	10/08/09	10/08/09	-	Active	NO
14	U65100TN2010PLC074498	TVS SRICHAKRA INVESTMENTS LIMITED	Director	03/08/11	05/02/10	-	Active	NO
15	U70102TG2002PTC038713	ASCEND TELECOM INFRASTRUCTURE PRIVATE LIMITED	Additional director	27/03/12	27/03/12	10/07/12	Active	NO
16	U25190TN2013PLC090952	UTHIRAM RUBBER PRODUCTS LIMITED	Director	06/05/13	06/05/13	-	Active	NO

Name :

Mr. Naresh Ramachandhran

Designation :

Director

Address :

16, Jawahar Road, Chokkikulam, Madurai – 625002, Tamilnadu, India

Date of Birth/Age :

28.02.1957

Date of Appointment :

10.03.2007

DIN No. :

00273609

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	L25111TN1982PLC009414	TVS SRICHAKRA LIMITED	Whole-time director	16/06/09	02/06/82	-	Active	NO
2	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Managing director	05/12/10	16/03/83	-	Active	NO
3	U72300TN1997PLC039110	TVS INTERCONNECT SYSTEMS LIMITED	Director	07/10/99	07/10/99	25/09/08	Active	NO
4	U30007TN1995PLC033338	TVS Telecom Components Limited	Director	31/10/05	31/10/05	-	Strike off	NO
5	U30007TN1993PTC026291	ZF Electronics TVS (India) Private Limited	Director	10/03/07	10/03/07	-	Active	NO
6	U72900TN2007PLC063049	India Telecom Infra Limited	Director	09/04/07	09/04/07	04/03/08	Amalgamated	NO
7	U65921TN2007PLC063294	NSM Holdings Limited	Director	27/04/07	27/04/07	25/09/08	Active	NO
8	U72900TN2004PLC054575	Moka Technology Services Limited	Director	20/08/07	14/07/07	25/09/08	Active	NO
9	U34300TN2007PTC065714	TVS NOVOTEMA ELASTOMERIC ENGINEERED PRODUCTS PRIVATE LIMITED	Director	12/12/07	12/12/07	-	Active	NO
10	U29299TN2008PTC065920	FIRESTONE TVS PRIVATE LIMITED	Director	02/01/08	02/01/08	-	Active	NO
11	U74999TN2008PTC069492	Bridgestone India Automotive Products Private Limited	Nominee director	26/03/09	06/10/08	30/06/12	Active	NO
12	U65100TN2010PLC074498	TVS SRICHAKRA INVESTMENTS LIMITED	Director	03/08/11	05/02/10	-	Active	NO
13	U25199TN2013PLC089848	PUSAM RUBBER PRODUCTS LIMITED	Director	28/02/13	28/02/13	-	Active	NO
14	U25190TN2013PLC090952	UTHIRAM RUBBER PRODUCTS LIMITED	Director	06/05/13	06/05/13	-	Active	NO

Name :

Dhruva Keshavamurthi

Designation :

Director

Address :

20/2, Vinayaka Layout, 8^th Main, Malleswaram, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

15.10.1940

Date of Appointment :

30.09.2008

DIN No. :

00589233

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	U30006TN1996PLC035418	HARITA TECHSERV LIMITED	Director	31/07/06	10/05/00	01/09/08	Active	NO
2	U72300TN1998PLC040612	SOUTH ASIA ELECTRONICS LIMITED	Director	13/02/02	13/02/02	17/09/10	Active	NO
3	U72300TN1997PLC039110	TVS INTERCONNECT SYSTEMS LIMITED	Director	21/11/02	21/11/02	31/12/13	Active	NO
4	U72900TN2004PLC054575	Moka Technology Services Limited	Director	20/08/07	20/08/07	30/07/12	Active	NO
5	U30007TN1993PTC026291	ZF Electronics TVS (India) Private Limited	Director	30/09/08	05/11/07	-	Active	NO
6	U65921TN2007PLC063294	NSM Holdings Limited	Director	31/12/09	22/09/08	06/02/14	Active	NO
7	U51900TN2009PLC072487	Tor Auto Components Limited	Director	05/08/09	05/08/09	31/12/13	Active	NO
8	U32204TN2009PLC072529	NK Telecom Products Limited	Director	10/08/09	10/08/09	30/03/10	Active	NO
9	U32109TN2009PLC072713	NK TELE SYSTEMS LIMITED	Director	27/08/09	27/08/09	14/02/14	Active	NO

