MIRA INFORM REPORT

Report No. :	329259
Report Date :	26.06.2015

IDENTIFICATION DETAILS

Name :	ASHOK LEYLAND LIMITED
Registered Office :	No. 1, Sardar Patel Road, Guindy, Chennai – 600032, Tamilnadu
Tel. No.:	91-44-22206000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	07.09.1948
Com. Reg. No.:	18-000105
Capital Investment / Paid-up Capital :	Rs.2845.876 Million
CIN No.: [Company Identification No.]	L34101TN1948PLC000105
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Importer of Automotive Vehicles.
No. of Employees :	11204 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 140000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is the second largest manufacturer in the Medium and Heavy commercial Vehicles segment in India. It is the Flagship entity of Hinduja Group. It is a well-established and reputed company having a good track record. General financial position seems to be acceptable. Fundamental are reported to be healthy. Director are reported to be well experienced. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal 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

Rating Agency Name	ICRA
Rating	Non – Convertible Debentures= AA-
Rating Explanation	Have High Degree of Safety and Carry Very Low Credit Risk
Date	May, 2015

Rating Agency Name	ICRA
Rating	Short Term Debt=A1+
Rating Explanation	Have Very Strong Degree of Safety and Carry Lowest Credit Risk
Date	May, 2015

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 PARTED BY

Name :	Mr. Venkatesh
Designation :	Senior Manager
Contact No.:	91-9840053207
Date :	25.06.2015

LOCATIONS

Registered Office :	No. 1, Sardar Patel Road, Guindy, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44-22206000
Mobile No.:	91-9840053207 (Mr. Venkatesh)
Fax No.:	91-44-22206001
E-Mail :	venkatasubramanian.S2@ashokleyland.com
Website :	www.ashokleyland.com
Location :	Owned
Corporate Office :	19, Rajaji Salai, Chennai – 600001, Tamilnadu, India
Tel. No.:	91-44-25342141
Fax No.:	91-44-25342493
E-Mail :	sesh@ashokleyland.com jv@alc.global.net.in chandrasekharan.ar@ashokleyland.com
Factory 1 :	Kathivakkam High Road, Ennore, Chennai - 600057, Tamilnadu, India
Factory 2 :	175 Hosur Industrial Complex, Hosur - 635126, Tamilnadu, India
Factory 3 :	77 Electronic Complex, Perandapalli Village, Hosur - 635109, Tamilnadu, India
Factory 4 :	Cab Panel Press Shop, SIPCOT Industrial Complex, Mornapalli Village, Hosur - 635109, Tamilnadu, India
Factory 5 :	Plot No.1 MIDC Industrial Area Village, Gadegaon, Sakoli Taluk, Bhandara - 441904, Maharashtra, India
Factory 6 :	Plot No. SPL 298, Matsya Industrial Area, Alwar - 301030, Rajasthan, India
Factory 7 :	Vellivoyalchavadi, Via Manali New Town, Chennai - 600103, Tamilnadu, India
Factory 8 :	Plot No.1, Sector XII, IIE, Pant Nagar - 263153, Uttarakhand, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Dheeraj G Hinduja

Designation :

Chairman (Alternate : Y M Kale)

Date of Appointment:

24.07.2012

DIN No:

