MIRA INFORM REPORT

Report No. :	325486
Report Date :	13.06.2015

IDENTIFICATION DETAILS

Name :	WABCO INDIA LIMITED (w.e.f. 06.09.2011)

Formerly Known As :	WABCO-TVS (INDIA) LIMITED (w.e.f. 03.05.2007) AUTO (INDIA) ENGINEERING LIMITED

Registered Office :	Plot No.3 (SP), III Main Road, Ambattur Industrial Estate, Chennai – 600058, Tamilnadu
Tel No.:	91-44-30902600

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	18.11.2004

Com. Reg. No.:	18-054667

Capital Investment / Paid-up Capital :	Rs.94.838 million

CIN No.: [Company Identification No.]	L34103TN2004PLC054667

TAN No.: [Tax Deduction & Collection Account No.]	CHEW03321D

PAN No.: [Permanent Account No.]	AAFCA6421P

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

Line of Business :	Manufacture of air brake actuation systems for commercial vehicles.

No. of Employees :	1112 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (80)

RATING

STATUS

PROPOSED CREDIT LINE

71-85

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums.

Large

Maximum Credit Limit :	USD 25000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of “WABCO Asia Private Limited”, Singapore. It is well-established company having fine track record. The company possesses a healthy profile marked by favorable net worth base and sound liquidity coupled with zero net debt position during FY 2015. Rating also takes into consideration company’s decent operational risk profile supported by financial and managerial support that company receives from its holding company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of adequate business profile, 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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	FITCH India Rating
Rating	Long Term Issuer Rating: AA+
Rating Explanation	High Degree of safety and very low credit risk.
Date	15.05.2013

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Tirupachanur Rajagopalan
Designation :	Chief Executive Officer
Contact No.:	91-44-30902600
Date :	03.06.2015

LOCATIONS

Registered Office/ Factory 1 :	Plot No.3 (SP), III Main Road, Ambattur Industrial Estate, Chennai – 600058, Tamilnadu, India
Tel. No.:	91-44-30902600/ 42242000
Fax No.:	91-44-26211278/ 30902609/ 42242009
E-Mail :	madhavan.rajagopalan@wabco-auto.com sivalaisenthilnathan.n@wabco-auto.com lakshmi.narayan@harman.com mike.thompson@wabco-auto.com madhavan.rajagopalan@wabco-tvs.co.in
Website :	http://www.wabco-auto.com http://www.wabcoindia.com

Factory 2 :	Large Sector, Adityapur Industrial Area, Gamharia, Seraikella-Kharsawan - 832 108, District Jharkhand, India
Tel. No.:	91-657-6616800
Fax No.:	91-657-2387997

Factory 3 :	Plot No.AA8, Central Avenue, Auto Ancillary SEZ, Mahindra World City, Natham Sub-Post, Chengalpet, Kancheepuram District - 603 002, Tamilnadu, India
Tel. No.:	91-44-47442000
Fax No.:	91-44-47490006


Factory 4:	Plot No.11, Sector 4, SIDCUL, IIE Pantnagar, Rudrapur Udham Singh Nagar - 263 153, Uttarakhand, India
Tel. No.:	91-5944-250885

Factory 5:	KH 159-162, 164 Village Dhakauli Nawabganj, Barabanki Dewa Road, Somaiya Nagar, Barabanki Lucknow -225 123, Uttar Pradesh, India
Tel. No.:	91-5248-230065


Software Design Centres :	“Ispahani Centre”, 7^th and 5^th Floor, 123/124 Nungambakkam High Road, Chennai - 600 034, Tamilnadu, India
Tel. No.:	91-44-28285000
Fax No.:	91-44-28332212

Global Headquarters :	WABCO Europe BVBA Chaussée de Wavre, 1789, 1160 Brussels, Belgium Tel: +32 2 663 98 00 Fax: +32 2 675 43 42 WABCO Holdings Inc. 1 Centennial Avenue Piscataway, New Jersey 08855, Unites States Tel: +1 732 369 7450

DIRECTORS

As on 31.03.2014

Name :	Mr. M Lakshminarayan
Designation :	Chairman

Name :	Mr. P Kaniappan
Designation :	Whole-time Director

Name :	Mr. Darius Erachshaw Udwadia
Designation :	Director
Address :	“Empress Court” 142 M-Karve Road, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	27.09.1939
Date of Appointment :	07.05.2008
DIN No.:	00009755

Name :	Mr. Leon Liu
Designation :	Director
Address :	99, Longisland Villa, 3558 Kunyang Road, Shanghai, China 201111
Date of Birth/Age :	13.11.1961
Date of Appointment :	07.05.2008
DIN No.:	00771554

