MIRA INFORM REPORT

Report No. :	307718
Report Date :	21.02.2015

IDENTIFICATION DETAILS

Name :	HERO MOTORS LIMITED
Formerly Known As :	HERO BRIGGS AND STRATION AUTO PRIVATE LIMITED
Registered Office :	603, International Trade Tower, Nehru Place, New Delhi – 110019, Delhi
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.04.1998
Com. Reg. No.:	55-093496
Capital Investment / Paid-up Capital :	Rs.1040.971 Millions
CIN No.: [Company Identification No.]	U29299DL1998PLC093496
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in designs and manufactures of gears nd transmission systems for recreational products, passenger cars, and two wheelers.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 well-established public limited liability company having fine track record. It is a part of O.P Munjal Group (Hero Motors Group). The company has incurred loss for the year 2013-14. Borrowings have increased considerably. However, net worth of the company appears to be sound. Liquidity position appears to be fair. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered for business dealings with usual business 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	ICRA
Rating	Term loans = A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	October, 2013

Rating Agency Name	ICRA
Rating	Fund and Non-fund based limits = A1
Rating Explanation	Very strong degree of safety carry lowest credit risk.
Date	October, 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 DENIED

Management Non-Co-operative (91-120-2674207/209)

LOCATIONS

Registered Office / Corporate Office :	603, International Trade Tower, Nehru Place, New Delhi – 110019, Delhi, India
Tel. No.:	91-11-40511700
Fax No.:	91-11-26471230
E-Mail :	legal@heromotors.com
Website :	www.heromotors.com
Works :	10^th km Stone, G.T. Road, , Dadri, District G.B. Nagar, P.O. Dujana – 203207, Uttar Pradesh, India
Tel. No.:	91-120-2674207-209 / 551 / 562
Fax No.:	91-120-2674557

DIRECTORS

As on 27.09.2014

Name :

Mr. Om Parkash Munjal

Designation :

Director

Address :

Kothi No.26 L, Model Town, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

05.08.1928

Date of Appointment :

28.09.1999

DIN No.:

00002957

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	U35911PB1966PLC002667	HERO CYCLES LIMITED	Managing director	01/07/2011	29/08/1966	-	Active	NO
2	U00000PB1971PLC003012	HIGHWAY INDUSTRIES LIMITED	Director	20/05/1971	20/05/1971	24/07/2010	Active	NO
3	L35911PB1973PLC003264	MAJESTIC AUTO LIMITED	Director	23/04/1973	23/04/1973	27/05/2010	Active	NO
4	L35911DL1984PLC017354	Hero MotoCorp Limited	Director	24/01/1984	24/01/1984	29/07/2010	Active	NO
5	U74140DL1987PLC026696	HERO FINANCIAL SERVICES LIMITED	Director	01/09/1987	01/09/1987	-	Active	NO
6	L34100GJ1985PLC007958	MUNJAL AUTO INDUSTRIES LIMITED	Director	24/11/1987	24/11/1987	24/09/2011	Active	NO
7	U35920PB1988PLC008589	URBAN TRAIL CYCLES LIMITED	Director	03/08/1988	03/08/1988	-	Active	NO
8	U74899DL1991PLC046774	Hero FinCorp Limited	Director	16/12/1991	16/12/1991	04/03/2011	Active	NO
9	U34102DL1997PTC088319	MUNJAL BROTHERS PRIVATE LIMITED	Director	03/07/1997	03/07/1997	-	Active	NO
10	U29299DL1998PLC093496	HERO MOTORS LIMITED	Director	28/09/1999	28/09/1999	-	Active	NO
11	U72200DL2000PLC108318	HERO GLOBAL DESIGN LIMITED	Director	25/10/2000	25/10/2000	-	Active	NO
12	U93090DL2002PTC133214	EASY BILL Private Limited	Director	07/09/2002	07/09/2002	20/05/2010	Active	NO
13	L34300DL2005PLC139163	SHIVAM AUTOTECH LIMITED	Director	29/07/2005	29/07/2005	06/08/2014	Active	NO
14	U34200DL2007PTC166351	MUNJAL KIRIU INDUSTRIES PRIVATE LIMITED	Director	22/05/2008	28/02/2008	24/05/2011	Active	NO
15	U51399PB1988PTC008584	PRAGATI TYRES PRIVATE LIMITED	Director	29/09/2010	15/05/2010	-	Active	NO
16	U65921PB1981PTC004730	BHAGYODAY INVESTMENTS PRIVATE LIMITED	Director	29/09/2010	15/05/2010	-	Active	NO