00133410

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	L34101TN1948PLC000105	ASHOK LEYLAND LIMITED	Director	20/10/2010	03/09/1996	-	Active	NO
2	L27104TN1959PLC003849	HINDUJA FOUNDRIES LIMITED	Director	05/09/1998	05/09/1998	-	Active	NO
3	L51900MH1985PLC036896	HINDUJA VENTURES LIMITED	Director	19/06/2001	19/06/2001	26/10/2012	Active	NO
4	U93090TN1989PLC033174	ASHOK LEYLAND PROJECT SERVICES LIMITED	Director	25/07/2002	25/07/2002	14/07/2010	Amalgamated	NO
5	U74999MH1993PLC072925	AASIA ADVISORY SERVICES LIMITED	Director	21/09/2006	21/09/2006	20/03/2014	Active	NO
6	U99999MH2006NPL159749	ASIA SOCIETY INDIA CENTRE	Director	25/09/2006	25/09/2006	15/02/2011	Active	NO
7	L92199MH1995PLC084610	HINDUJA GLOBAL SOLUTIONS LIMITED	Director	05/03/2007	05/03/2007	04/03/2013	Active	NO
8	U40109TG1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LTD	Director	19/09/2008	17/03/2008	-	Active	NO
9	U72400TN2009PLC072067	HINDUJA TECH LIMITED	Director	06/09/2010	23/07/2009	-	Active	NO
10	U65993TN2008PLC069837	HINDUJA LEYLAND FINANCE LIMITED	Director	24/07/2012	30/08/2011	-	Active	NO
11	U34102TN2008PLC067839	ASHOK LEYLAND NISSAN VEHICLES LIMITED	Director	15/09/2014	31/03/2014	11/11/2014	Active	NO
12	U34102TN2008PLC067838	NISSAN ASHOK LEYLAND POWERTRAIN LIMITED	Director	15/09/2014	31/03/2014	11/11/2014	Active	NO
13	U34300TN2008PLC067840	NISSAN ASHOK LEYLAND TECHNOLOGIES LIMITED	Director	15/09/2014	31/03/2014	11/11/2014	Active	NO

Name :

Mr. R Seshasayee

Designation :

Non-Executive Vice Chairman

Name :

Dr. Andreas H Biagosch

Designation :

Director

Name :

Mr. Anil Harish

Designation :

Director

Name :

D.J. Balaji Rao

Designation :

Director

Name :

A.K. Das

Designation :

Director

Name :

Jean Brunol

Designation :

Director

Name :

Mr. Sanjay K Asher

Designation :

Director

Name :

F. Sahami

Designation :

Director

Name :

Shardul S Shroff

Designation :

Director

Name :

Anup Bhat

Designation :

Executive Director

Name :

Anuj Kathuria

Designation :

Executive Director

Name :

N. V. Balachandar

Designation :

Executive Director

Name :

C. G. Belsare

Designation :

Executive Director

Name :

Mr. Nitin Seth

Designation :

Executive Director

Name :

Mr. Rajive Saharia

Designation :

Executive Director

Name :

B. Venkat Subramaniam

Designation :

Executive Director

Name :

Mr. Sudhindar Krishan Khanna

Designation :

Independent Director:

DIN No:

01529178

KEY EXECUTIVES

Name :	R. J. Shahaney
Designation :	Chairman Emeritus
Name :	Mr. Gopal Mahadevan
Designation :	Chief Financial Officer
Name :	N. Ramanathan
Designation :	Company Secretary
Name :	Mr. Venkatesh
Designation :	Senior Managaer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	1104646899	44.30
Sub Total	1104646899	44.30
Total shareholding of Promoter and Promoter Group (A)	1104646899	44.30
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	100707237	4.04
Financial Institutions / Banks	189788341	7.61
Central Government / State Government(s)	2213720	0.09
Insurance Companies	50314449	2.02
Foreign Institutional Investors	580209131	23.27
Any Others (Specify)	1000	0.00
Foreign Bank	1000	0.00
Sub Total	923233878	37.02
(2) Non-Institutions
Bodies Corporate	133842319	5.37
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	250965234	10.06
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	21083524	0.85
Any Others (Specify)	59859140	2.40
Clearing Members	6171067	0.25
Trusts	413066	0.02
Foreign Corporate Bodies	84	0.00
Non Resident Indians	9324479	0.37
Overseas Corporate Bodies	2000	0.00
Foreign Nationals	263400	0.01
Limited Liability Partnership	226351	0.01
Unclaimed Suspense A/c	2449741	0.10
Foreign Port Folio Investor Corporate	41008952	1.64
Sub Total	465750217	18.68
Total Public shareholding (B)	1388984095	55.70
Total (A)+(B)	2493630994	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Automotive Vehicle.

