MIRA INFORM REPORT

Report No. :	308599
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	VARROC ENGINEERING PRIVATE LIMITED (w.e.f. 24.01.2001)

Formerly Known As :	VARROC ENGINEERING LIMITED

Registered Office :	L-4, MIDC, Waluj, Aurangabad – 431136, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	11.05.1988

Com. Reg. No.:	11-047335

Capital Investment / Paid-up Capital :	Rs. 404.658 Millions

CIN No.: [Company Identification No.]	U28920MH1988PTC047335

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of manufacturing of Automobile components.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 24000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established company having fine track record. Profitability of the company has declined during 2014. However, the rating reflects company’s established track record in the automotive components business supported by decent financial base adequate liquidity profile of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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 A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	11 July, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating A1
Rating Explanation	Very Strong degree of safety and carry lowest credit risk.
Date	11 July, 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.

LOCATIONS

Registered Office/ Factory 1:	L-4, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ghatiya.anil@varrocgroup.com
Website :	http://www.varrocengg.com http://www.varrocgroup.com

Corporate Office/ Factory 2 :	E-4, MIDC, Industrial Area POB 958, Waluj, Aurangabad – 431 136, Maharashtra, India
Tel. No.:	91-240-2556227/ 2556228/ 2555441/ 2564540/ 6648000
Fax No.:	91-240-2564540/ 2555987/ 2554487
E-Mail :	varroc_agd@sancharnet.in varroc.cs@varrocgroup.com varroc.inof@varrocgroup.com dargad.amit@varrocgroup.com

Factory 3:	Located at: Pune Noida Pandinagar Indore Bangalore

DIRECTORS

AS ON 06.08.2014

Name :

Mr. Naresh Adishwarlal Chandra

Designation :

Director

Address :

Bhagwati Bhavan, 31/B, M.L. Dahanukar Marg, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

11.02.1935

Date of Appointment :

11.05.1988

PAN No.:

AACPC7536R

DIN No.:

00027696

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	L45400MH1962PLC012385	HERCULES HOISTS LIMITED	Director	20/09/1972	20/09/1972	-	Active	NO
2	U28920MH1988PTC047335	VARROC ENGINEERING PRIVATE LIMITED	Director	11/05/1988	11/05/1988	-	Active	NO
3	U25209MH1995PTC090037	VARROC POLYMERS PRIVATE LIMITED	Director	28/06/1995	28/06/1995	-	Active	NO
4	U28113MH1995PTC092249	ENDURANCE SYSTEMS (INDIA) PRIVATE LIMITED	Director	28/08/1995	28/08/1995	-	Amalgamated	NO
5	U34300MH1997PTC105518	DUROVALVES INDIA PRIVATE LIMITED	Director	03/09/1997	03/09/1997	-	Active	NO
6	L24100GJ1983PLC006513	GHCL LIMITED	Director	28/11/1997	28/11/1997	03/11/2010	Active	NO
7	U34102MH1999PTC123296	ENDURANCE TECHNOLOGIES Private Limited (CN)	Director	27/12/1999	27/12/1999	-	Active	NO
8	U31506MH2000PTC129904	VARROC LIGHTING PRIVATE LIMITED	Director	06/12/2000	06/12/2000	-	Amalgamated	NO
9	U34300MH2002PTC134738	HIGH TECHNOLOGY TRANSMISSION SYSTEMS (INDIA) PRIVATE LIMITED	Director	29/07/2002	29/07/2002	-	Amalgamated	NO
10	U67120MH1982PTC026669	VARROC TRADING PRIVATE LIMITED	Director	21/11/2002	21/11/2002	-	Active	NO
11	U29100MH2005PTC151756	VARROC EXHAUST SYSTEMS PRIVATE LIMITED	Director	03/03/2005	03/03/2005	-	Active	NO
12	U29190MH2005PTC157474	VARROC ELASTOMERS PRIVATE LIMITED	Director	22/11/2005	22/11/2005	-	Active	NO

Name :

Mr. Tarang Nareshchandra Jain

Designation :

Managing Director

Address :

Gut No. 41 (P), Opposite Walmi Kanchanwadi, Aurangabad Paithan Road, Aurangabad – 431 105, Maharashtra, India