Name :

Mr. Pankaj Munjal

Designation :

Managing Director

Address :

B-5, Greater Kailash-I, New Delhi – 110048, India

Date of Birth/Age :

15.12.1967

Date of Appointment :

26.09.2001

DIN No.:

00005330

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	U65921PB1979PTC004044	THAKURDEVI INVESTNENTS PRIVATE LIMITED	Director	20/11/1981	20/11/1981	21/05/2010	Active	NO
2	U65921PB1981PTC004730	BHAGYODAY INVESTMENTS PRIVATE LIMITED	Director	26/11/1981	26/11/1981	-	Active	NO
3	U27109PB1974PLC003386	SATYAM AUTO COMPONENTS LIMITED	Director	24/12/1981	24/12/1981	-	Active	NO
4	U67120PB1981PTC004752	MUNJAL INVESTMENTS PRIVATE LIMITED	Director	05/07/1984	05/07/1984	21/05/2010	Active	NO
5	U67120PB1981PTC004753	ANADI INVESTMENTS PRIVATE LIMITED	Director	13/07/1984	13/07/1984	21/05/2010	Active	NO
6	L34101HR1985PLC020934	MUNJAL SHOWA LIMITED	Director	16/05/1985	16/05/1985	-	Active	NO
7	U74140DL1987PLC026696	HERO FINANCIAL SERVICES LIMITED	Director	16/01/1987	16/01/1987	-	Active	NO
8	U27104HR1996PTC033093	SUNBEAM AUTO Private Limited	Director	02/05/1996	02/05/1996	21/05/2010	Active	NO
9	U35911PB1966PLC002667	HERO CYCLES LIMITED	Managing director	01/10/2011	24/02/1998	-	Active	NO
10	U72200DL2000PLC108318	HERO GLOBAL DESIGN LIMITED	Director	25/10/2000	25/10/2000	-	Active	NO
11	U74140DL2001PLC111461	HERO ASSOCIATES LIMITED	Director	28/06/2001	28/06/2001	-	Strike off	NO
12	U29299DL1998PLC093496	HERO MOTORS LIMITED	Managing director	26/09/2001	26/09/2001	-	Active	NO
13	U34102DL1997PTC088319	MUNJAL BROTHERS PRIVATE LIMITED	Director	02/08/2002	02/08/2002	-	Active	NO
14	U55204HR2007PTC048786	Munjal Hospitality Private Limited	Director	08/01/2007	08/01/2007	-	Active	NO
15	U74900DL2007PTC164863	Falcon Cycles Private Limited	Director	18/06/2007	18/06/2007	-	Active	NO
16	U34200DL2007PTC166351	MUNJAL KIRIU INDUSTRIES PRIVATE LIMITED	Director	11/02/2011	27/07/2007	-	Active	NO
17	U62200DL2008PTC177022	MUNJAL AVIATION PRIVATE LIMITED	Director	22/04/2008	22/04/2008	-	Active	NO
18	U74120DL2008PTC183682	MUNJAL ALTERNATE FUELS PRIVATE LIMITED	Director	24/09/2008	24/09/2008	-	Active	NO
19	U34300DL2008PTC185888	ZF HERO CHASSIS SYSTEMS PRIVATE LIMITED	Director	16/12/2008	16/12/2008	-	Active	NO
20	U35122DL2009PTC188762	HERO TRANSMISSION PRIVATE LIMITED	Director	24/03/2009	24/03/2009	-	Active	NO
21	U51399PB1988PTC008584	PRAGATI TYRES PRIVATE LIMITED	Director	29/09/2010	15/05/2010	-	Active	NO
22	U35920PB1988PLC008589	URBAN TRAIL CYCLES LIMITED	Director	29/09/2010	15/05/2010	-	Active	NO
23	U13204DL2010PTC207758	MUNJAL LIGHT METALS PRIVATE LIMITED	Director	01/09/2010	01/09/2010	-	Active	NO
24	U66000DL2011PTC224465	MUNJAL INSURANCE SERVICES PRIVATE LIMITED	Director	02/09/2011	02/09/2011	-	Active	NO
25	U35990DL2014PTC266813	PLUSDRIVE INTERNATIONAL PRIVATE LIMITED	Director	24/03/2014	24/03/2014	-	Active	NO

Name :

Mr. Sandeep Dinodia

Designation :

Director

Address :

