MIRA INFORM REPORT

Report No. :	357028
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	BAJAJ AUTO LIMITED
Formerly Known As :	BAJAJ HOLDINGS AND INVESTMENTS LIMITED
Registered Office :	Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035, Maharashtra
Tel. No.:	91-20-27472851/ 27406603 / 27406063 / 27406281/ 27406137
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	30.04.2007
Com. Reg. No.:	11-130076
Capital Investment / Paid-up Capital :	Rs.28.937 Million
CIN No.: [Company Identification No.]	L65993PN2007PLC130076
IEC No.:	3108008617
TAN No.: [Tax Deduction & Collection Account No.]	PNEB05807E
PAN No.: [Permanent Account No.]	AADCB2923M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture of motorcycles, three-wheelers and parts thereof [Registered Activity]
No. of Employees :	9183 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Aaa [86]

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

Maximum Credit Limit :	USD 310000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Bajaj Auto was incorporated in 1945 as Bachraj Trading Corporation Ltd to import scooters and motorised three-wheelers from Piaggio and Company. The entity's name was changed to Bajaj Auto Private Limited in June 1960, and then to its current one in August 1960, after it was reconstituted as a public limited company. Currently, Bajaj Auto has a dominant market share in the three-wheeler segment, and a strong position in the motorcycle segment. As per a scheme of demerger, Bajaj Auto formed two companies in 2007-08, Bajaj Holdings and Investment Limited (BHIL) and Bajaj Finserv Limited (Bajaj Finserv). The two- and three-wheeler manufacturing business carried out by Bajaj Auto was transferred to BHIL, while the wind energy, insurance, and consumer finance businesses were transferred to Bajaj Finserv. After the completion of the demerger formalities (Bombay High Court approval for demerger dated December 18, 2007), BHIL was renamed as Bajaj Auto limited. Bajaj Auto remains the second-largest player in the motorcycle industry in India, with over 17 per cent share of the domestic market, while continuing to account for over two-thirds of the industry's exports. The company also maintained its leadership position in the economy and the premium segments; these segments accounted for around 40 per cent of the motorcycle industry sales. Bajaj Auto's healthy position in the motorcycle segment is driven by its strong product development capabilities, brand name, and diversified product portfolio. The company's leadership position in the country's high-margin three-wheeler passenger-carrier segment also strengthens its business profile. Bajaj Auto's robust financial profile is marked by a strong capital structure and ample liquidity. Bajaj Auto's substantial portfolio of liquid investments and cash surplus provides steady treasury income, besides enhancing its financial flexibility. Bajaj Auto's robust financial profile helps the company withstand any competitive challenges in terms of pricing flexibility, the necessary expenditure for in-house research and development, product launches and upgrades, or any sluggishness in revenue growth. In view of aforesaid, the Company can be regarded as promising business partner for medium to long term business dealings at regular 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=AAA
Rating Explanation	Highest credit quality and lowest credit risk.
Date	12.01.2015

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

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 31-03-2015.

LOCATIONS

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

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Rahul Bajaj
Designation :	Chairman
Name :	Mr. Madhur Bajaj
Designation :	Vice Chairman
Name :	Mr. Rajiv Bajaj
Designation :	Managing Director
Name :	Mr. Sanjiv Bajaj
Designation :	Executive Director
Name :	Mr. Kantikumar R. Podar
Designation :	Director
Name :	Mr. Shekhar Bajaj
Designation :	Director
Name :	Mr. D.J. Balaji Rao
Designation :	Director
Name :	Mr. D.S. Mehta
Designation :	Director
Name :	Mr. J.N. Godrej
Designation :	Director
Name :	Mr. S.H. Khan
Designation :	Director
Name :	Ms. Suman Kriloskar
Designation :	Director
Name :	Mr. Naresh Chandra
Designation :	Director
Name :	Mr. Nanoo Pamnani
Designation :	Director
Name :	Mr. Manish Kejriwal
Designation :	Director
Name :	Mr. P. Murari
Designation :	Director
Name :	Mr. Niraj Bajaj
Designation :	Director
Name :	Dr. Gita Piramal
Designation :	Director [(From 01.04.2015)]