Name :

Mr. Piyush Jinendrakumar Munot

Designation :

Nominee director

Address :

294, Sindh Housing Society, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

05.05.1978

Date of Appointment :

26.09.2009

DIN No. :

00119507

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	U29299PN2005PTC020412	PRIMA - FEINTECHNIK PRIVATE LIMITED	Director	15/03/05	15/03/05	-	Active	NO
2	U28910PN1988PLC048629	VARSHA FORGINGS LTD	Director	01/07/05	01/07/05	-	Active	NO
3	U74999PN2007FTC130569	ZF India Private Limited	Director	13/08/07	13/08/07	-	Active	NO
4	U30007TN1993PTC026291	ZF Electronics TVS (India) Private Limited	Nominee director	26/09/09	26/02/09	-	Active	NO
5	U25200DL2008PTC175179	ZF ANAND NVH PRODUCTS PRIVATE LIMITED	Director	29/09/10	05/05/10	10/07/11	Active	NO
6	U28112TZ2006PLC013294	ZF Wind Power Coimbatore Limited	Director	25/09/12	12/06/12	-	Active	NO
7	U65993DL2001PTC110205	ZF COMPONENTS INVESTMENT PRIVATE LIMITED	Director	23/08/13	14/03/13	-	Active	NO
8	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	05/09/13	05/09/13	-	Active	NO

Name :

Uwe Cobmann

Designation :

Nominee director

Address :

Elbinger Strabe-7, Leeden, Tecklenburg – 49545, Garmany

Date of Birth/Age :

07.06.1963

Date of Appointment :

29.09.2011

DIN No. :

03572841

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	U30007TN1993PTC026291	ZF Electronics TVS (India) Private Limited	Nominee director	29/09/11	12/07/11	21/02/14	Active	NO

Name :

Willi Gunther Seitz

Designation :

Nominee director

Address :

Carl Orff Strasse 38, Dittelbrunn 97456, Germany

Date of Birth/Age :

02.01.1955

Date of Appointment :

29.09.2012

DIN No. :

05288204

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	U30007TN1993PTC026291	ZF Electronics TVS (India) Private Limited	Nominee director	29/09/12	04/06/12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ram Nathan
Designation :	Assistant Manager (Account’s)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2013

Names of Shareholders	No. of Shares	%age
ZF Electronic Systems Pleasant Prairie, LLC, USA	500000	50.00
TVS Srichakra Investments Limited, Madurai	500000	50.00
Total	1000000	100.00

As on 19.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Electro Mechanicals Switches.
Exports :
Products :	Finish Goods
Countries :	Ø America Ø Germany Ø France
Imports :
Products :	Raw Material
Countries :	Ø Germany Ø China Ø USA
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

325 (Approximately)

Bankers :

State Bank of India, Commercial Branch, 6A, West Vei Street, Madurai – 625001, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
From Banks
- Cash Credit	18.869	4.515
- Packing Credit	0.000	45.007
Total	18.869	49.522

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	8^th Floor, Prestige Palladium Bayan, 129-140, Greams Road, Chennai – 600006, Tamilnadu, India
PAN No. :	AADFP9359C
Joint Venture Partners :	Ø TVS Srichakra Limited (Till March, 29, 2013) Ø TVS Srichakra Investments Limited (w.e.f. March 30, 2013) Ø ZF Electronics Systems, Pleasant Prairie, LLC, USA (Formerly Kown ZF Electronics Corporation USA)