A 9, Maharani Bagh, New Delhi – 110065, India

Date of Birth/Age :

04.04.1962

Date of Appointment :

30.08.2004

DIN No.:

00005395

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	U28939DL2002PTC114374	SANDHAR TOOLING PRIVATE LIMITED	Director	07/06/2002	07/06/2002	-	Active	NO
2	L29130RJ1986PLC004536	HI-TECH GEARS LIMITED	Director	28/10/2002	28/10/2002	-	Active	NO
3	U29299DL1998PLC093496	HERO MOTORS LIMITED	Director	30/08/2004	30/08/2004	-	Active	NO
4	L31909MH1981PLC025519	LUMAX AUTO TECHNOLOGIES LIMITED	Director	11/07/2006	15/06/2006	-	Active	NO
5	U35911PB1966PLC002667	HERO CYCLES LIMITED	Director	30/09/2014	18/12/2010	-	Active	NO
6	U34200DL2007PTC166351	MUNJAL KIRIU INDUSTRIES PRIVATE LIMITED	Director	16/04/2012	24/12/2010	-	Active	NO
7	AAB-7484	S R DINODIA AND CO LLP	Designated Partner	05/09/2013	05/09/2013	-	Active	NO

Name :

Charu Munjal

Designation :

Whole – time Director

Address :

B-5, Greater Kailash-I, New Delhi – 110048, India

Date of Birth/Age :

12.08.1966

Date of Appointment :

01.10.2013

DIN No.:

00005811

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	U74140DL2001PLC111461	HERO ASSOCIATES LIMITED	Director	28/06/2001	28/06/2001	11/11/2009	Strike off	NO
2	U72200DL2000PLC108318	HERO GLOBAL DESIGN LIMITED	Director	01/04/2013	31/03/2003	-	Active	NO
3	U55204HR2007PTC048786	Munjal Hospitality Private Limited	Whole-time director	01/10/2013	08/01/2007	-	Active	NO
4	U74900DL2007PTC164863	Falcon Cycles Private Limited	Director	18/06/2007	18/06/2007	20/05/2008	Active	NO
5	U65921PB1981PTC004730	BHAGYODAY INVESTMENTS PRIVATE LIMITED	Director	29/09/2010	15/05/2010	-	Active	NO
6	U29299DL1998PLC093496	HERO MOTORS LIMITED	Director	01/10/2013	30/06/2010	-	Active	NO
7	U55101DL2011PTC222402	AUMA F AND B CONCEPTS PRIVATE LIMITED	Director	15/07/2011	15/07/2011	-	Active	NO
8	U36900DL2013PTC251755	OMA Living Private Limited	Director	08/05/2013	08/05/2013	-	Active	NO

Name :

Mr. Gian Parkash Sood

Designation :

Director

Address :

A-20, Gitanjaili Enclave, New Delhi – 110017, India

Date of Birth/Age :

02.09.1925

Date of Appointment :

30.08.2004

DIN No.:

00005836

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	L35911PB1973PLC003264	MAJESTIC AUTO LIMITED	Director	29/09/2014	28/05/1994	-	Active	NO
2	U29299DL1998PLC093496	HERO MOTORS LIMITED	Director	30/08/2004	30/08/2004	-	Active	NO
3	U34200DL2007PTC166351	MUNJAL KIRIU INDUSTRIES PRIVATE LIMITED	Director	27/07/2007	27/07/2007	28/02/2008	Active	NO

Name :

Mr. Rakesh Jinsi

Designation :

Director

Address :

No. 600, 17^th Main, 3^rd Block, Koromangla, Bangalore – 560095, Karnataka, India

Date of Birth/Age :

15.01.1955

Date of Appointment :

26.09.2012

DIN No.:

00182187

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	U85110KA1997PLC022498	Kamaz Motors Limited	Managing director	26/02/2003	26/02/2003	15/01/2008	Active	NO
2	U50101KA1992PTC013183	VECTRA AUTO COMPONENTS PRIVATE LIMITED	Director	30/09/2004	30/09/2004	21/03/2011	Active	NO
3	U99999DL1998PTC097355	NEW HOLLAND TRACTORS (INDIA) PRIVATE LIMITED	Director	14/02/2008	14/02/2008	-	Amalgamated	NO
4	U29299DL1998PLC093496	HERO MOTORS LIMITED	Director	26/09/2012	21/04/2012	-	Active	NO
5	L74899DL1986PLC023443	APL Apollo Tubes Limited	Director	30/08/2013	23/03/2013	12/02/2014	Active	NO
6	L29130MH1962PLC012340	FAG BEARINGS INDIA LIMITED	Additional director	11/02/2015	11/02/2015	-	Active	NO