Name :	Mr. Narayan Keelveedhi Seshadri
Designation :	Director
Address :	Flat No.10, 7^th Floor, Skylark Co-op Housing Society Limited, Little Gibbs Road, Malabar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	13.04.1957
Date of Appointment :	11.06.2008
DIN No.:	00053563

Name :	Mr. Trevor Lucas
Designation :	Director
Address :	Avenue Marcel Thiry 20 B3 (Wolvwe) Brussels, 1200 Belgium
Date of Birth/Age :	03.06.1948
Date of Appointment :	30.07.2009
DIN No.:	01627818

Name :	Mr. Vincent Roland Pickering
Designation :	Director
Address :	Luxor Park 3, Auderghem, Brussels, 1160 Belgium
Date of Birth/Age :	27.09.1968
Date of Appointment :	23.05.2012
DIN No.:	05256840

Name :	Michael Edward Thompson
Designation :	Director
Address :	Drive De Bonne Odeur 7, Watermael Boitsfort 1170 Belgium
Date of Birth/Age :	29.10.1968
Date of Appointment :	24.07.2013
DIN No.:	05334715

KEY EXECUTIVES

Name :	Mr. N Sivalai Senthil Nathan
Designation :	Company Secretary
Address :	Plot No.5055, T2 – Laxmivel Apartments, 21st Main Road, Anna Nagar West, Chennai – 600042, Tamilnadu, India
Date of Birth/Age :	13.11.1969
Date of Appointment :	15.05.2013
PAN No.:	ALMPS6255Q

Name :	Tirupachanur Rajagopalan
Designation :	Chief Financial Officer

Audit Committee :	Mr. Narayan K. Seshadri - Chairman Mr. D.E. Udwadia Mr. Trevor Lucas

Stakeholders Relationship Committee #:	Mr. D E Udwadia $, Chairman Mr. Narayan K Seshadri @ Mr. P Kaniappan Mr. Trevor Lucas

Nomination and Remuneration Committee	Mr. Narayan K Seshadri,Chairman Mr. M Lakshminarayan Mr. D E Udwadia Mr. Leon liu Mr. Vincent Pickering

Corporate Social Responsibility Committee	Mr. M Lakshminarayan, Chairman Mr. Leon Liu Mr. P Kaniappan Mr. Trevor Lucas

Note: # formerly known as Investors' Grievance Committee $ from 20th May 2014 @up to 20th May 2014

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholders	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	14225684	75.00
Sub Total	14225684	75.00
Total shareholding of Promoter and Promoter Group (A)	14225684	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1643684	8.67
Financial Institutions / Banks	3065	0.02
Foreign Institutional Investors	387471	2.04
Any Others (Specify)	69865	0.37
Foreign Portolio Investor ( Corporate)	69865	0.37
Sub Total	2104085	11.09
(2) Non-Institutions
Bodies Corporate	780368	4.11
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1694466	8.93
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	107856	0.57
Any Others (Specify)	55125	0.29
Non Resident Indians	55125	0.29
Sub Total	2637815	13.91
Total Public shareholding (B)	4741900	25.00
Total (A)+(B)	18967584	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	18967584	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of air brake actuation systems for commercial vehicles.

Products :

Products Description

Item Code No.

Machinery and Mechanical Appliances

87080000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

1112 (Approximately)

Bankers :

· State Bank of India

Corporate Accounts Group Branch, 64 Greams Road, Chennai – 600006, Tamilnadu, India

BNP Paribas

Prince Towers, 3rd Floor, 25/26 College Road, Chennai - 600 006, Tamilnadu, India

Citibank N.A.

3rd Floor, 2 Club House Road, Chennai 600 002, Tamilnadu, India

Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	Tidel Park, 6th and 7th Floor, A - Block (Module 601, 701-702), 4, Rajiv Gandhi Salai, Chennai - 600113, Tamilnadu, India
PAN No.:	AABFS3421N

Solicitors and Advocates :
Name :	Udwadia and Udeshi Solicitors and Advocates
Address :	Elphinstone House, 1^st Floor, 17 Murzban Road, Mumbai - 400 001, Maharashtra, India

Holding company: (As on 31.03.2014)	WABCO Asia Private Limited, Singapore (Subsidiary of Clayton Dewandre Holdings Limited, Rotterdam, The Netherlands from 28th June 2013. Till 27th June 2013 subsidiary of Clayton Dewandre Holdings Limited, Rotterdam, The Netherlands.)