KEY EXECUTIVES

Name :	J Sridhar
Designation :	Company Secretary
Name :	Shyamprasad D Limaye
Designation :	Company Secretary
Audit Committee:	Nanoo Pamnani, Chairman S H Khan D J Balaji Rao Naresh Chandra
Stakeholders Relationship Committee:	D J Balaji Rao, Chairman J N Godrej Naresh Chandra S H Khan
Nomination and Remuneration Committee:	D J Balaji Rao, Chairman S H Khan Naresh Chandra Rahul Bajaj
Corporate Social Responsibility Committee:	Rahul Bajaj, Chairman Rajiv Bajaj Nanoo Pamnani
Risk Management Committee:	Nanoo Pamnani, Chairman D J Balaji Rao Kevin D’sa
Management
Name :	Mr. Rahul Bajaj
Designation :	Chairman
Name :	Mr. Madhur Bajaj
Designation :	Vice Chairman
Name :	Mr. Rajiv Bajaj
Designation :	Managing Director
Name :	Mr. Pradeep Shrivastava
Designation :	Chief Operating Officer
Name :	Mr. Abraham Joseph
Designation :	Chief Technology Officer
Name :	Mr. R C Maheshwari
Designation :	President (Commercial Vehicle Business)
Name :	Mr. Rakesh Sharma
Designation :	President (International Business)
Name :	Eric Vas
Designation :	President (New Projects)
Name :	Mr. Kevin P D’sa
Designation :	President (Finance)
Name :	Mr. S Ravikumar
Designation :	Senior Vice President (Business Development and Assurance)
Name :	Mr. Amrut Rath
Designation :	Vice President (Human Resources)
Name :	Mr. C P Tripathi
Designation :	Vice President (CSR)

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	12613090	4.36
Bodies Corporate	130003592	44.93
Sub Total	142616682	49.29
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	142616682	49.29
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3082343	1.07
Financial Institutions / Banks	825604	0.29
Insurance Companies	19598272	6.77
Foreign Institutional Investors	41240522	14.25
Any Others (Specify)	10166461	3.51
Foreign Portfolio Investments Corporation	10166461	3.51
Sub Total	74913202	25.89
(2) Non-Institutions
Bodies Corporate	23872652	8.25
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	13763474	4.76
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	29970004	10.36
Any Others (Specify)	4178162	1.44
Non Resident Indians	947341	0.33
Overseas Corporate Bodies	1425	0.00
Trusts	3040124	1.05
Clearing Members	173505	0.06
Others	15670	0.01
Foreign Individuals	97	0.00
Sub Total	71784292	24.81
Total Public shareholding (B)	146697494	50.70
Total (A)+(B)	289314176	99.98
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	52844	0.02
Sub Total	52844	0.02
Total (A)+(B)+(C)	289367020	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of motorcycles, three-wheelers and parts thereof [Registered Activity]
Products :	Motorcycles Three-Wheelers Vehicles
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

Installed Capacity = 6.06 million units per annum.

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

9183 [Approximately]

Bankers :

• State Bank of India
• Citibank N A
• Standard Chartered Bank
• Bank of America
• ICICI Bank
• HDFC Bank

Banker Name	Central Bank of India
Branch Address	Corporate Finance Branch, 1st Floor, MMO Building,  Fort, Mumbai - 400023, Maharashtra -, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Dalal and Shah Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Holding company, subsidiaries and fellow subsidiary :	· PT. Bajaj Auto Indonesia (98.94% shares held by Bajaj Auto Limited) · Bajaj Auto International Holdings B V (Fully owned subsidiary)
Associates, joint ventures and investing parties :	· Bajaj Holdings and Investment Limited (Investing party - holds 31.49% shares of Bajaj Auto Limited)
Enterprises over which anyone exercises significant influence :	Bajaj Finserv Limited Bajaj Finance Limited Bajaj Allianz General Insurance Company Limited. Bajaj Allianz Life Insurance Company Limited Bajaj Finance Solutions Limited Bajaj Electricals Limited Hind Musafir Agency Limited Hindustan Housing Company Limited KTM Sportsmotorcycle AG KTM Motorrad AG KTM Sportsmotorcycle GMBH KTM Sportsmotorcycle India Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
289367020	Equity Shares	Rs.10/- each	Rs.2893.700 Million

Of the above

i. 144,683,510 equity shares were allotted as fully paid bonus shares by capitalisation of General reserve by the Company on 13 September 2010.

ii. 101,183,510 equity shares were allotted as fully paid up pursuant to the scheme of arrangement for demerger of erstwhile Bajaj Auto Limited. (now Bajaj Holdings & Investment Ltd.) by the Company on 3 April 2008.

iii. 1,805,071 equity shares thereof (excluding 1,805,071 equity shares allotted as bonus shares thereon) are deemed to be issued by way of Euro Equity Issue represented by Global Depository Receipts (GDR) evidencing Global Depository Shares outstanding on the record date. Outstanding GDRs at the close of the year were 60,044 (60,044)

b. Terms/rights attached to equity shares

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

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

	31.03.2015
Name of Shareholder	Number of Shares	% holding
Bajaj Holdings and Investment Limited	91119000	31.49%
Jamnalal Sons Private Limited	25844400	8.93%
Life Insurance Corporation of India	16,967,330	5.86%