Name :

Mr. Deepak Mohla

Designation :

Director

Address :

E-12, Saket, New Delhi – 110017, India

Date of Birth/Age :

07.10.1950

Date of Appointment :

26.09.2012

DIN No.:

00231989

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	U74140DL1999PTC101714	INSPIRE ONE CONSULTANTS PRIVATE LIMITED	Managing director	31/03/2011	27/09/1999	-	Active	NO
2	U74140DL2006PTC145629	INSPIREONE TECHNOLOGIES PRIVATE LIMITED	Director	31/01/2006	31/01/2006	-	Active	NO
3	U93010DL2002PTC117667	LIQVID ELEARNING SERVICES PRIVATE LIMITED	Nominee director	20/04/2006	20/04/2006	-	Active	NO
4	U74210DL1985PLC019823	TECHNICO INDUSTRIES LIMITED	Director	07/10/2014	05/03/2008	-	Active	NO
5	U29299DL1998PLC093496	HERO MOTORS LIMITED	Director	26/09/2012	21/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Garima Agarwal
Designation :	Company Secretary
Address :	G205 Prateek Laurel, Sector 120, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	19.09.1983
Date of Appointment :	01.08.2014
PAN No.:	AFNPA1038E

MAJOR SHAREHOLDERS

As on 27.09.2014

SHAREHOLDERS FILE ATTACHED

As on 27.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	50.17
Directors or relatives of Directors	49.74
Others	0.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in designs and manufactures of gears nd transmission systems for recreational products, passenger cars, and two wheelers.

Products :

Item Code No. (ITC Code)	Product Description
87142010	Auto Components parts

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

• State Bank of India, Commercial Branch, The Great Eastern Centre, 70, Ground Floor, Nehru Place, New Delhi – 110019, Delhi, India
• The Catholic Syrian Bank Limited, G-36, Connaught Circus, New Delhi – 110001, India
• Small Industries Development Bank Of India, Small Industries Development Bank Of India, Gf, Udyog Minar, Vanijya Nikunj, Udyog Vihar, Ph-V, Gurgaon, Haryana - 122016, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from banks	431.110	221.325
SHORT TERM BORROWINGS
Working Capital loans from banks	251.040	343.499
Total	682.150	564.824

Auditors :
Name :	B.D.Bansal and Company Chartered Accountants
Address :	214 ,Emc a House Ansari Road,Daryaganj, New Delhi, India
PAN No.:	AABFB0018J
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Hero Global Design Limited, India
Subsidiaries :	Munjal Alternate Fuels Private Limited, India Munjal Aviation Private Limited, India Hero Transmission Private Limited, India Munjal Light Metals Private Limited, India
Joint Venture :	Munjal Kiriu Industries Private Limited, India Zf Hero Chassis Systems Private Limited, India
Others :	Hero Cycles Limited, India Nipman Fastener Industries Private Limited, India Metcorp, India Plusdrive International Private Limited, India Munjal Hospitality Private Limited, India Urban Trail Cycles Limited, India

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
62000000	Equity Shares	Rs.10/-each	Rs.620.000 Millions
99500000	Preference Shares	Rs.10/-each	Rs.995.000 Millions
	Total		Rs.1615.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34597133	Equity Shares	Rs.10/-each	Rs.345.971 Millions
69500000	Preference Shares	Rs.10/-each	Rs.695.000 Millions
	Total		Rs.1040.971 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	1040.971	934.721	840.971
(b) Reserves & Surplus	1859.844	2250.070	2152.856
(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)	2900.815	3184.791	2993.827
(3) Non-Current Liabilities
(a) long-term borrowings	431.110	221.325	331.244
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	41.433	28.769	32.043
Total Non-current Liabilities (3)	472.543	250.094	363.287
(4) Current Liabilities
(a) Short term borrowings	727.783	536.865	766.558
(b) Trade payables	438.478	493.949	471.607
(c) Other current liabilities	337.168	633.842	282.838
(d) Short-term provisions	2.259	2.121	1.073
Total Current Liabilities (4)	1505.688	1666.777	1522.076
TOTAL	4879.046	5101.662	4879.190
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2190.703	2206.983	2181.131
(ii) Intangible Assets	14.220	15.228	11.334
(iii) Capital work-in-progress	35.087	109.441	124.624
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	904.139	825.862	786.974
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	187.156	174.978	131.182
(e) Other Non-current assets	181.229	267.354	361.345
Total Non-Current Assets	3512.534	3599.846	3596.590
(2) Current assets
(a) Current investments	8.223	38.203	5.025
(b) Inventories	277.159	349.908	278.005
(c) Trade receivables	445.550	406.861	323.112
(d) Cash and cash equivalents	43.302	169.868	128.666
(e) Short-term loans and advances	592.278	535.741	523.294
(f) Other current assets	0.000	1.235	24.498
Total Current Assets	1366.512	1501.816	1282.600
TOTAL	4879.046	5101.662	4879.190

