MIRA INFORM REPORT

Report No. :	312833
Report Date :	18.03.2015

IDENTIFICATION DETAILS

Name :	SUNDARAM INDUSTRIES LIMITED
Registered Office :	“TVS Building”, 7-B, West Veli Street, Madurai – 625001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.05.1943
Com. Reg. No.:	18-002656
Capital Investment / Paid-up Capital :	Rs. 25.200 million
CIN No.: [Company Identification No.]	U65991TN1943PLC002656
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CMBS03253F/ MRIS00569C/ CHES18228A/ MRIS01659A/ CHES09228C/ CHES08904A
PAN No.: [Permanent Account No.]	AABCS53220H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture and Trading of Industrial Tyres and Retreading of used Tyres.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (63)

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 4900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having good track record. Financial position of the company is sound. Fundamentals are strong. Trade relations are reported as fair. Business is active. Payment terms 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term: “AA”
Rating Explanation	High degree of safety and very low credit risk.
Date	November, 2014

Rating Agency Name	ICRA
Rating	Short term: “A1+”
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	November, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

LOCATIONS

Registered Office :	“TVS Building”, 7-B, West Veli Street, Madurai – 625001, Tamilnadu, India
Tel. No.:	91-452-2332055
Fax No.:	91-452-2338743
E-Mail :	silcs@silcorporate.in venkataraman.k@tvsrubber.com
Website :	www.tvsrubber.com
Location :	Owned
Locality :	Commercial
Factory 1 and Central Marketing Office :	Rubber Factory, Usilampati Road, Kochadai, Madurai – 625016, Tamilnadu, India
Tel. No.:	91-452-2381531
Fax No.:	91-452-2381240
Email :	sirf.exorts@tvsrubber.com
Factory 2 :	Plot No.11, Sector-3, IMT – Mamesar, District Gurgaon – 122050, Haryana, India
Tel. No.:	91-124-2215129/ 4388848
Fax No.:	91-124-4388846
Chennai Marketing Office :	5^th Floor, Sudarshan Building, 14, Whites Road, Chennai – 600014, Tamilnadu, India
Tel. No.:	91-44-28526007-9
Fax No.:	91-44-28522992
Overseas Address :	Adel International Inc., 15035, Sterling Oaks Drive, Naples, FL 34110, USA
Tel. No.:	001-239-593-5113
Fax No.:	001-239-593-5114
Email :	jgaryray@earthlink.net
Head Office:	180, Anna Salai, Chennai – 600006, Tamilnadu, India
	91-44-28520781/28525289

DIRECTORS

As on 29.09.2014

Name :

Mr. Krishna Ramesh

Designation :

Director

Address :

Lakshmi Building, Usilampatti Road, Kochadai, Madurai – 625016, Tamilnadu, India

Date of Birth/Age :

17.02.1939

Date of Appointment :

14.06.1972

DIN No.:

00556922

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	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR & SONS LIMITED	Director	25/12/1970	25/12/1970	-	Active	NO
2	L35999TN1962PLC004943	SUNDRAM FASTENERS LIMITED	Director	21/12/1971	21/12/1971	-	Active	NO
3	U27209TN1962PLC004760	TVS SEWING NEEDLES LIMITED	Director	06/03/1972	06/03/1972	-	Active	NO
4	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	14/06/1972	14/06/1972	-	Active	NO
5	U60221TN1946PLC002582	SOUTHERN ROADWAYS LIMITED	Managing director	23/04/2010	27/09/1975	-	Active	NO
6	L34300TN1974PLC006703	SUNDARAM BRAKE LININGS LIMITED	Director	16/11/1982	16/11/1982	-	Active	NO
7	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Director	27/08/2004	27/08/2004	-	Active	NO

Name :

Mr. Santhanam Ram

Designation :

Director

Address :

29, Prithvi Avenue, Abiramapuram IV Street, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

27.04.1940

Date of Appointment :

14.06.1972

DIN No.:

00018309

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	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR & SONS LIMITED	Director	25/12/1970	25/12/1970	-	Active	NO
2	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	14/06/1972	14/06/1972	-	Active	NO
3	L35921TN1960PLC004175	WHEELS INDIA LIMITED	Whole-time director	01/05/2014	28/05/1974	-	Active	NO
4	U60221TN1946PLC002582	SOUTHERN ROADWAYS LIMITED	Director	24/04/1975	24/04/1975	-	Active	NO
5	U27209TN1981PLC008630	AXLES INDIA LIMITED	Director	01/04/2012	18/02/1981	-	Active	NO
6	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	27/09/1988	27/09/1988	-	Active	NO
7	U35202TN1998PLC041466	GLOBAL TVS BUS BODY BUILDERS LIMITED	Director	05/02/2001	05/02/2001	-	Active	NO
8	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Director	16/11/2004	16/11/2004	-	Active	NO
9	L65991TN1954PLC000958	INDIA MOTOR PARTS & ACCESSORIES LIMITED	Director	24/01/2006	24/01/2006	-	Active	NO