Date of Birth/Age :

21.03.1962

Qualification :

B. Com., M.B.A.

Experience :

29 Years

Date of Appointment :

11.05.1988

PAN No.:

AAXPJ4083B

DIN No.:

00027505

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	U67120MH1982PTC026669	VARROC TRADING PRIVATE LIMITED	Director	22/11/1985	22/11/1985	-	Active	NO
2	U28920MH1988PTC047335	VARROC ENGINEERING PRIVATE LIMITED	Managing director	11/05/1988	11/05/1988	-	Active	NO
3	U25209MH1995PTC090037	VARROC POLYMERS PRIVATE LIMITED	Managing director	01/04/2007	28/06/1995	-	Active	NO
4	U34300MH1997PTC105518	DUROVALVES INDIA PRIVATE LIMITED	Managing director	30/01/1997	30/01/1997	-	Active	NO
5	U31506MH2000PTC129904	VARROC LIGHTING PRIVATE LIMITED	Director	06/12/2000	06/12/2000	-	Amalgamated	NO
6	U29100MH2005PTC151756	VARROC EXHAUST SYSTEMS PRIVATE LIMITED	Director	03/03/2005	03/03/2005	-	Active	NO
7	U29190MH2005PTC157474	VARROC ELASTOMERS PRIVATE LIMITED	Director	22/11/2005	22/11/2005	-	Active	NO
8	U34300PN2007PTC131148	Plastic Omnium Auto Exteriors (India) Private Limited	Director	17/12/2007	17/12/2007	14/08/2012	Active	NO
9	U70102MH2010PTC208318	RUDRITARA PROPERTIES PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Active	NO
10	U91120MH2005NPL158483	MARATHWADA AUTO CLUSTER	Director	27/09/2012	18/10/2011	-	Active	NO
11	U31401PN2012PTC142539	VARROC LIGHTING SYSTEMS (INDIA) PRIVATE LIMITED	Director	13/03/2012	13/03/2012	-	Active	NO

Name :

Mr. Gautam Premnath Kahndelwal

Designation :

Director

Address :

B 2, Alaknanda, 16-A, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

01.04.1962

Date of Appointment :

27.07.2011

DIN No.:

00270717

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	U65990MH1986PTC041183	ZEPPELIN INVESTMENTS PRIVATE LIMITED	Director	09/10/1986	09/10/1986	-	Active	NO
2	L99999MH1958PLC011001	INFORMED TECHNOLOGIES INDIA LIMITED	Director	09/03/1988	09/03/1988	-	Active	NO
3	L74899DL1993PLC052177	Globus Spirits Limited	Director	16/02/1993	16/02/1993	14/11/2014	Active	NO
4	U99999MH1993PTC074389	KHANDELWAL REMEDIES P LTD	Director	08/10/1993	08/10/1993	-	Active	NO
5	U24239MH1980PTC023041	MAGNACHEM PHARMACEUTICALS PRIVATE LIMITED	Director	28/03/1995	28/03/1995	-	Strike off	NO
6	L40100MH1996PLC104361	NAGPUR POWER AND INDUSTRIES LIMITED	Whole-time director	01/07/2014	06/12/1996	-	Active	NO
7	U72900MH2006PTC163664	KROHM SOLUTIONS PRIVATE LIMITED	Director	08/08/2006	08/08/2006	06/07/2011	Strike off	NO
8	U32109MH1960PTC011827	THE MOTWANE MANUFACTURING COMPANY PRIVATE LIMITED	Director	06/09/2007	06/09/2007	-	Active	NO
9	U74999MH1999PTC121254	MW COM (INDIA)PRIVATE LIMITED	Director	28/11/2007	28/11/2007	25/03/2010	Active	NO
10	U17299MH2007PTC172611	AMIGO SPORT PRIVATE LIMITED	Director	25/05/2010	25/05/2010	-	Active	NO
11	U28920MH1988PTC047335	VARROC ENGINEERING PRIVATE LIMITED	Director	23/07/2011	24/03/2011	-	Active	NO
12	U25209MH1995PTC090037	VARROC POLYMERS PRIVATE LIMITED	Director	23/07/2011	24/03/2011	-	Active	NO
13	U80301DL2007PTC162030	GRAS EDUCATION & TRAINING SERVICES Private Limited	Director	29/09/2012	27/07/2012	-	Active	NO

