MIRA INFORM REPORT

Report No. :	331682
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	MAHINDRA TWO WHEELERS LIMITED (w.e.f.01.12.2008)
Formerly Known As :	MAHINDRA TWO WHEELERS PRIVATE LIMITED
Registered Office :	Mahindra Towers, P. K. Kurne Chowk, Worli, Mumbai - 400018, Maharashtra
Tel. No.:	91- 22-24905623
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.08.2008
Com. Reg. No.:	11-185462
Capital Investment / Paid-up Capital :	Rs. 12587.346 Million
CIN No.: [Company Identification No.]	U35911MH2008PLC185462
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM34881A
PAN No.: [Permanent Account No.]	AAFCM6870J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Two Wheelers like Scooters, Motor Cycles and Mopeds and its Spare Parts.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit:	USD 520000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of ‘’Mahindra and Mahindra Limited’’. It is a world’s leading company renowned for its efficiency and expertise in many diversify business. It is an established and reputed company having satisfactory track record. As per available financial of 2014, the company has incurred huge accumulated losses which led to modest the net worth of the company. However, the rating takes into consideration strong financial and managerial support that company receives from its parent company backed by its well established brand name, business segment and strong market net worth around globe. Trade relations are fair. Business is active. Payment terms are usually correct. In view of strong holding company support, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

NOT AVAILABLE

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 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

Contact No: 91-22-24931441

LOCATIONS

Registered Office :	Mahindra Towers, P. K. Kurne Chowk, Worli, Mumbai- 400018, Maharashtra, India
Tel. No.:	91- 22-24905623/ 24931441/ 24961441
Fax No.:	91- 22-24900833/ 24983696
E-Mail :	juvekar.abhishek@mahindra.com
Website :	http://www.mahindratwowheelers.com
Branch Office/ Factory:	Plot No. 1, Industrial Area No. 1, District Dhar – 454775, Madhya Pradesh, India

DIRECTORS

AS ON 30.07.2014

Name :

Mr. Anand Gopal Mahindra

Designation :

Director

Address :

Goolestan, 65, Nepean Sea Road, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

01.05.1955

Qualification :

B.A. (Harvard), M.B.A (Harvard)

Date of Appointment :

12.08.2009

DIN No.:

00004695

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	L65110MH1985PLC038137	KOTAK MAHINDRA BANK LIMITED	Director	11-06-1986	11-06-1986	21-03-2011	Active	NO
2	L99999MH1962PLC012542	MAHINDRA UGINE STEEL COMPANY LIMITED	Director	30-10-1986	30-10-1986	-	Amalgamated	NO
3	L65990MH1945PLC004558	MAHINDRA AND MAHINDRA LIMITED	Managing director	08-08-2012	23-11-1989	-	Active	NO
4	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	20-02-1991	20-02-1991	11-12-2006	Active	NO
5	L65921MH1991PLC059642	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	Director	31-12-1991	31-12-1991	22-04-2008	Active	NO
6	U80210MH1993NPL073071	THE MAHINDRA UNITED WORLD COLLEGE OF INDIA	Director	22-07-1993	22-07-1993	-	Active	NO
7	U30007MH1994PLC081637	MAHINDRA SONA LIMITED	Director	30-09-1994	30-09-1994	27-04-2010	Active	NO
8	U65910MH1985PLC036060	MAHINDRA HOLDINGS AND FINANCE LIMITED	Director	03-03-1995	03-03-1995	-	Amalgamated	NO
9	L64200MH1986PLC041370	TECH MAHINDRA LIMITED	Director	26-09-2013	19-09-1995	-	Active	NO
10	U99999MH1998PTC113514	ANGULAR CONSTRUCTIONS PRIVATE LIMITED	Director	14-02-1998	14-02-1998	-	Strike off	NO
11	U24240MH1989PTC051218	AVION AEROSOLS PRIVATE LIMITED	Director	29-06-1999	29-06-1999	-	Active	NO
12	U74999MH1999PTC121254	MW COM (INDIA) PRIVATE LIMITED	Director	12-08-1999	12-08-1999	24-04-2009	Active	NO
13	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	16-06-2000	16-06-2000	-	Active	NO
14	U67120MH1992PLC069769	NATIONAL STOCK EXCHANGE OF INDIA LIMITED	Director	02-05-2002	02-05-2002	28-12-2010	Active	NO
15	L45200MH1999PLC118949	MAHINDRA LIFESPACE DEVELOPERS LIMITED	Director	29-01-2004	29-01-2004	15-03-2010	Active	NO
16	U85100MH1946GAT005082	BREACH CANDY HOSPITAL TRUST	Director	24-03-2005	24-03-2005	-	Active	NO
17	U63040MH1994PLC079098	MAHINDRA TRUCKS AND BUSES LIMITED	Director	14-07-2006	11-01-2006	09-04-2014	Active	NO
18	L27100MH1999PLC121285	MAHINDRA CIE AUTOMOTIVE LIMITED	Director	19-05-2006	28-04-2006	22-07-2010	Active	NO
19	U74899DL1989PLC038453	M. A. R. K. HOTELS LIMITED	Director	06-12-2006	06-12-2006	01-10-2011	Under liquidation	NO
20	U85310MH2006NPL160651	TECH MAHINDRA FOUNDATION	Director	20-07-2007	19-04-2007	-	Active	NO
21	U65993MH2007PLC175649	MAHINDRA HOLDINGS LIMITED	Director	29-07-2008	02-11-2007	-	Active	NO
22	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	12-08-2009	12-12-2008	-	Active	NO
23	U01119TG2008PLC057694	ARAKU ORIGINALS LIMITED	Director	20-08-2009	10-08-2009	-	Active	NO
24	U62200DL2007GOI161431	AIR INDIA LIMITED	Director	05-03-2010	05-03-2010	09-03-2011	Active	NO
25	U29268MH2009PLC190702	DEFENCE LAND SYSTEMS INDIA LIMITED	Director	25-07-2011	27-04-2010	18-01-2013	Active	NO
26	U74140MH1982PTC026770	PRUDENTIAL MANAGEMENT AND SERVICES PRIVATE LIMITED	Director	29-09-2010	30-04-2010	-	Active	NO
27	U85300TG2010PTC068530	NAANDI COMMUNITY WATER SERVICES PRIVATE LIMITED	Director	21-05-2010	21-05-2010	-	Active	NO
28	U45200MH1996PTC099607	MOONSHINE CONSTRUCTION PRIVATE LIMITED	Additional director	07-06-2011	07-06-2011	17-09-2011	Active	NO

Name :

Mr. Ranjan Pant

Designation :

Director

Address :

Portion-B, 10-A, Kasturba Gandhi Marg, New Delhi-110001, Delhi, India

Date of Birth/Age :

29.06.1959

Qualification :

Bachelor’s Degree in Engineering, M.B.A. Pennsylvania, USA

Date of Appointment :

26.09.2013

DIN No.:

00005410

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	U74140MH1996PTC099483	DSP BLACKROCK INVESTMENT MANAGERS PRIVATE LIMITED	Director	25-06-2002	25-06-2002	-	Active	NO
2	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	03-05-2004	03-05-2004	24-04-2014	Active	NO
3	U74140DL2005PTC138210	I S R PROJECTS PRIVATE LIMITED	Director	01-07-2005	01-07-2005	-	Active	NO
4	U74140DL2005PTC139818	RKO CONSULTANTS PRIVATE LIMITED	Director	22-08-2005	22-08-2005	-	Strike off	NO
5	L52190DL2005PLC181536	STORE ONE RETAIL INDIA LIMITED	Director	11-08-2006	08-06-2006	23-12-2007	Active	NO
6	U65923DL2006PTC151431	PERSEUS INDIA ADVISORS PRIVATE LIMITED	Director	29-07-2006	29-07-2006	-	Strike off	NO
7	U74140DL2005PTC139290	S P V PROJECT CONSULTANTS PRIVATE LIMITED	Director	12-06-2007	12-06-2007	-	Active	NO
8	L18101KA2004PLC033475	GOKALDAS EXPORTS LIMITED	Additional director	31-10-2008	31-10-2008	05-05-2009	Active	NO
9	U74990MH2010PTC207854	MAHINDRA SUSTEN PRIVATE LIMITED	Additional director	30-03-2015	05-10-2010	-	Active	NO
10	L31900GJ2011PLC064420	SCHNEIDER ELECTRIC INFRASTRUCTURE LIMITED	Director	31-07-2012	16-12-2011	-	Active	NO
11	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	26-09-2013	31-10-2012	-	Active	NO
12	U67190MH2012PTC238252	DSP BLACKROCK PENSION FUND MANAGERS PRIVATE LIMITED	Director	26-11-2012	26-11-2012	-	Active	NO
13	L52322MH1995PLC090643	MORARJEE TEXTILES LIMITED	Director	29-09-2014	01-08-2014	-	Active	NO
14	U93000DL2015OPC278523	POINT RP CONSULTING PRIVATE LIMITED (OPC)	Director	30-03-2015	-	-	Active	NO