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2463.308	3241.108	2987.526
	Other Income	136.760	155.532	281.227
	TOTAL	2600.068	3396.640	3268.753
Less	EXPENSES
	Cost of Materials Consumed	1770.068	2323.884	2179.641
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	21.550	(24.668)	1.743
	Employees benefits expense	381.513	359.085	317.756
	Other expenses	617.744	441.686	473.730
	TOTAL	2790.875	3099.987	2972.870
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(190.807)	296.653	295.883
Less	FINANCIAL EXPENSES	136.209	137.164	145.172
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(327.016)	159.489	150.711
Less/ Add	DEPRECIATION/ AMORTISATION	125.493	117.061	105.296
	PRIOR PERIOD ITEMS BEFORE TAX	(1.465)	(1.465)	(0.145)
	PROFIT/ (LOSS) BEFORE TAX	(453.974)	40.963	45.270
Less	TAX	0.000	0.000	(23.017)
	PROFIT/ (LOSS) AFTER TAX	(453.974)	40.963	68.287
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	477.239	1382.838	NA
	TOTAL EARNINGS	477.239	1382.838	NA
	IMPORTS
	Raw Materials	47.395	100.851	NA
	Components and Stores parts	5.435	32.622	NA
	TOTAL IMPORTS	52.830	133.473	NA
	Earnings / (Loss) Per Share (Rs.)	(13.12)	1.18	1.97

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(17.69)	1.26	2.28
Operating Profit Margin (PBDIT/Sales)	(%)	(7.74)	9.15	9.90
Return on Total Assets (PBT/Total Assets}	(%)	(11.52)	0.98	1.14
Return on Investment (ROI) (PBT/Networth)		(0.16)	0.01	0.02
Debt Equity Ratio (Total Debts/Networth)		0.40	0.24	0.37
Current Ratio (Current Asset/Current Liability)		0.91	0.90	0.84

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	840.971	934.721	1040.971
Reserves & Surplus	2152.856	2250.070	1859.844
Net worth	2993.827	3184.791	2900.815
long-term borrowings	331.244	221.325	431.110
Short term borrowings	766.558	536.865	727.783
Total borrowings	1097.802	758.190	1158.893
Debt/Equity ratio	0.367	0.238	0.400

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	2987.526	3241.108	2463.308
		8.488	(23.998)

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	2987.526	3241.108	2463.308
Profit	68.287	40.963	(453.974)
	2.29%	1.26%	(18.43%)

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	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	10504200	03/04/2014	40,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, GF, Udyog Minar, Vanijya Nikunj, Udyog Vihar, Ph-V, Gurgaon, Haryana - 122016, INDIA	C03611811
2	10429915	06/12/2013 *	350,000,000.00	State Bank of India	Commercial Branch, The Great Eastern Centre, 70,  Ground Floor, Nehru Place, New Delhi, Delhi - 110019, INDIA	B91410720
3	10394095	10/11/2012	320,000,000.00	The Catholic Syrian Bank Limited	G-36, Connaught Circus, New Delhi, Delhi - 110001,  INDIA	B64893316
4	10347031	01/09/2014 *	216,500,000.00	State Bank of India	Commercial Branch, The Great Eastern Centre, 70,  Ground Floor, Nehru Place, New Delhi, Delhi - 110019, INDIA	C23081433
5	10281708	07/04/2011	200,000,000.00	THE CATHOLIC SYRIAN BANK LIMITED	G-36, Connaught Circus,, New Delhi, Delhi - 110001, INDIA	B11116498

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Working capital loans from banks	326.743	193.366
Loans and advances from related parties	150.000	0.000
Total	476.743	193.366

FIXED ASSETS

• Plant and Machinery
• Land and Building

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.62.25
UK Pound	1	Rs.96.00
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUC
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--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		60

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.