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2893.700	2893.700	2893.700
(b) Reserves & Surplus	104027.800	93186.500	76125.800
(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)	106921.500	96080.200	79019.500
(3) Non-Current Liabilities
(a) long-term borrowings	1117.700	577.400	712.700
(b) Deferred tax liabilities (Net)	1415.800	1431.800	1151.000
(c) Other long term liabilities	575.900	874.300	1220.600
(d) long-term provisions	824.400	1209.900	1346.100
Total Non-current Liabilities (3)	3933.800	4093.400	4430.400
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	17997.500	21114.000	19796.100
(c) Other current liabilities	7674.700	7661.400	5461.600
(d) Short-term provisions	19095.700	18527.000	16078.600
Total Current Liabilities (4)	44767.900	47302.400	41336.300
TOTAL	155623.200	147476.000	124786.200
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19172.400	20060.400	18044.300
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1017.200	325.500	2232.900
(iv) Intangible assets under development	1532.200	1115.100	702.600
(b) Non-current Investments	33527.600	62599.300	37191.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5110.700	7199.200	4623.900
(e) Other Non-current assets	0.400	10.200	10.200
Total Non-Current Assets	60360.500	91309.700	62805.400
(2) Current assets
(a) Current investments	58005.600	22897.000	27113.300
(b) Inventories	8141.500	6397.200	6362.800
(c) Trade receivables	7169.600	7962.100	7675.800
(d) Cash and cash equivalents	5861.500	4954.800	5588.500
(e) Short-term loans and advances	12616.100	9784.500	13117.200
(f) Other current assets	3468.400	4170.700	2123.200
Total Current Assets	95262.700	56166.300	61980.800
TOTAL	155623.200	147476.000	124786.200

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	216120.100	201495.100	199972.500
	Other Income	5824.200	7064.100	7954.900
	TOTAL (A)	221944.300	208559.200	207927.400
Less	EXPENSES
	Cost of Materials Consumed	137527.900	129364.700	135237.400
	Purchases of Stock-in-Trade	11545.700	9591.000	8588.300
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(575.600)	(189.000)	240.000
	Employees benefits expense	8973.000	7265.800	6394.800
	Other expenses	18084.100	15054.200	13760.000
	Exceptional items	3402.900	0.000	0.000
	Expenses, included in above items, capitalized	(600.500)	(649.000)	(628.500)
	TOTAL (B)	178357.500	160437.700	163592.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	43586.800	48121.500	44335.400
Less	FINANCIAL EXPENSES (D)	64.900	4.900	5.400
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	43521.900	48116.600	44330.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)	2674.000	1796.100	1667.700
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	40847.900	46320.500	42662.300
Less	TAX (H)	12710.500	13887.300	12226.600
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	28137.400	32433.200	30435.700
Less	APPROPRIATIONS
	Transfer to General Reserve	2820.000	3250.000	3050.000
	Dividend	17345.700	16927.300	15234.500
	Tax on Dividend	0.000	(46.000)	0.000
	Balance Carried to the B/S	7971.700	12301.900	12151.200
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	94104.200	79314.600	65082.700
	Exchange gain/(Loss) on Derivative hedging instruments, debtors	42.600	115.300	399.100
	Forwarding charges exports recovered	168.200	95.700	86.700
	Interest	6.300	5.100	26.600
	Royalty	25.500	26.100	26.600
	Technical Know how	2.800	5.200	8.300
	Asset Disposal	0.000	0.000	0.000
	Other Earnings	85.500	76.600	23.400
	TOTAL EARNINGS	94435.100	79638.600	65653.400
	IMPORTS
	Raw Materials	142.700	372.400	381.700
	Components	6168.100	50216.000	5478.500
	Vehicles and spare parts	148.600	154.900	117.800
	Machinery spares	83.900	94.000	68.900
	Capital goods	254.700	519.300	3783.700
	Tools, stores, etc.	211.600	89.000	64.600
	TOTAL IMPORTS	7009.600	51445.600	9895.200
	Earnings / (Loss) Per Share (Rs.)	97.2	112.1	105.2

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	5.800	14.500	171.700
Cash generated from operations	NA	NA	NA
Net cash from operating activities	21473.200	35457.100	21343.700