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	169.389	134.049	126.088
(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)	179.389	144.049	136.088
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.085	0.085	0.085
(d) long-term provisions	2.225	1.439	1.014
Total Non-current Liabilities (3)	2.310	1.524	1.099
(4) Current Liabilities
(a) Short term borrowings	18.869	49.522	45.535
(b) Trade payables	35.898	38.645	54.171
(c) Other current liabilities	12.499	11.419	5.286
(d) Short-term provisions	7.323	6.629	6.178
Total Current Liabilities (4)	74.589	106.215	111.170
TOTAL	256.288	251.788	248.357
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	100.358	98.368	57.818
(ii) Intangible Assets	1.191	1.142	1.622
(iii) Capital work-in-progress	0.000	0.000	5.967
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.110	0.520	0.920
(d) Long-term Loan and Advances	6.406	8.572	15.825
(e) Other Non-current assets	0.633	0.583	0.000
Total Non-Current Assets	109.698	109.185	82.152
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	63.177	45.443	80.978
(c) Trade receivables	67.224	79.819	72.658
(d) Cash and cash equivalents	2.326	0.762	2.052
(e) Short-term loans and advances	13.863	16.579	10.512
(f) Other current assets	0.000	0.000	0.005
Total Current Assets	146.590	142.603	166.205
TOTAL	256.288	251.788	248.357

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	516.370	329.480	437.910
		Other Income	3.930	3.540	0.970
		TOTAL	520.300	333.020	438.880
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	443.340	298.950	352.020
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		76.960	34.070	86.860
Less	FINANCIAL EXPENSES		3.750	3.930	3.240
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		73.210	30.140	83.620
Less/ Add	DEPRECIATION/ AMORTISATION		12.210	9.020	10.360
	PROFIT/ (LOSS) BEFORE TAX		61.000	21.120	73.260
Less	TAX		41.190	7.350	0.630
	PROFIT/ (LOSS) AFTER TAX		19.810	13.770	72.630
	EARNINGS IN FOREIGN CURRENCY
		Agency Commission	3.378	3.536	3.112
		FOB Value of Exports	326.313	165.999	306.361
		Other	3.312	2.526	4.899
	TOTAL EARNINGS		333.003	172.061	314.372s
	IMPORTS
		Raw Materials	288.204	128.994	265.595
		Trading Stocks	16.869	23.998	15.834
		Capital Goods	2.581	3.224	2.034
		Other Consumables	0.837	0.247	0.241
	TOTAL IMPORTS		308.491	156.463	283.704
	Earnings / (Loss) Per Share (Rs.)		41.19	13.77	72.63

Particulars	31.03.2014
Sales Turnover (Approximately)	510.000

The above information has been parted by Mr. Ram Nathan

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.81	4.13	16.55
Net Profit Margin (PBT/Sales)	(%)	11.81	6.41	16.73
Return on Total Assets (PBT/Total Assets}	(%)	23.90	8.41	30.34
Return on Investment (ROI) (PBT/Networth)		0.34	0.15	0.54
Debt Equity Ratio (Total Debt/Networth)		0.11	0.34	0.33
Current Ratio (Current Asset/Current Liability)		1.97	1.34	1.50

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	10.000	10.000	10.000
Reserves & Surplus	126.088	134.049	169.389
Net worth	136.088	144.049	179.389
long-term borrowings	0.000	0.000	0.000
Short term borrowings	45.535	49.522	18.869
Total borrowings	45.535	49.522	18.869
Debt/Equity ratio	0.335	0.344	0.105

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)
Revenue from Operations	437.910	329.480	516.370
		(24.761)	56.723

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	437.910	329.480	516.370
Profit	72.630	13.770	19.810
	16.59%	4.18%	3.84%

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 four 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	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90295039	21/08/2013 *	78,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 6A WEST VEI STREET, MADURAI, Tamil Nadu - 625001, INDIA	B84812668

* Date of charge modification

FIXED ASSETS

œ Freehold Land

œ Building

œ Plant and Machinery

œ Furniture and Fixture

œ Computers

œ Vehicles

œ 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 records 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.60.44
UK Pound	1	Rs.98.64
Euro	1	Rs.78.19

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUB
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.