Products :

Item Code No. (ITC Code)	Product Description
87060042	Commercial Vehicles
84089010	Engines
73259910	Ferrous Castings
87080000	Spare Parts

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Products :

• Raw Material
• Spare Parts

Countries :

UAE

Terms :

Selling :

Cash, Cheque , Credit

Purchasing :

Cash, Cheque , Credit

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 :

11204 (Approximately)

Bankers :

· Bank of America

· Bank of Baroda

· Canara Bank

· Central Bank of India

· Citi Bank N. A.

· Credit Agricole Corporate And Investment Bank

· Deutsche Bank A. G.

· HDFC Bank Ltd

· ICICI Bank Ltd

· IDBI Bank

· Indian Bank

· Punjab National Bank

· Standard Chartered Bank

· State Bank of India

· State Bank of Patiala

· The Bank of Tokyo - Mitsubishi UFJ Limited

· The Hong Kong and Shanghai Banking Corporation Limited

· The Royal Bank of Scotland N. V.

· Vijaya Bank

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Debentures	6100.000	10750.000
Term Loan from banks	3000.000	5833.333
Short-term borrowings
Loans from Banks (Includes cash credit, Working capital demand loans, Packing credit, etc))	0.000	2789.699
Total	9100.000	19373.032

Auditors :
Name1 :	M S Krishnaswami and Rajan Chartered Accountants
Name 2 :	Deloitte Haskins and Sells LLP Chartered Accountants
Cost Auditors
Name :	Geeyes and Company Cost Accountants
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Hinduja Automotive Limited, United Kingdom
Holding Company of Hinduja Automotive Limited, United Kingdom :	Machen Holdings SA
Holding Company of Machen Holding SA :	Machen Development Corporation, Panama
Holding Company of Machen Development Corporation, Panama :	Amas Holdings SA
Subsidiaries :	1) With effect from April 1, 2013: · Albonair (India) Private Limited · Ashley Services Limited…………………………………upto June 30, 2013 · Avia Ashok Leyland Motors s.r.o · Avia Trucks UK Limited, Great Britain · Avia Ashok Leyland Rus, Russia · Ashok Leyland Nissan Vehicles Limited · Albonair GmbH, Germany · Albonair Automo_ ve Technology Co. Limited, China · Ashok Leyland (Nigeria) Limited · Ashok Leyland (UK) Limited · Defi ance Technologies Limited · Defi ance Tech GmbH · Defi ance Tech, USA · Defi ance Testing and Engineering Services Inc. USA……….. sold on September 30, 2013 · Gulf Ashley Motors Limited · Mangalam Retail Services Limited · Optare plc · Optare UK Limited · Optare Group Limited · Darwen LPD Limited* · Optare Aftersales Limited* · Jamesstan Investments Limited(Holding Co of Optare) · Optare Holdings Limited(Holding Co of Optare) · Optare (Leeds) Limited · Autotec Vehicles Limited* · Autobus Classique Limited* · Optare PCV Limited* · Chalgrave Limited* · East Lancashire Busbuilders Limited · Ashok Leyland (Chile) · Hinduja Leyland Finance Limited · Hinduja Leyland Finance Services Limited · Ashok Leyland Wind Energy Limited ii) With effect from December 10, 2013 · Irizar TVS Limited……......................... Associate upto December 9, 2013
Fellow subsidiaries :	· Hinduja Foundries Limited……………………………upto January 29, 2014 · Hinduja Auto Components Limited · Hinduja Automotive (UK) Limited
Associates :	· Ashley Airways Limited (under liquidation) · Ashley Aviation Limited · Ashley Holdings Limited…………….................................. upto April 1, 2013 · Ashley Investments Limited…………………………………upto April 1, 2013 · Ashok Leyland Defence Systems Limited · Ashok Leyland (UAE) LLC · Lanka Ashok Leyland PLC
Joint Ventures :	· Ashley Alteams India Limited · Automotive Infotronics Limited (under liquidation) · Ashok Leyland John Deere Construction Equipment Company Private Limited · Nissan Ashok Leyland Powertrain Limited · Nissan Ashok Leyland Technologies Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
25356000000	Equity Shares	Rs.1/- each	Rs. 25356.000 Million
36500000	Redeemable Non-Cumulative Non-Convertible Preference Shares	Rs. 10/- each	Rs. 365.000 Millions
2000000	Non-Convertible Redeemable Preference Shares	Rs. 100/- each	Rs. 200.000 Millions
	Total		Rs. 25921.000 Millions