Ultimate holding company: (As on 31.03.2014)	WABCO Holdings Inc., USA

Fellow Subsidiary companies: (As on 31.03.2014)	WABCO Fahrzeugsysteme, GmbH, Germany WABCO China Company Limited, China WABCO France SAS, France Meritor WABCO Vehicle Control Systems, US Shandong Weiming Automotive Products Company Limited, China WABCO (Shanghai) Management Company Limited, China WABCO Automotive South Africa WABCO Automotive UK Ltd, United Kingdom WABCO Asia Private Limited, Singapore (Till 27th June 2013) WABCO Compressor Manufacturing Company. US WABCO Hong Kong Limited, Hong Kong WABCO Japan Inc, Japan WABCO Korea Limited, Korea WABCO Polska Sp.z o.o. Poland WABCO Polska Sprzedaz Sp. Z o.o. Poland WABCO Development Gmbh, Germany WABCO Logistik GmbH, Germany WABCO Australia Pty Limited, Australia WABCO Europe BVBA, Belgium WABCO Austria GesmbH, Austria WABCO Belgium BVBA, Belgium WABCO Financial Services SPRL;Belgium Tavares NV, Belgium Transics NV, Belgium FLC NV Transics Belux NV, Belgium Transics Deutschland GmbH, Germany Transics Italia S.R.L Delta Industrie Service SARL, France Transics France SARL, France Transics Ireland Limited, Ireland Carrierweb B.V, Netherlands Transics Nederland B.V Transics Telemática España WABCO do Brasil Industria e Comercio de Freios Ltda, Brazil WABCO Brzdy K Vozidlum spol S.R.O, Czech Republic WABCO Gmbh, Germany WABCO Radbremsen Gmbh, Germany WABCO Automotive Italia SRL, Italy WABCO BV, Netherlands WABCO Europe Holdings BV, Netherlands WABCO Espana SLU, Spain WABCO Automotive AB, Sweden WABCO (Schweiz) Gmbh, Switzerland WABCO Automotive B.V, Netherlands WABCO ARAC Kontrols Sistemleri Destek VE Pazarlama Limited Sirketi, Turkey WABCO Middle East and Africa FZCO, Dubai WABCO IP Holdings LLC, US WABCO Automotive Products Limited, Cayman WABCO Air Compressor Holdings Inc.,US WABCO Automotive Control Systems Inc.,US WABCO Group Inc.,US WABCO Group International Inc.,US WABCO Logistics (Quingdao) Company Limited, China WABCO North America LLC, US WABCO Expats Inc. WABCO (Thailand) Limited Guang Dong WABCO Fuwa Vehicle Brakes Co Limited Ephicas BV, Netherlands WABCO Foundation Brakes Private Limited, Chennai WABCO International LLC, US WABCO Europe Holdings LLC, US Ephicas Patents BVBA; WABCO France S.A.S. WABCO Services S.A.S, France WABCO WURTH Workshop Services GmbH WABCO Testbahn GmbH, Germany WABCO Holding GmbH, Germany WABCO Systeme GmbH, Germany WABCO Holdings B.V., Netherlands WABCO Sandown B.V., Netherlands WABCO CV, Netherlands WABCO RUS LLC. WABCO Vostok LLC, Russia WABCO Centro de Distribuicao de pecas Automotives Ltda, Brazil Clayton Dewandre Holdings Limited, Rotterdam, The Netherlands (from 28th June 2013) WABCO Automotive Pensions Trustees Limited, UK WABCO Automotive U.K. Limited, UK

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

20000000	Equity Shares	Rs.5/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

18967584	Equity Shares	Rs.5/- each	Rs.94.838 Million

Note:

Total issued, subscribed and fully paid-up share capital

a. There is no movement of the shares outstanding during the financial year.

b. Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs 5 per share. Each holder of equity shares is entitled to one vote per share. During the year ended 31 March 2014, the amount of per share dividend proposed as distributions to equity shareholders is Rs 5 (31st March 2013: Rs 5) which is subject to approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the assets of the Company, in proportion to the number of equity shares held by the shareholders.

c. Shares held by holding company

Out of equity shares issued by the Company, shares held by its holding company are as below:

(In Million)

In Number of shares	31st March 2014
WABCO Asia Private Limited, Singapore 1,42,25,684 (31st March 2013 - 1,42,25,684 shares held by Clayton Dewandre Holdings Limited, Rotterdam, Holding company) Equity shares of Rs 5 each fully paid	71.128

Aggregate number of bonus shares issued, share issued for consideration other than in cash and shares bought back during the period of five years immediately preceding the reporting date:

(In Million)

In Number of shares	31st March 2014
Equity shares allotted as fully paid-up pursuant to contracts for consideration other than in cash	18.968

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

Name of the shareholder	As at 31^st March 2014
	In numbers	Holding in the class
Equity shares of Rs 5 each fully paid
WABCO Asia Private Limited, Singapore Clayton Dewandre Holdings Limited, Rotterdam, Holding Company	1,42,25,684	75%