Name :

Mr. Rajesh Ganesh Jejurikar

Designation :

Director

Address :

502, Silver Springs, Rizvi Complex, Carter Road, Bandra (West), Mumbai- 400050, Maharashtra, India

Date of Birth/Age :

24.06.1964

Qualification :

MBA

Date of Appointment :

30.07.2014

DIN No.:

00046823

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	U18101MH1995PLC095482	NBS INTERNATIONAL LIMITED	Director	29-08-2003	29-08-2003	25-01-2012	Active	NO
2	U34100MH2005PTC153702	MAHINDRA AUTOMOBILE DISTRIBUTOR PRIVATE LIMITED	Director	01-10-2008	05-08-2005	25-01-2012	Active	NO
3	U34100MH2007PLC171151	MAHINDRA VEHICLE MANUFACTURERS LIMITED	Director	30-07-2010	27-04-2010	27-01-2012	Active	NO
4	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	17-09-2010	26-05-2010	01-04-2013	Active	NO
5	U92412MH2006PTC164446	MEDIA PRO ENTERPRISE INDIA PRIVATE LIMITED	Director	30-07-2012	21-05-2012	01-01-2013	Active	NO
6	L45202PB1974PLC003516	SWARAJ AUTOMOTIVES LIMITED	Director	30-07-2013	22-04-2013	-	Active	NO
7	L50210PB1985PLC006473	SWARAJ ENGINES LIMITED	Director	30-07-2013	22-04-2013	28-04-2014	Active	NO
8	U34100GJ1978PLC003127	MAHINDRA GUJARAT TRACTOR LIMITED	Director	20-09-2013	24-04-2013	-	Active	NO
9	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	30-07-2014	11-02-2014	-	Active	NO

Name :

Mr. Naveen Kumar Kshatriya

Designation :

Director

Address :

1101, B Wing ,11th Floor Lodha Bellissimo,, Apollo Mills Compound, N.M. Joshi Road, Mahalaxmi, Mumbai-400011, Maharashtra, India

Date of Birth/Age :

03.02.1949

Date of Appointment :

31.03.2015

DIN No.:

00046813

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	L23200MH1979PLC021359	CASTROL INDIA LIMITED	Nominee director	08-05-2009	01-05-2002	05-04-2012	Active	NO
2	U65990MH1993PLC071003	CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED	Additional director	19-12-2007	19-12-2007	01-05-2009	Active	NO
3	U40200PN2008FTC139032	FIRST ENERGY PRIVATE LIMITED	Director	19-12-2012	01-04-2012	-	Active	NO
4	U51900MH1999PTC121703	AMBIT HOLDINGS PRIVATE LIMITED	Director	23-08-2012	12-04-2012	-	Active	NO
5	L99999MH1962PLC012538	BOROSIL GLASS WORKS LIMITED	Director	13-08-2014	09-05-2013	-	Active	NO
6	U50102DL2013PTC255209	TOPWHEELZ AUTOMOTIVE PRIVATE LIMITED	Director	11-07-2013	11-07-2013	-	Active	NO
7	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	31-03-2015	31-03-2015	-	Active	NO
8	AAB-0275	KSHATRIYA VENTURES LLP	Designated Partner	19-07-2012	19-07-2012	-	Active	NO

Name :

Mr. Pawan Kumar Goenka

Designation :

Director

Address :

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

Date of Birth/Age :

23.09.1954

Qualification :

B.Tech, M.S., P.H.D.