Issued Capital:

No. of Shares	Type	Value	Amount
2199766829	Equity Shares	Re.1/- each	Rs. 2199.767 Millions
646314480	Equity Shares (Issued through Global Depository Receipts)	Re.1/- each	Rs. 646.314 Millions
	TOTAL		Rs. 2846.081 Millions

Subscribed & Fully Paid-up Capital :

No. of Shares	Type	Value	Amount
2199562154	Equity Shares	Re.1/- each	Rs. 2199.562 Millions
646314480	Equity Shares (Global Depository Receipts)	Rs.1/- each	Rs. 646.314 Millions
760	Add :- Forfeited Shares (amount originally paid up in respect of 760 shares)		Rs. 0.004 Million
	TOTAL		Rs. 2845.880 Millions

Notes:

1. The Company issued and allotted on July 4, 2014, 185200000 equity shares of Rs.1 each at a premium of Rs.35 per share through Qualified Institutional Placement (QIP), aggregating to Rs.6667.200 Million of which an amount of Rs.1852.00Million was towards the equity share capital with Face value of Rs.1 each and balance of ` 6482.000 Million representing share premium was credited to Securities Premium account.

2. Reconciliation of number of Equity shares subscribed:	2015	2014
Balance as at the beginning of the year	2660.677	2660.677
Add: Issued during the year	185.200	0.000
Balance as at the end of the year	2845.876	2660.677

3. Shares issued in preceding 5 years

The Company had issued and allotted during the year 2011-12, 1330.338 equity shares as fully paid-up bonus shares by utilization of securities premium reserve in the ratio of 1:1.

4. Shares held by the Holding Company

Hinduja Automotive Limited, the holding company, holds 110,46,46,899 (2014: 110,46,46,899) Equity shares and 54,86,669 (2014: 54,86,669) Global Depository Receipts (GDRs) equivalent to 32,92,00,140 (2014: 32,92,00,140) Equity shares of Rs.1 (2014: Rs.1) each aggregating to 50.38% (2014: 53.89%) of the total share capital

5. Shareholders other than the Holding Company holding more than 5% of the total share capital

Life Insurance Corporation of India holds 187602225 (2014: 240515574) Equity shares of Rs.1 (2014: Rs.1) each aggregating to 6.59% (2014: 9.04%).

6. Rights, preferences and restrictions in respect of equity shares and GDRs issued by the Company

a) The Equity share holders are entitled to receive dividends as and when declared; a right to vote in proportion to holding etc. and their rights, preferences and restrictions are governed by / in terms of their issue under the provisions of the Companies Act, 2013.