QUARTERLY RESULTS

Particulars	30.06.2015 (Unaudited)	30.09.2015 (Unaudited)
Net Sales	56134.900	60977.800
Total Expenditure	44738.400	47884.600
PBIDT (Excl OI)	11396.500	13093.200
Other Income	4368.100	1604.300
Operating Profit	15764.600	14697.500
Interest	0.800	2.700
Exceptional Items	NA	NA
PBDT	15763.800	14694.800
Depreciation	784.100	780.100
Profit Before Tax	14979.700	13914.700
Tax	4831.700	4584.100
Provisions and contingencies	NA	NA
Profit After Tax	10148.000	9330.600
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	10148.000	9330.600

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	13.02	16.10	15.22
Operating Profit Margin (PBIDT/Sales)	(%)	20.17	23.88	22.17
Return on Total Assets (PBT/Total Assets}	(%)	34.17	55.52	50.39
Return on Investment (ROI) (PBT/Networth)		0.38	0.48	0.54
Debt Equity Ratio (Total Debt /Networth)		0.01	0.01	0.01
Current Ratio (Current Asset/Current Liability)		2.13	1.19	1.50

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.2477.90/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2893.700	2893.700	2893.700
Reserves & Surplus	76125.800	93186.500	104027.800
Net worth	79019.500	96080.200	106921.500
Long-term borrowings	712.700	577.400	1117.700
Short term borrowings	0.000	0.000	0.000
Current maturities of long-term debts	171.700	14.500	5.800
Total borrowings	884.400	591.900	1123.500
Debt/Equity ratio	0.011	0.006	0.011

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	199972.500	201495.100	216120.100
		0.761	7.258

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	199972.500	201495.100	216120.100
Profit	30435.700	32433.200	28137.400
	15.22%	16.10%	13.02%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

Detailed information on the operations of the Company are covered in the Management Discussion and Analysis Report.

PERFORMANCE HIGHLIGHTS FOR FY2015

Net sales grew by 7.0% to D 21,104 crore. Total operating income (net sales plus other operating income) increased by 7.2% to D 218170.000 million.

Operating EBITDA increased by 1.7% to D 43790.000 million, the highest in the Company’s history. Operating EBITDA margin was at 20.1% of net sales and other operating income which, while 1.1% less than the previous year, was still the highest in the industry.

Exports, in terms of the number of two-and three-wheelers, increased by 14% to 1.81 million units. In terms of value, exports grew by 14.6% to US$ 1.5 billion.

Profit before tax (PBT) reduced by 11.8% to D 40850.000 million.

This was on account of three factors: higher depreciation partly due to changes in rates specified under the Companies Act, 2013; lower non-operating income from Bajaj Auto’s surplus funds as, for post-tax yield maximisation, long-term investments were preferred albeit postponement of income to future years; and a one-time charge of D 3400.000 million on account of the 'National Calamity Contingent Duty' (NCCD) levied upon BAL’s Pantnagar plant.

Consequently, Profit after tax (PAT) decreased by 13.2% to D 28140.000 million. Adjusting the one-time charge on account of the National Calamity Contingent Duty (NCCD), Profit after tax (PAT) would have been D 30760.000 million as against D 32430.000 million in FY2014. Surplus cash and cash equivalents as on 31 March 2015 was D 84550.000 million.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2015

(Rs. In Million)

Particulars	Quarter ended		Half Year Ended
	30.09.2015	30.06.2015	30.09.2015
	(Unaudited)	(Unaudited)	(Unaudited)
1. Income from operations
a) Gross Sales	63082.500	57870.200	120952.700
Less: Excise duty	3276.200	2819.600	6095.800
Net sales/ Income from operation (net of excise duty)	59806.300	5050.600	114856.900
b) Other operating income	1171.500	1084.300	2255.800
Total income from Operations(net)	60977.800	56134.900	117112.700
2.Expenditure
a) Cost of material consumed	37584.000	34045.800	71629.800
b) Purchases of stock in trade	3191.800	2706.800	5898.600
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(225.000)	974.900	749.900
d) Employees benefit expenses	2417.300	2437.400	4854.700
e) Depreciation and amortization expenses	780.100	784.100	1564.200
f) Other expenditure	4881.100	4612.600	9493.700
Expenses capitalized	(42.500)	(39.100)	(81.600)
Total expenses	48586.800	45522.500	94109.300
3. Profit from operations before other income and financial costs	12391.000	10612.400	23003.400
4. Other income	1526.400	4368.100	5894.500
5. Profit from ordinary activities before finance costs	13917.400	14980.500	28897.900
6. Finance costs	02.700	00.800	03.500
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	13914.700	14979.700	28894.400
8. Exceptional item	--	--	--
9. Profit from ordinary activities before tax Expense:	13914.700	14979.700	28894.400
10.Tax expenses	4584.100	4831.700	9415.800
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	9330.600	10148.000	19478.600
12.Extraordinary Items (net of tax expense)	--	--	--
13.Net Profit / (Loss) for the period (11 -12)	9330.600	10148.000	19478.600
14.Paid-up equity share capital (Face value Rs.10/- per share)	2893.700	2893.700	2893.700
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--	--
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	32.20	35.10	67.30
(b) Diluted	32.20	35.10	67.30