Date of Appointment :

12.08.2009

DIN No.:

00254502

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72400MH1995PLC091404	MAHINDRA ENGINEERING SERVICES LIMITED	Director	30-04-2003	30-04-2003	-	Amalgamated	NO
2	U70100MH1999PTC122738	SYLVAN REALTY PRIVATE LIMITED	Director	26-05-2003	26-05-2003	-	Active	NO
3	U34100MH2005PTC153702	MAHINDRA AUTOMOBILE DISTRIBUTOR PRIVATE LIMITED	Director	06-08-2010	05-08-2005	28-07-2012	Active	NO
4	L65921MH1991PLC059642	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	Director	23-07-2010	26-10-2005	24-07-2014	Active	NO
5	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	26-10-2005	26-10-2005	01-04-2010	Active	NO
6	U63040MH1994PLC079098	MAHINDRA TRUCKS AND BUSES LIMITED	Director	14-07-2006	11-01-2006	30-04-2014	Active	NO
7	U72200MH2000PTC173332	PLEXION TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	16-02-2006	16-02-2006	-	Amalgamated	NO
8	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	23-08-2006	29-04-2006	-	Active	NO
9	U74999MH2007PTC167071	RN AUTOMOTIVE PRIVATE LIMITED	Nominee director	05-03-2007	05-03-2007	10-03-2008	Strike off	NO
10	U34100MH2007PLC171151	MAHINDRA VEHICLE MANUFACTURERS LIMITED	Director	06-08-2008	25-05-2007	-	Active	NO
11	U35914MH2007PTC169753	MAHINDRA HEAVY ENGINES PRIVATE LIMITED	Director	31-07-2008	31-01-2008	26-04-2014	Active	NO
12	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	12-08-2009	29-09-2008	-	Active	NO
13	U34300DL1960NPL093535	ASSOCIATION OF INDIAN AUTOMOBILES MANUFACTURERS (SECTION-25 COMPANY)	Director	28-08-2009	28-08-2009	-	Active	NO
14	L45202PB1974PLC003516	SWARAJ AUTOMOTIVES LIMITED	Director	03-08-2010	06-05-2010	09-04-2014	Active	NO
15	L50210PB1985PLC006473	SWARAJ ENGINES LIMITED	Director	03-08-2010	06-05-2010	-	Active	NO
16	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	17-09-2010	26-05-2010	-	Active	NO
17	U92190MH2008PLC178894	MUMBAI MANTRA MEDIA LIMITED	Director	28-09-2012	28-03-2012	-	Active	NO
18	U85300DL2008NPL181612	NATIONAL SKILL DEVELOPMENT CORPORATION	Director	27-06-2013	27-06-2013	05-08-2014	Active	NO
19	L65990MH1945PLC004558	MAHINDRA AND MAHINDRA LIMITED	Whole-time director	08-08-2014	23-09-2013	-	Active	NO
20	U93000MH2013NPL251507	MAHINDRA 'ELECTORAL TRUST' COMPANY	Additional director	10-02-2014	10-02-2014	27-10-2014	Active	NO
21	U74120MH2014NPL258367	NEW DEMOCRATIC ELECTORAL TRUST	Additional director	27-10-2014	27-10-2014	-	Active	NO

Name :

Mr. Parthasarathy Vankipuram Srinivasa

Designation :

Additional Director

Address :

501-502, Mayfair Bliss, Lena Cottage Co-operative Housing Society Limited, 7th Road, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

01.11.1962

Date of Appointment :

20.10.2014

DIN No.:

00125299

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	U01110MH2000PLC128757	MEGA ONE STOP FARM SERVICES LIMITED	Director	18-09-2000	18-09-2000	30-06-2011	Active	NO
2	U72900MH2000PLC129103	MAHINDRA EMARKET LIMITED	Director	11-10-2000	11-10-2000	30-06-2011	Active	NO
3	L29211PB1970PLC002942	PUNJAB TRACTORS LIMITED	Director	07-07-2008	23-10-2007	-	Amalgamated	NO
4	L50210PB1985PLC006473	SWARAJ ENGINES LIMITED	Director	07-07-2008	22-01-2008	29-04-2014	Active	NO
5	L45202PB1974PLC003516	SWARAJ AUTOMOTIVES LIMITED	Director	07-07-2008	22-01-2008	29-04-2014	Active	NO
6	U72200MH2000PTC173332	PLEXION TECHNOLOGIES (INDIA) PRIVATE LIMITED	Additional director	29-01-2008	29-01-2008	-	Amalgamated	NO
7	U72400MH1995PLC091404	MAHINDRA ENGINEERING SERVICES LIMITED	Director	23-07-2008	29-01-2008	-	Amalgamated	NO
8	U30001MH1999PLC119360	MAHINDRA LOGISOFT BUSINESS SOLUTIONS LIMITED	Director	05-09-2008	24-03-2008	16-10-2009	Amalgamated	NO
9	U63033MH2008PTC179520	MAHINDRA AEROSPACE PRIVATE LIMITED	Director	26-09-2008	26-03-2008	-	Active	NO
10	U80302MH2010PTC198303	MAHINDRA NAMASTE PRIVATE LIMITED	Director	27-06-2011	02-01-2010	18-02-2013	Active	NO
11	U29268MH2009PLC190702	DEFENCE LAND SYSTEMS INDIA LIMITED	Director	25-07-2011	27-04-2010	-	Active	NO
12	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	17-09-2010	26-05-2010	-	Active	NO
13	U74999MH2011PTC212468	MAHINDRA INTEGRATED BUSINESS SOLUTIONS PRIVATE LIMITED	Director	18-01-2011	18-01-2011	24-07-2013	Active	NO
14	U75220MH2012PLC233889	MAHINDRA DEFENCE SYSTEMS LIMITED	Director	30-07-2012	30-07-2012	-	Active	NO
15	U75302MH2013PLC242268	MAHINDRA TELEPHONICS INTEGRATED SYSTEMS LIMITED	Director	22-04-2013	22-04-2013	-	Active	NO
16	U93000MH2013NPL251507	MAHINDRA 'ELECTORAL TRUST' COMPANY	Additional director	10-02-2014	10-02-2014	14-10-2014	Active	NO
17	L65921MH1991PLC059642	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	Additional director	24-07-2014	24-07-2014	-	Active	NO
18	L55101TN1996PLC036595	MAHINDRA HOLIDAYS AND RESORTS INDIA LIMITED	Director	26-12-2014	27-08-2014	-	Active	NO
19	U74120MH2014NPL258367	NEW DEMOCRATIC ELECTORAL TRUST	Director	26-09-2014	26-09-2014	-	Active	NO
20	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Additional director	20-10-2014	20-10-2014	-	Active	NO

Name :

Mr. Ramesh Venkataraman

Designation :

Director

Address :

48 Drayton Gardens, London, SW109SA, United Kingdom

Date of Birth/Age :

21.07.1966

Qualification :

MBA

Date of Appointment :

30.07.2014

DIN No.:

03545080

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	L72200KA1973PLC002308	DYNAMATIC TECHNOLOGIES LIMITED	Director	14-08-2014	08-11-2013	-	Active	NO
2	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	30-07-2014	06-03-2014	-	Active	NO
3	U26919TG2004PTC042401	R.A.K.CERAMICS INDIA PRIVATE LIMITED	Additional director	21-10-2014	21-10-2014	-	Active	NO

Name :

Mr. Punita Kumar Sinha

Designation :

Director

Address :

51 Gate House Road, Newton Ma, Massachusetts, 024671320, United States of America

Date of Appointment :

31.03.2015

DIN No.:

05229262

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	U93000MH2012PTC229101	FREEDOM ADVISORS PRIVATE LIMITED	Director	02-04-2012	02-04-2012	20-04-2014	Active	NO
2	L27102MH1994PLC152925	JSW STEEL LIMITED	Director	31-07-2014	28-10-2012	-	Active	NO
3	L29219WB1985PLC055352	SREI INFRASTRUCTURE FINANCE LIMITED	Director	02-08-2014	20-05-2013	-	Active	NO
4	L36992MH1948PLC014083	RALLIS INDIA LIMITED	Director	30-06-2014	26-03-2014	-	Active	NO
5	U72900MH2006PLC162656	FINO PAYTECH LIMITED	Director	30-12-2014	31-07-2014	-	Active	NO
6	L22219UP1975PLC004147	JAGRAN PRAKASHAN LIMITED	Director	30-09-2014	30-09-2014	30-03-2015	Active	NO
7	L45201KA1995PLC018475	SOBHA LIMITED	Additional director	06-10-2014	06-10-2014	-	Active	NO
8	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	27-10-2014	27-10-2014	-	Active	NO
9	L65999MH2003PLC250504	SKS MICROFINANCE LIMITED	Additional director	23-03-2015	23-03-2015	-	Active	NO
10	L72900MH1992PLC069662	HEXAWARE TECHNOLOGIES LIMITED	Director	07-05-2015	26-03-2015	-	Active	NO
11	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	31-03-2015	31-03-2015	-	Active	NO
12	U73100KA2000PLC028246	METAHELIX LIFE SCIENCES LIMITED	Additional director	01-04-2015	01-04-2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prem Prakash Poonam Chand Rathi
Designation :	Manager
Address :	I-103, Shalimar Palms, Bicholi Mardana Road,, Near. Agarwal Public School, Indore-452016, Madhya Pradesh, India
Date of Birth/Age :	24.03.1974
Date of Appointment :	01.04.2014
PAN No.:	ADTPR8032M
Name :	Mr. Mahendra Bhalerao
Designation :	Chief Financal Officer
Address :	1502, B - Wing, Hill View ParkThakur Village,, Behind Thakur Public Sch,, Mumbai, 400101, Maharashtra, INDIA
Date of Appointment :	09.12.2014
PAN No.:	AAYPB1817C
Name :	Mr. P S Ashok
Designation :	Senior Vice President
Date of Birth/Age :	59 Years
Qualification :	B.E.(Mechanical)
Experience :	28.5 Years
Name :	Mr. Viren Popli
Designation :	Executive Vice President
Date of Birth/Age :	45 Years
Qualification :	B.E.(Mechanical), MBA
Experience :	19.89 Years
Name :	Mr. Nirmal Matharu
Designation :	Vice President - Operation
Date of Birth/Age :	55 Years
Qualification :	B.E.
Experience :	32 Years
Name :	Mr. Dharmendra Mishra
Designation :	Vice President - Sales and Customer Care
Date of Birth/Age :	53 Years
Qualification :	M.A.
Experience :	30-32 Years
Name :	Mr. Sanjiv Gupta
Designation :	Vice President - Sourcing
Date of Birth/Age :	45 Years
Qualification :	B.E, PGDBM
Experience :	24-72 Years