b) The rights, preferences and restrictions of the GDR holders are governed by the terms of their issue, and the provisions of the Companies Act, 2013. Each GDR holder is entitled to receive 60 equity shares [ 2014: 60 equity shares ] of Rs.1 each, per GDR, and their voting rights can be exercised through the Depository.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2845.880	2660.680	2660.680
(b) Reserves & Surplus	48341.058	41818.163	41890.366
(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)	51186.938	44478.843	44551.046
(3) Non-Current Liabilities
(a) long-term borrowings	25663.361	32965.051	27378.418
(b) Deferred tax liabilities (Net)	5102.669	4067.669	5273.669
(c) Other long term liabilities	20.604	23.712	17.785
(d) long-term provisions	786.136	678.662	785.126
Total Non-current Liabilities (3)	31572.770	37735.094	33454.998
(4) Current Liabilities
(a) Short term borrowings	250.000	5874.081	7669.825
(b) Trade payables	28283.187	22141.537	24853.685
(c) Other current liabilities	19261.547	16969.135	17350.634
(d) Short-term provisions	2560.460	881.267	3086.833
Total Current Liabilities (4)	50355.194	45866.020	52960.977
TOTAL	133114.902	128079.957	130967.021
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	48824.830	52219.270	49184.342
(ii) Intangible Assets	3730.699	4379.402	3634.486
(iii) Capital work-in-progress	697.970	1551.303	5626.183
(iv) Intangible assets under development	503.466	263.969	1263.091
(b) Non-current Investments	22403.813	24053.111	23376.319
(c) Deferred tax assets (net)	9829.176	10014.629	4796.955
(d) Long-term Loan and Advances	194.996	330.899	120.321
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	86184.950	92812.583	88001.697
(2) Current assets
(a) Current investments	4084.520	3843.748	18960.208
(b) Inventories	13985.272	11887.031	14194.113
(c) Trade receivables	12576.925	12990.105	139.424
(d) Cash and cash equivalents	7512.879	116.906	8909.804
(e) Short-term loans and advances	5688.217	4720.134	761.775
(f) Other current assets	3082.139	1709.450	0.000
Total Current Assets	46929.952	35267.374	42965.324
TOTAL	133114.902	128079.957	130967.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	135621.836	99434.267	124812.000
		Other Income	1244.713	1161.954	623.515
		TOTAL	136866.549	100596.221	125435.515
Less	EXPENSES
		Cost of Materials Consumed	86266.352	59096.947	75394.164
		Purchases of Stock-in-Trade	13911.872	12690.276	13117.394
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(526.126)	4238.710	2719.769
		Employees benefits expense	11840.038	9996.723	10755.134
		Other expenses	13863.363	12242.735	14060.856
		TOTAL (B)	125355.499	98265.391	116047.317
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		12520.409	7387.419	12283.759
Less	FINANCIAL EXPENSES		3935.075	4529.248	3768.857
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		8585.334	2858.171	8514.902
Less/ Add	DEPRECIATION/ AMORTISATION		4163.367	3770.360	3807.835
	PROFIT/(LOSS) BEFORE TAX		4421.967	(912.189)	4707.067
Less	TAX		1073.907	(1206.000)	370.000
	PROFIT/ (LOSS) AFTER TAX		3348.060	293.811	4337.067
Add:	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11516.999	11048.665	9079.313
	Transfers From Debenture Redemption Reserve to Statement of Profit and Loss		0.000	175.000	0.000
	From Statement of Profit and Loss to Debenture Redemption Reserve and Loss to Debenture Redemption Reserve		1962.500	0.000	0.000
	Adjustment pursuant to amalgamation		0.000	(0.477)	(500.000)
Less:	PROFIT AVAILABLE FOR APPROPRIATION		12902.559	11516.999	12916.380
	Proposed dividend		1280.644	0.000	1596.406
	Corporate dividend tax thereon		260.709	0.000	271.309
	BALANCE PROFIT CARRIED TO BALANCE SHEET		11361.206	11516.999	11048.665
	Earnings / (Loss) Per Share (Rs.)		1.20	0.11	1.63

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	7583.915	8064.076	8506.082
Cash generated from operations	18167.409	5861.708	8382.651

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.47	0.30	3.47
Operating Profit Margin (PBIDT/Sales)	(%)	9.23	7.43	9.84
Return on Total Assets (PBT/Total Assets}	(%)	4.44	(0.99)	4.91
Return on Investment (ROI) (PBT/Networth)		0.09	(0.02)	0.11
Debt Equity Ratio (Total Debt /Networth)		0.65	1.05	0.98
Current Ratio (Current Asset/Current Liability)		0.93	0.77	0.81

STOCK PRICES

Face Value	Rs.1.1 /-
Market Value	Rs.69.35 /-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2660.680	2660.680	2845.880
Reserves & Surplus	41890.366	41818.163	48341.058
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	44551.046	44478.843	51186.938
long-term borrowings	27378.418	32965.051	25663.361
Short term borrowings	7669.825	5874.081	250.000
CURRENT MATURITIES OF LONG-TERM DEBTS	8506.082	8064.076	7583.915
Total borrowings	43554.325	46903.208	33497.276
Debt/Equity ratio	0.978	1.055	0.654