Particulars		30.09.2015	30.06.2015
A. Particulars of shareholding
1. Public Shareholding
- Number of shares		146750338	146875338
- Percentage of shareholding		50.71	50.76
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares		79855	79855
Percentage of shares (as a % of total shareholding of the promoter and promoter group)		0.06	0.06
Percentage of shares (as a % of total share capital of the company)		0.03	0.03
b) Non Encumbered
Number of shares		142536827	142411827
Percentage of shares (as a % of total shareholding of the promoter and promoter group)		99.94	99.94
Percentage of shares (as a % of total share capital of the company)		49.26	49.21
B. Investor Complaints	Quarter Ended
	30.09.2015
Pending at the beginning of the quarter	Nil
Receiving during the quarter	8
Disposed of during the quarter	8
Remaining unreserved at the end of the quarter	Nil

SEGMENT REVISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Particulars	Quarter Ended		Half Year Ended
	30.09.2015	30.06.2015	30.09.2015
A. Segment Revenue
Automotive	61431.100	56559.400	117990.500
Investments	1073.100	3943.600	5016.700
B Segment Results
Automotive	12847.100	11039.700	23886.800
Investments	1070.300	3940.800	5011.100
Total	13917.400	14980.500	28897.900
Less: Finance Cost	02.700	00.800	03.500
Profit Before Tax	13914.700	14979.700	28894.400
Capital Employed
Automotive	22566.000	24698.400	22566.000
Investments	105566.900	111840.900	105566.900
Un-allocable	(232.800)	(17555.800)	(232.800)
Total Capital Employed	127900.100	118983.500	127900.100

STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	30.09.2015
	( Unaudited)
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2893.700
(b) Reserves & Surplus	122431.800
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	125325.500
(3) Non-Current Liabilities
(a) long-term borrowings	1342.900
(b) Deferred tax liabilities (Net)	1231.700
(c) Other long term liabilities	434.600
(d) long-term provisions	584.400
Total Non-current Liabilities (3)	3593.600
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	24335.800
(c) Other current liabilities	7435.100
(d) Short-term provisions	4749.800
Total Current Liabilities (4)	36520.700
TOTAL	165439.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets	21110.000
(i) Tangible assets
(ii) Intangible Assets
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b) Non-current Investments	72831.400
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	5448.200
(e) Other Non-current assets	00.200
Total Non-Current Assets	99389.800
(2) Current assets
(a) Current investments	32340.100
(b) Inventories	6703.800
(c) Trade receivables	8594.700
(d) Cash and cash equivalents	4582.200
(e) Short-term loans and advances	11683.200
(f) Other current assets	2346.000
Total Current Assets	66250.000
TOTAL	165439.800

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Sales tax deferral liability/loan, an incentive under Package Scheme of Incentives 1983 and 1993 - interest free, partially prepaid	1117.700	577.400
Total	1117.700	577.400
Notes: Terms of repayment: Sales tax deferral liability/loan is repayable, free of interest, over predefined equal annual instalments (6/7) after the expiry of a specified period (12/18 years) from the initial date of deferrment of liability, as per respective schemes of incentive.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10122149	26/07/2008	4,300,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING,  FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	A45544905

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Claims against the Company not acknowledged as debts	4505.100	4464.100
Guarantees given by the Company to Housing Development Finance Corporation Ltd. - for loans to employees (B 28,529)	0.000	00.200
Excise and Customs demand - matters under dispute and claims for refund of Excise Duty, if any, against Excise Duty Refund received in the earlier year	4861.100	3920.800
Income tax matters - Appeal by Company	4541.700	985.600
Value Added Tax (VAT)/Sales Tax matters under dispute	1263.000	1161.100

FIXED ASSETS

· Land Leasehold

· Land Freehold

· Buildings

· Water pump

· Reservoirs and Mains

· Plant and Machinery

· Dies and Jigs

· Electric Installations

· Factory Equipment’s

· Furniture Fixtures

· Electric Fittings

· Vehicles and Aircraft

· Office Equipment’s

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.66.14
UK Pound	1	Rs.98.69
Euro	1	Rs.72.55

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	10
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	10
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	10
--CREDIT LINES	1~10	10
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		86

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.