Name :

Mr. Padmanabh Sinha

Designation :

Nominee Director

Address :

F1 Chanakya Puri Dargah Road, Garkheda, Aurangabad – 431005, Maharashtra, India

Date of Birth/Age :

21.02.1971

Date of Appointment :

27.03.2014

DIN No.:

00101379

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	L17110GJ1985PLC033271	WELSPUN INDIA LIMITED	Nominee director	02/04/2005	02/04/2005	09/08/2007	Active	NO
2	L92490MH1999PLC122381	Fame India Limited	Nominee director	02/08/2005	02/08/2005	10/07/2008	Amalgamated	NO
3	U67190MH2000PTC154942	TEMASEK HOLDINGS ADVISORS INDIA PRIVATE LIMITED	Director	15/10/2005	15/10/2005	24/01/2011	Active	NO
4	U92120MH2001PLC130365	TATA SKY LIMITED	Director	02/08/2007	02/08/2007	11/10/2011	Active	NO
5	L64201DL2006PLC156038	Bharti Infratel Limited	Director	22/07/2008	31/03/2008	31/01/2011	Active	NO
6	U55100MH2003PLC143639	ROOTS CORPORATION LIMITED	Director	18/03/2011	18/03/2011	-	Active	NO
7	U28920MH1988PTC047335	VARROC ENGINEERING PRIVATE LIMITED	Nominee director	27/03/2014	27/03/2014	-	Active	NO
8	U25209MH1995PTC090037	VARROC POLYMERS PRIVATE LIMITED	Nominee director	27/03/2014	27/03/2014	-	Active	NO
9	U72200TN2000PTC044560	SHRIRAM PROPERTIES Private Limited	Director	30/09/2014	11/07/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Kumar Sachdev
Designation :	AVP – Corp. Legal Affairs and Company Secretary
Address :	F1, Chanakya Puri, Dargah Road, Garkheda, Aurangabad – 431 005, Maharashtra, India
Date of Birth/Age :	29.12.1965
Date of Appointment :	01.04.2008
PAN No.:	ABEPS8631G

MAJOR SHAREHOLDERS

As on 06.08.2014

Names of Equity Shareholders		No. of Shares
Naresh Chandra		1157100
Naresh Chandra		435000
Naresh Chandra		14500
Suman Jain		1207000
Tarang Jain		5970500
Tarang Jain		814900
Tarang Jain		14500
Varroc Polymers Private Limited, India		852349
Omega TC Holding PTE Limited, India		1
Tata Capital Financial Services Limited, India		1
Total		10465851

Names of Preference Shareholders		No. of Shares
Omega TC Holding PTE Limited, India		27478973
Tata Capital Financial Services Limited, India		2521007
Total		29999980

As on 06.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	8.14
Directors or relatives of Directors	91.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing of Automobile components.

Products :

Item Code No. (ITC Code)	Product Description
85112010	Magneto
73261900	Steel Forged Product
84099900	Assemblies
39269000	Plastic Moulded Goods

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS : Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Corporation Bank
Branch Address	14, Mumbai Pune Road, Wakdewadi, Pune - 411003, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

IDBI Bank
Citi Bank
Saraswat Bank
ICICI Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	497.700	784.000
Foreign currency term loans from banks	951.700	1030.300
Rupee term loans from others	991.800	1384.000
Other loans and advances	314.300	133.900
SHORT TERM BORROWINGS
Working capital loans from banks	227.200	477.200
Total	2982.700	3809.400

Financial Institute :	Bajaj Finance Limited

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	I-501 Ruturang, Phase 2, Pune Satara Road, Near City Pride Theatre, Pune – 411009, Maharashtra, India
PAN No.:	AAHFP0187A

Memberships :	Not Available

Collaborators :	Not Available

Subsidiaries :	Durovalves India Private Limited Varroc Exhaust Systems Private Limited Varroc Lighting Systems (India) Private Limited Varroc European Holding B.V. Aries Mentor Holding B.V. VarrocCorp Holding B.V.