MAJOR SHAREHOLDERS

AS ON 30.07.2014

Names of Shareholders	No. of Shares
Mahindra and Mahindra Limited, India	1301937745
Mahindra and Mahindra Limited, India Jointly with Narayan Shankar	1
Mahindra and Mahindra Limited, India Jointly with S. Venkatraman	1
Mahindra and Mahindra Limited, India Jointly with K. Chandrasekhar	1
Mahindra and Mahindra Limited, India Jointly with V. S. Parthasarathy	1
Mahindra and Mahindra Limited, India Jointly with Mr. Anoop Mathur	1
Mahindra and Mahindra Limited, India Jointly with Mr. V. R. Krishanan	1
Aay Kay Global, Maurities	149297066
Emerging India Fund	18716860
Total	1469951677

AS ON 30.07.2014

Equity Share Breakup	Percentage of Holding
Category
Mutual funds	1.27
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	10.16
Bodies corporate	88.57
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Two Wheelers like Scooters, Motor Cycles and Mopeds and its Spare Parts.

Products :

ITC Code No.	Product Descriptions
87112019	Scooters wth Cylndr Capacity >75 BT<=250 CC
87112029	Motor Cyclwth Cylndr Capacity >75 BT<=250 CC
87141900	Other Parts and Accssrs OF Motor Cycls (INCL MPD

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Information declined by the Management

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:

· ING Vysya Bank Limited

22, M G Road, Bangalore-560001, Karnataka, India

· IndusInd Bank Limited

· State Bank of Indore

Khandelwal Chambers, Sector No. I, Mhow-Neemuch Road, Pithampur, District Dhar, Indore - 454775, Madhya Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	300.000	450.000
Rupee term loans from others	175.000	350.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	0.000	722.500
Total	475.000	1522.500

Banking Relations :	--
Financial Institution:	· Housing Development Finance 169 Backbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	706, 'B' Wing, 7^th Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road, Pune - 411016, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFD7919A
Memberships :	--
Collaborators :	--
Holding Company :	Mahindra and Mahindra Limited, India [L65990MH1945PLC004558]
Fellow Subsidiary Company:	· Mahindra Automobile Distributor Private Limited [U34100MH2005PTC153702] · Mahindra Logistics Limited [U63000MH2007PLC173466] · Mahindra and Mahindra Financial Services Limited [L65921MH1991PLC059642] · Mahindra Engineering Services Limited [U72400MH1995PLC091404] · Mahindra Integrated Business Solutions Private Limited [U74999MH2011PTC212468] · Bristlecone India Limited [U30007MH1991PLC064368] · Mahindra EPC Services Private Limited [U74990MH2010PTC207854] · Mahindra First Choice Wheels Limited [U64200MH1994PLC083996] · Mahindra Gears and Transmissions Private Limited [U29130MH2004PTC168150] · Mahindra Hinoday Industries Limited [U29299MH1963PLC019745] · Mahindra Holidays and Resorts India Limited [L55101TN1996PLC036595] · NBS International Limited [U18101MH1995PLC095482] · Mahindra Vehicle Manufacturers Limited [U34100MH2007PLC171151]