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	124812.000	99434.267	135621.836
		(20.333)	36.393

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	124812.000	99434.267	135621.836
Profit	4337.067	293.811	3348.060
	3.47%	0.30%	2.47%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

COMPANY PERFORMANCE:

Recovery in the Indian economy, enabling the Medium & Heavy Commercial Vehicle (M&HCV) industry to signal an uptrend after two years of down cycle. Whilst overall commercial vehicle volumes declined by 2.8% over the previous year, the M&HCV segment volumes increased by 16%. The Company improved its market share from 26.1% to 28.6% in the M&HCV segment, facilitated by appropriate product mix in the growth segments, a sustained focus on meeting customer requirements and initiatives in network expansion. M&HCV export volumes grew by 31.7% to 11,218 units from 8,511 units last year, enabled by growth in target export markets.

In the Light Commercial Vehicle segment, the industry volumes contracted by 13.4%. However, The Company has been able to sustain the market share in the small Commercial Vehicle (2-3.5T) segment supported by sustained product improvements and variants on DOST, which is the 2nd largest player in the segment. The new PARTNER range of products has also achieved significant market share in the 6-7.5T segment, its first full year after launch.

Power Solutions Business continued to have subdued demand due to improved power availability and slowdown in Industrial / Agricultural segments. The Spare Parts volumes have bounced back due to higher demand and focused actions at improving parts availability and competitiveness.

MARKET TRENDS

Economy – India

Report 2015). Growth was driven by developing economies, sustained growth in the United States (US) and a moderate revival in European Union. The Indian economy posted 7.4% growth in the financial year 2014-15 (Central Statistics Office 2011-12 base years, Advance Estimates) as against 6.9% in the financial year 2013-14. Industrial sector gained momentum with Manufacturing, Construction and Electricity & Utilities growing by 6.8%, 4.5% and 9.6% respectively as against 5.3%, 2.5% and 4.8% in the previous year. However mining slowed down to 2.3% from 5.4% and the Agricultural sector slowed down to 1.1% from 3.7% in the previous year. Overall, improved business sentiment, lower oil prices and policy measures helped the economy to build momentum. According to International Monetary Fund, the global economy is expected to grow at 3.5% in 2015 and 3.8% in 2016. However,

Global recovery will continue to be moderate and uneven. While developed economies are expected to strengthen, aided by lower oil prices and low interest rates, most emerging economies are expected to slow down moderately, due to country specific reasons-with India being an exception. The Indian economy is expected to grow by 7.5% in 2015-16. Most economists believe that the Indian economy is at an inflexion point and is set for sustained growth in coming years. Lower oil prices, contained inflation, stable financial sector and expected policy actions will support growth this year. Year 2015-16 is also expected to see growth picking up in the mining sector, particularly Iron Ore and Coal. Downside risks include poor monsoon, increase in interest rates in US leading to capital outflow, infrastructure bottlenecks and pending structural reforms.

Names of Companies which have ceased/ become Subsidiaries/ Joint Ventures/Associates

1) Subsidiaries:

Avia Ashok Leyland Motors s.r.o:

During the year, as part of restructuring of investments of the Company, The Company divested its entire stake of

100% ownership in Avia Ashok Leyland Motors s.r.o (Avia), an overseas Wholly-owned Subsidiary to Ashok Leyland (UAE) LLC (an Associate Company).

Consequently, Avia ceased to be a Wholly-owned subsidiary of the Company with effect from March 29, 2015.

Ashok Leyland Wind Energy Limited

The Company divested its stake of 48.5% ownership in Ashok Leyland Wind Energy Limited (ALWEL) as part of sale of non-core assets of the Company.