Step down subsidiaries :	Industrial Meccanica E Stampaggio S.p.a. Industria Meccanica E Stampaggio Sp.z.oo. Esex Forging s.r.l. TRI.O.M., S.p.A. TRI.O.M., Vietnam Company Limited Electromures SA, Romania. Varroc Lighting Systems SRO, Varroc Lighting Systems Inc. Varroc Lighting Systems GmBH. Varroc Lighting Systems S.de.R.L. De. C.V.

Joint Ventures :	Nuova CTS S.r.l Varroc TYC Corporation BVI Varroc TYC Auto Lamps Company Limited

Enterprises Owned or controlled by/or over which Parties described in para 4 & 5 or their relatives exercise significant influence where transactions have taken place	Varroc Polymers Private Limited Varroc Trading Private Limited Varroc Elastomers Private Limited Endurance Technologies Private Limited Plastic Omnium Varroc Private Limited (untill July 2, 2012)

CAPITAL STRUCTURE

As on 06.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

11000000	Equity Shares	Rs.10/- each	Rs. 110.000 Millions
31000000	Preference Shares	Rs.10/- each	Rs. 310.000 Millions
	Total		Rs. 420.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10465851	Equity Shares	Rs.10/- each	Rs. 104.659 Millions
29999980	Preference Shares	Rs.10/- each	Rs. 299.999 Millions
	Total		Rs. 404.658 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	404.658	104.658	300.775
(b) Reserves & Surplus	8270.500	4986.500	4645.667
(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)	8675.158	5091.158	4946.442

(3) Non-Current Liabilities
(a) long-term borrowings	3007.600	3634.200	2536.217
(b) Deferred tax liabilities (Net)	228.000	216.200	231.450
(c) Other long term liabilities	34.900	47.100	44.667
(d) long-term provisions	54.600	275.000	15.410
Total Non-current Liabilities (3)	3325.100	4172.500	2827.744

(4) Current Liabilities
(a) Short term borrowings	491.400	681.400	746.065
(b) Trade payables	2440.800	2086.100	1856.497
(c) Other current liabilities	1425.700	1257.500	865.140
(d) Short-term provisions	182.000	103.500	32.235
Total Current Liabilities (4)	4539.900	4128.500	3499.937

TOTAL	16540.158	13392.158	11274.123

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5431.100	4337.600	4440.015
(ii) Intangible Assets	40.200	46.900	16.813
(iii) Capital work-in-progress	2093.800	2570.400	1804.533
(iv) Intangible assets under development	6.700	6.000	5.774
(b) Non-current Investments	4666.600	2498.900	1185.132
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	301.400	119.400	157.653
(e) Other Non-current assets	59.758	1.658	255.241
Total Non-Current Assets	12599.558	9580.858	7865.161

(2) Current assets
(a) Current investments	375.300	16.500	32.124
(b) Inventories	1235.100	1009.200	952.198
(c) Trade receivables	1505.300	2036.500	1626.279
(d) Cash and cash equivalents	92.400	112.300	342.044
(e) Short-term loans and advances	488.000	400.600	196.140
(f) Other current assets	244.500	236.200	260.177
Total Current Assets	3940.600	3811.300	3408.962

TOTAL	16540.158	13392.158	11274.123

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOTAL INCOME (A)	13960.100	14520.100	14545.900

Less	TOTAL EXPENSES (B)	12605.900	12753.700	12790.400

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1354.200	1766.400	1755.500

Less	FINANCIAL EXPENSES (D)	466.100	518.900	265.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	888.100	1247.500	1490.500

Less/ Add	DEPRECIATION/ AMORTISATION (F)	620.800	560.700	483.800

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	267.300	686.800	1006.700

Less	TAX (H)	5.600	154.800	94.300

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	261.700	532.000	912.400

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	2508.900	1999.300	1218.500

Less	APPROPRIATIONS
	Interim Dividend on preference Shares	0.000	13.300	14.000
	Interim Dividend on Equity Shares	6.800	9.100	17.600
	Transferred to General Reserve	0.000	0.000	100.000
	Total (K)	6.800	22.400	131.600