CAPITAL STRUCTURE

AFTER AS ON 30.07.2014

Authorised Capital : Rs. 28000.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 21877.435 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000000	Equity Shares	Rs. 10/- each	Rs. 15000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1258734588	Equity Shares	Rs. 10/- each	Rs. 12587.346 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	12587.346	8785.000	5335.000
(b) Reserves & Surplus	(12403.603)	(7908.339)	(5269.739)
(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)	183.743	876.661	65.261
(3) Non-Current Liabilities
(a) Long-term borrowings	475.000	800.000	1335.000
(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	51.457	37.771	20.837
Total Non-current Liabilities (3)	526.457	837.771	1355.837
(4) Current Liabilities
(a) Short term borrowings	2897.500	1152.500	495.000
(b) Trade payables	1589.830	1101.531	912.357
(c) Other current liabilities	708.049	828.921	859.273
(d) Short-term provisions	86.973	88.500	56.622
Total Current Liabilities (4)	5282.352	3171.452	2323.252
TOTAL	5992.552	4885.884	3744.350
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2318.361	1924.931	1465.604
(ii) Intangible Assets	154.109	183.574	127.384
(iii) Capital work-in-progress	152.415	85.587	116.850
(iv) Intangible assets under development	610.525	383.367	192.516
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	605.295	336.998	264.333
(e) Other Non-current assets	0.675	0.503	0.495
Total Non-Current Assets	3841.380	2914.960	2167.182
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1283.394	1153.164	1001.396
(c) Trade receivables	207.070	493.808	419.618
(d) Cash and cash equivalents	104.528	75.236	53.093
(e) Short-term loans and advances	556.180	248.716	103.061
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2151.172	1970.924	1577.168
TOTAL	5992.552	4885.884	3744.350

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	7499.106	3845.408	4413.699
		Other Income	32.783	12.383	11.552
		TOTAL (A)	7531.889	3857.791	4425.251
Less	EXPENSES
		Cost of Materials Consumed	7083.348	3279.640	3722.667
		Purchases of Stock-in-Trade	142.250	63.433	75.488
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(56.060)	(25.203)	(95.474)
		Employees benefits expense	1180.609	883.659	623.537
		Other expenses	3028.849	1612.381	1776.240
		TOTAL (B)	11378.996	5813.910	6102.458
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(3847.107)	(1956.119)	(1677.207)
Less	FINANCIAL EXPENSES (D)		410.500	407.796	410.945
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(4257.607)	(2363.915)	(2088.152)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		335.311	274.685	295.254
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(4592.918)	(2638.600)	(2383.406)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(4592.918)	(2638.600)	(2383.406)
	EARNINGS IN FOREIGN CURRENCY
		Export Sales (including sales in Indian Rs. 112.657 Million (previous year Rs. 177.512 Million))	394.764	185.002	79.661
		Sales of goods abroad which were purchased abroad.	0.000	1.381	24.654
	TOTAL EARNINGS		394.764	186.383	104.315
	IMPORTS
		Components and Spare Parts	915.543	620.263	525.262
		Capital Goods	98.603	100.866	68.159
	TOTAL IMPORTS		1014.146	721.129	593.421
	Earnings/ (Loss) Per Share (Rs.)		(4.64)	(4.19)	(7.73)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	325.000	535.000	575.000
Cash Generated From Operations	NA	NA	NA
Net cash flows from (used in) operations	(3488.667)	(2060.895)	(1642.178)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(61.25)	(68.62)	(54.00)
Operating Profit Margin (PBDIT/Sales)	(%)	(51.30)	(50.87)	(38.00)
Return on Total Assets (PBT/Total Assets}	(%)	(87.83)	(59.74)	(69.39)
Return on Investment (ROI) (PBT/Networth)		(25.00)	(3.01)	(36.52)
Debt Equity Ratio (Total Liability/Networth)		20.12	2.84	36.85
Current Ratio (Current Asset/Current Liability)		0.41	0.62	0.68

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5335.000	8785.000	12587.346
Reserves & Surplus	(5269.739)	(7908.339)	(12403.603)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	65.261	876.661	183.743
Long-term borrowings	1335.000	800.000	475.000
Short term borrowings	495.000	1152.500	2897.500
CURRENT MATURITIES OF LONG-TERM DEBTS	575.000	535.000	325.000
Total borrowings	2405.000	2487.500	3697.500
Debt/Equity ratio	36.852	2.837	20.123