Consequent to the above, ALWEL ceased to be the Subsidiary of the Company with effect from March 30, 2015 upon completion of all relevant closing formalities as per the agreements. The Company continues to hold 11.5% stake in the equity share capital of ALWEL

2) OTHERS:

Hinduja Tech Limited (formerly Defiance Technologies Limited)

With a view to derive benefits from international markets, Hinduja Tech Limited (HTL), a Wholly-owned subsidiary of the Company, succeeded in getting Nissan International Holding B.V., (Nissan) as a strategic investor to subscribe to the equity share capital of HTL.

Consequent to the allotment of equity shares to Nissan, The Company’s holding in HTL stands reduced to 62% with effect from October 30, 2014.

Global TVS Bus Body Builders Limited (formerly Irizar TVS Limited)

The Company acquired the residual stake of 5% held by Irizar. S. Coop in Global TVS Bus Body Builders Limited (GTVS). Consequently, the equity holding of the Company increased from 61.67% to 66.67% of the paid up equity share capital of GTVS

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Long term monetary item in foreign currency External Commercial Borrowings from banks	15416.667	15577.900
Other loans and advances:
-Interest free sales tax loans	1146.694	793.122
-Loans from others	0.000	10.696
Short-term borrowings
Short term loans (STL) from Banks	250.000	3084.382
Total	16813.361	19466.100

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10465117	10/03/2014 *	5,000,000,000.00	CENTRAL BANK OF INDIA LIMITED	CORPORATE FINANCE BRANCH P.O. BOX NO 2719,, ADDI  SON BUILDINGS, 803, ANNA SALAI, CHENNAI, Maharasht  ra - 600002, INDIA	B98399710
2	10449756	21/03/2014 *	3,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, Maharashtra - 400005, INDIA	C00570184
3	10412488	21/03/2014 *	3,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, Maharashtra - 400005, INDIA	C00608745
4	10377386	21/03/2014 *	3,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, Maharashtra - 400005, INDIA	C00607085
5	10329292	21/03/2014 *	1,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, Maharashtra - 400005, INDIA	C00594507
6	10291368	21/03/2014 *	1,000,000,000.00	BANK OF TOKYO-MITSUBISHI UFJ LTD	Chennai Branch, Seshachalam Centre, 6th&7th floor,  Door no.636/1, Anna Salai, Nandanam,, Chennai, T  amil Nadu - 600035, INDIA	C01004951
7	10243392	13/08/2014 *	700,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, Maharashtra - 400005, INDIA	C16507378
8	90286915	22/08/2003 *	250,000,000.00	STATE BANK OF INDIA	84 RAJAJI SALAI MA, MADRAS, Tamil Nadu, INDIA	-
9	90286909	25/11/2002 *	250,000,000.00	STATE BANK OF INDIA	84 RAJAJI SALAI MA, MADRAS, Tamil Nadu, INDIA	-
10	90289031	07/08/2002	350,000,000.00	HDFC BANK LTD.	759 ANNA SALAI, CHENNAI, Tamil Nadu, INDIA	-

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
A) CLAIMS AGAINST THE GROUP AND THE JOINTLY CONTROLLED ENTITIES NOT ACKNOWLEDGED AS DEBTS (NET):
Sales tax	2214.884	1168.060
Excise duty, Service tax, Customs duty and Others (These have been disputed by the Group and the jointly controlled entities on account of issues of applicability and classification.)	393.020	245.883
B) Corporate Guarantees given to others (Future cash outflows in respect of the above are determinable only on receipt of judgment / decisions pending with various forums / authorities.)	17.191	15.844
Total	2625.095	1429.787

FIXED ASSETS

· Land

· Buildings

· Building given on lease

· Plant and equipment

· Plant and equipment given on lease

· Furniture and fittings

· Furniture and fittings given on lease

· Vehicles and aircraft

· Vehicles given on lease

· Office Equipment

· Office Equipment given on lease

· Computer software

· Technical knowhow

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.63.61
UK Pound	1	Rs.99.79
Euro	1	Rs.71.16

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RSH
Report Prepared by :	PJA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.