	Balance Carried to the B/S (I+J-K)	2763.800	2508.900	1999.300

	EARNINGS IN FOREIGN CURRENCY
	F.O.B Value of export	946.400	623.900	696.400
	Others	97.500	14.300	0.000
	Total	1043.900	638.200	696.400

	IMPORTS
	Capital Goods	120.000	717.800	413.500
	Raw Material	803.100	810.400	1050.100
	Stores & Spares	10.600	10.900	6.600
	Total	933.700	1539.100	1470.200

	Earnings / (Loss) Per Share (Rs.)	6.47	13.15	22.55

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PARTICULARS
Net Profit Margin (PAT/ Sales)	(%)	1.87	3.66	6.27

Operating Profit Margin (PBDIT/Sales)	(%)	9.70	12.17	12.07

Return on Total Assets (PBT/Total Assets}	(%)	2.74	8.26	12.16

Return on Investment (ROI) (PBT/Networth)		0.03	0.13	0.20

Debt Equity Ratio (Total Debt /Networth)		0.40	0.85	0.66

Current Ratio (Current Asset/Current Liability)		0.87	0.92	0.97

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	300.775	104.658	404.658
Reserves & Surplus	4645.667	4986.500	8270.500
Net worth	4946.442	5091.158	8675.158

long-term borrowings	2536.217	3634.200	3007.600
Short term borrowings	746.065	681.400	491.400
Total borrowings	3282.282	4315.600	3499.000
Debt/Equity ratio	0.664	0.848	0.403

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	14545.900	14520.100	13960.100
		(0.177)	(3.857)

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	14545.900	14520.100	13960.100
Profit	912.400	532.000	261.700
	6.27%	3.66%	1.87%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE

Net Sales and Other Income declined marginally by 3.86% to Rs. 13960.100 Millions as compared to Rs. 14520.100 Millions in the previous year. The company has however recorded a 12.39% increase in exports to Rs. 856.900 Millions. There was a considerable increase in other expense like non-recurring professional fee and exchange loss and resultantly, the EBITDA declined by 23.33% to Rs. 1354.200 Millions as against Rs. 1766.400 Millions in the previous year and PBT declined to Rs. 267.300 Millions as against Rs. 686.800 Millions. Finance costs declined by 10.17% to Rs. 466.100 Millions. During the year under report, PAT declined by 50.80% to Rs. 261.700 Millions.

Low growth of GDP is expected to continue. Uncertain monsoon is an added concern. Inflation and consumer sentiments do not induce great confidence either. Added to this, geo-political uncertainty in parts of Asia and Europe may affect commodity prices. Consequently the Company expects modest growth for the two wheeler industry during the year 2014-15. However, in spite of the adverse market conditions, the Company believes to achieve its target growth by increasing share with existing customers and acquiring new customers.

ECONOMIC AND INDUSTRIAL OUTLOOK

International Monetary Fund recently warned that pick-up in global economic activity could prove less robust than expected amid depressed levels of investment. The global activity is expected to gain momentum only in the second half of the year following a disappointing start and will accelerate further in 2015. However, that momentum may be weaker than expected as potential growth is lower and investment remains depressed.

In India, the macroeconomic worries that have acted as a drag on corporate activity, have comparatively eased and the policy environment is more stable. With new government in place, the uncertainties around political and policy risk have moved back stage. The formation of a stable government at the center has raised a lot of expectations amid hopes about a revival in economic growth. Sentiments have improved substantially post the strong verdict in the elections, fuelled by expectations that speedy reforms would revive the business climate and consumer confidence. But as per the industry experts, growth is unlikely to recover sharply in 2014-15.

Indian automobile industry is a key contributor to India?s GDP. The growth phase cycle of the automobile industry is governed by a multitude of factors including GDP components, inflation, interest rates, finance availability, road connectivity, etc. Last year has been extremely tough for the industry. During the year, the Commercial vehicle market declined by 20%; cars and utility vehicles by 6%. The motorcycle segment marginally grew by 3% whereas the only real growth segment has been the scooter segment which positively grown by 21%. With the forecast of a below-average rainfall during the south-west monsoon season suggest that restricting CPI (consumer price index) inflation below 8% by January 2015 would be challenging and therefore the improvement in consumption demand in 2014-15 is likely to be limited by sticky interest rates. However, certain sectors like passenger vehicles, medium and heavy commercial vehicles and two wheelers (especially scooters) are expected to record a positive growth in 2014-15.