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4413.699	3845.408	7499.106
		-12.876	95.015

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4413.699	3845.408	7499.106
Profit/ (Loss)	(2383.406)	(2638.600)	(4592.918)
	(54.00%)	(68.62%)	(61.25%)

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	No
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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10547354	12/01/2015	920,000,000.00	ING VYSYA BANK LIMITED	ING VYSYA BANK LIMITED, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA	C42626507
2	10331415	14/05/2013 *	1,300,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	B76813237
3	10274535	09/05/2011 *	600,000,000.00	ING VYSYA BANK LIMITED	210, A-WING, MITTAL TOWER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B12669628
4	10244938	17/03/2015 *	1,250,000,000.00	ING VYSYA BANK LIMITED	ING VYSYA BANK LIMITED, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400053, INDIA	C49161649

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT-TERM BORROWINGS
Intercorporate Borrowings	2897.500	430.000
Total	2897.500	430.000

OPERATIONS

This financial year has been very eventful for the Company. This year saw the culmination of effort, reorganization and restructuring in the last few years. The highlight of the year was the launch of their first, fully in-house developed “Mahindra Centuro”. The Mahindra Centuro was received in the marketplace with a lot of excitement and went on to win several awards and recognition from the media and other industry opinion leaders viz:

Autocar-Bloomberg - Bike of the Year - Viewers Choice Vicky.in - Bike of the Year - Viewers Choice

Bike India - Bike of the Year - Readers Choice

Zigwheels - Commuter Bike of the Year

Top Gear Malayalam Magazine - Commuter Bike of the Year DNA Drive Awards - Motorcycle Manufacturer of the Year AutoBild India - Bike of the Year - Golden Steering Award

Mahindra Centuro was recognized for its basic performance as much as for its class defining features of Flip Key, Engine Immobilizer, Distance to Empty, Find Me and the MCI-5 Engine. Backed by a 5-year warranty, aggressive pricing and a phenomenal 84.5 KMPL mileage, the Centuro went on to be one of the top 10 motorcycle brands sold in India across cc classes.

This has allowed the Company to significantly grow the sales and service network from 600+ to 1300+ by the yearend. The Company is confident that this network will help the Company tremendously as it looks to grow in the next few years through enhanced sales of the Centuro and expanded product portfolio.

During the year, the Company sold over 212894 two wheelers, showing a growth of 91%. Exports grew by 91% to 9,950 Units. In exports, the Company has started operations in 11 Countries. The Company is well positioned to exploit this network over the next few years.

The Manufacturing Facility today has the capacity to assemble 4,50,000 Motor cycles and 3,00,000 Scooters per annum. It is certified for ISO14001, OSHAS 18001 and ISO 50001. The Plant has once again shown its commitment by winning awards in Environment Health and Safety, Energy conservation and Sustainability.

EROSION OF NET WORTH

The accumulated losses of the Company as at 31st March, 2013 have resulted in erosion of more than 50% of its peak Net Worth during the immediately preceding 4 financial years. This position continues for the financial year ended 31st March, 2014 and hence, the Company has remained Potentially Sick within the meaning of Section 23 of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). The Company shall continue to comply with the provisions of the SICA. The Company is also taking necessary measures to revive its business.

OUTLOOK FOR THE CURRENT YEAR

As per Society of Indian Automobile Manufacturers (SIAM), the domestic industry, at 14.8Mio has grown by 7.3% in the year with scooters leading the growth at 23%, followed by motorcycles at 3.9%. Mopeds de-grew by 8%. Exports at 2.08 Mio, grew by 6.5% with Motorcycles constituting almost 95% of exports.

The Company expects that the next year would be similar with Industry growing at 7-9%, Scooters growing at 20-22% and Motorcycles at 6-8%.

The Company has put in place robust plans to maximise its presence and take advantage of the growing Scooters segment even as it pursues improvement in volumes in the Motorcycles segment and exports.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Stamp Duty paid under protest	11.001	11.001
Sales Tax Matters	6.283	0.000
Total	17.284	11.001

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Equipment

· Factory Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Other Equipment

· Leasehold Improvement

Intangible Assets

· Computer Software

· Brands

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.38
UK Pound	1	Rs. 97.65
Euro	1	Rs. 70.43

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAS
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.