As per of the company, including its register of members, the above shareholding represents both legal and beneficial ownerships of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	94.838	94.838	94.838
(b) Reserves & Surplus	8535.536	7456.969	6393.147
(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)	8630.374	7551.807	6487.985

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	164.524	161.446	117.064
(c) Other long term liabilities	0.300	0.400	0.400
(d) long-term provisions	180.365	166.056	142.708
Total Non-current Liabilities (3)	345.189	327.902	260.172

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1935.843	1420.270	1024.745
(c) Other current liabilities	76.312	49.773	29.753
(d) Short-term provisions	147.075	128.095	128.560
Total Current Liabilities (4)	2159.230	1598.138	1183.058

TOTAL	11134.793	9477.847	7931.215

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3413.703	3034.477	2620.875
(ii) Intangible Assets		30.089	14.120
(iii) Capital work-in-progress		111.016	254.208
(iv) Intangible assets under development		0.000	0.000
(b) Non-current Investments	22.024	22.024	22.024
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	229.183	236.926	156.552
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3664.910	3434.532	3067.779

(2) Current assets
(a) Current investments	370.000	480.000	232.500
(b) Inventories	1179.703	1124.441	1356.247
(c) Trade receivables	2991.505	2314.738	1898.353
(d) Cash and cash equivalents	2230.512	1554.053	991.334
(e) Short-term loans and advances	681.257	563.401	384.336
(f) Other current assets	16.906	6.682	0.666
Total Current Assets	7469.883	6043.315	4863.436

TOTAL	11134.793	9477.847	7931.215

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income from operations	13479.634	11107.009	9,659.238
	Other Income	202.989	272.118	126.350
	TOTAL (A)	13682.623	11379.127	9785.588

Less	EXPENSES
	Cost of Materials Consumed	7900.325	6328.763	5,108.088
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	29.068	9.935	63.807
	Employees benefits expense	1434.487	1252.548	1070.104
	Other expenses	2082.211	1854.256	1476.752
	TOTAL (B)	11446.091	9445.502	7718.751

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	2236.532	1933.625	2066.837

Less	FINANCIAL EXPENSES (D)	3.609	1.446	0.176

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2232.923	1932.179	2066.661

Less/ Add	DEPRECIATION/ AMORTISATION (F)	466.637	321.509	217.178

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1766.286	1610.670	1849.483

Less	TAX (H)	559.682	435.892	541.600

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1206.604	1174.778	1307.883

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	4021.029	3324.102

Less	APPROPRIATIONS
	Transfer to General Reserve		120.000	500.000
	Dividend		94.838	94.838
	Tax on Dividend		16.118	16.118
	Balance Carried to the B/S	NA	4964.851	4021.029

	IMPORTS
	Raw Materials		155.255	980.048
	Components and Stores parts		6.784	54.087
	Capital Goods		32.233	96.194
	TOTAL IMPORTS	NA	194.272	1130.329

	Earnings / (Loss) Per Share (Rs.)	63.61	61.94	68.95

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
PARTICULARS
Net Profit Margin (PAT / Sales)	(%)	8.95	10.58	13.54

Operating Profit Margin (PBIDT/Sales)	(%)	16.59	17.41	21.40

Return on Total Assets (PBT/Total Assets}	(%)	15.89	17.24	24.16

Return on Investment (ROI) (PBT/Networth)		0.20	0.21	0.29

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		3.46	3.78	4.11

STOCK PRICES

Face Value	Rs.5.00/-
Market Value	Rs.5521.65/-

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	94.838	94.838	94.838
Reserves & Surplus	6393.147	7456.969	8535.536
Net worth	6487.985	7551.807	8630.374

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	9659.238	11107.009	13479.634
		14.988	21.362

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	9659.238	11107.009	13479.634
Profit	1307.883	1174.778	1206.604
	13.54%	10.58%	8.95%

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	Yes
8	Designation of contact person	Yes
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	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS		31.03.2015	31.03.2014

Denial of Cenvat credit under Excise laws		NA	0.016
Reopening of assessment under Section 147 of Income tax Act for the 2006-07		NA	101.059
Reversal of service tax credit on certain inputs under the Service tax laws		NA	10.251
Levy of infrastructure and amenities charges by the Tamilnadu Town and Country Planning Department		NA	4.925
Property tax levied by Anjur Village Panchayat		NA	9.168
	In respect all the above, based on legal advice obtained, the management is of the view that the above claims are not tenable and the same can be successfully contested and hence no provision has been made in the accounts.

FIXED ASSETS

Land
Buildings
Plant and Machinery
Furniture and Fixtures
Office and Other Equipment
Vehicles
Computer Software and licences

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.64.03
UK Pound	1	Rs.99.27
Euro	1	Rs.71.90

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	KAR

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		80

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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

Unit