FUTURE OUTLOOK

Expanding their customer base and adding new products will continue to be a priority of the Company. In the current year, the Company has planned and set aside reasonable capex amount, for modernization/automation, balancing equipment and capacity enhancement.

During the current financial year the Company is targeting to hit topline of Rs. 17000.000 Millions.

Company recently setup state of Art facility (VEPL? VIII) for manufacture of six cylinder crankshafts for heavy commercial vehicle in Waluj, Aurangabad, that has since commenced the commercial production from 01.04.2014.

The Company has planned the expansion and automation project of engine valves division which will enhance the manufacturing capabilities enabling the Company to compete the peers in a cost efficient manner.

In line with its initiative for clean and green environment, the Company has setup and commissioned a 5 MW solar power plant in Village Sakri, Dist. Dhule, and Maharashtra State which has started power generation from 15-03-2014.

In respect of 2 wheeler business, apart from adding new products from the existing customers, the Company is rigorously pursuing the Indian operations of multinational OEMs like Honda, Yamaha, Suzuki and Piaggio. Through its subsidiary company TRI.O.M SpA, Italy, the leading manufacturer in Europe for 2 Wheeler lighting, the Company is also trying to explore the business opportunities in other ASEAN countries.

During the current year, the Company will continue to maintain its focus on the After Sales Market by strengthening its supply chain and exploring new markets. The Company has already applied for registration of its trade mark in various countries which are being targeted as the potential markets. During the current year, After Sales Division is estimated to achieve topline target of Rs. 1200.000 Millions.

For the current year, the Company has been able to maintain the CRISIL rating as ‘A+ Stable’ for long term and A1 for short term.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Deferred sales tax loans	252.100	302.000

SHORT TERM BORROWINGS
Loans and advances from related parties	14.200	14.200
Term loans from others	250.000	190.000
Total	516.300	506.200

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10386278	23/10/2012	500,000,000.00	STANDARD CHARTERED BANK	NARAIN MANZIL, 23 BARAKHAMBA ROAD, DELHI - 110035, DELHI, DELHI - 110035, INDIA	B62023601
2	10377023	20/09/2012	2,000,000,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA	B58319351
3	10370984	11/02/2013 *	1,000,000,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	PLOT NO. X-23, MIDC WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA	B68487172
4	10366515	11/02/2013 *	791,000,000.00	ICICI BANK LTD. ACTING THROUGH ITS BAHARAIN BRANCH	SUITE 15, PART 3, MUNCIPALITY NO.116, BUILDING NO. 114, GOVERNMENT AVENUE, MANAMA, - 316, BAHRAIN	B68543651
5	10348692	11/04/2012	200,000,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	PLOT NO. X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA	B37283207
6	10315664	04/02/2013 *	456,825,600.00	CITI BANK N.A.	JEEVAN BHARTI BUILDING, 4TH FLOOR, 124, CANNAUGHT CIRCUS, CANNAUGHT PLACE, NEW DELHI, DELHI - 1100 01, INDIA	B68485465
7	10306311	18/08/2011	450,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B20560017
8	10247374	22/10/2011 *	300,000,000.00	IDBI BANK LTD	IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B23973316
9	80004232	04/10/2010 *	50,000,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	KHADKESHWAR, AURANGABAD, MAHARASHTRA - 431003, INDIA	A96099007
10	90227069	11/02/2013 *	1,087,500,000.00	CORPORATION BANK	14, MUMBAI PUNE ROAD, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA	B69623049

* Date of charge modification

FIXED ASSETS

Land
Office building
Factory building
Factory equipments
Other plant and equipment
Furniture and fixtures
Vehicles
Computer equipments
Other equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.18
UK Pound	1	Rs. 95.71
Euro	1	Rs. 70.76

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	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		52

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.

MIRA INFORM REPORT

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