Name :

Mr. Santhanam Viji

Designation :

Director

Address :

No.33, Poes Garden, Chennai – 600086, Tamilnadu, India

Date of Birth/Age :

07.06.1946

Date of Appointment :

30.11.1978

DIN No.:

00139043

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	U35999TN1962PLC004928	BRAKES INDIA LIMITED	Managing director	01/04/2010	02/10/1975	-	Active	NO
2	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR & SONS LIMITED	Director	30/08/1976	30/08/1976	-	Active	NO
3	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	30/11/1978	30/11/1978	-	Active	NO
4	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	17/01/1986	17/01/1986	-	Active	NO
5	L35921TN1960PLC004175	WHEELS INDIA LIMITED	Director	31/07/1986	31/07/1986	-	Active	NO
6	U28920TN1993PTC025794	SUNDARAM DYNACAST PRIVATE LIMITED	Director	30/10/1993	30/10/1993	-	Active	NO
7	U65922TN1999PLC042759	SUNDARAM BNP PARIBAS HOME FINANCE LIMITED	Director	02/07/1999	02/07/1999	-	Active	NO
8	U67200TN2000PLC045611	ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED	Director	22/08/2000	22/08/2000	-	Active	NO
9	U65999TN2003PLC052058	SUNDARAM TRUSTEE COMPANY LIMITED	Nominee director	08/12/2003	08/12/2003	-	Active	NO
10	U73100TN2006NPL059651	IIT MADRAS RESEARCH PARK	Director	27/09/2010	15/12/2009	-	Active	NO
11	U28113TN2010PLC075244	FLOMETALLIC INDIA LIMITED	Director	05/04/2010	05/04/2010	25/09/2010	Active	NO
12	U74900TN2010PLC076378	BIH BRAKING COMPANY LIMITED	Director	30/06/2010	30/06/2010	-	Active	NO

Name :

Mr. Srinath R. Rajam

Designation :

Director

Address :

TVS House, No. 20, Cenotaph II Lane, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

30.01.1957

Date of Appointment :

16.03.1983

DIN No.:

00054758

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	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	16/03/1983	16/03/1983	-	Active	NO
2	U93090TN1987PLC032239	TVSC-SGI INTERNATIONAL LIMITED	Director	21/01/1987	21/01/1987	-	Active	NO
3	U65993TN1983PTC009853	SRIYA HOLDING PRIVATE LIMITED	Director	24/06/1993	24/06/1993	-	Active	NO
4	U65993TN1983PTC009852	VARSHA HOLDING PRIVATE LIMITED	Director	24/06/1993	24/06/1993	-	Active	NO
5	U18209TN1994PLC028648	SPORT GLOVE INDIA LIMITED	Director	16/09/1994	16/09/1994	-	Active	NO
6	U25192TN2002PLC048368	KWIK PATCH LIMITED	Managing director	01/01/2011	01/04/2004	-	Active	NO
7	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR AND SONS LIMITED	Director	16/06/2005	16/06/2005	-	Active	NO
8	U29129TN1983PLC009786	SUNCO MACHINES LIMITED	Director	22/07/2005	22/07/2005	-	Active	NO

Name :

Mr. Ramchandran Naresh

Designation :

Managing Director

Address :

TVS Building, West Vali Street, Madurai – 625001, Tamilnadu, India

Date of Birth/Age :

28.02.1957

Date of Appointment :

05.12.2010

PAN No.:

AAFPN2485B

DIN No.:

00273609

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	L25111TN1982PLC009414	TVS SRICHAKRA LIMITED	Managing director	16/06/2014	02/06/1982	-	Active	NO
2	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Managing director	05/12/2010	16/03/1983	-	Active	NO
3	U72300TN1997PLC039110	TVS INTERCONNECT SYSTEMS LIMITED	Director	07/10/1999	07/10/1999	25/09/2008	Active	NO
4	U30007TN1995PLC033338	TVS TELECOM COMPONENTS LIMITED	Director	31/10/2005	31/10/2005	-	Strike off	NO
5	U30007TN1993PTC026291	ZF ELECTRONICS TVS (INDIA) PRIVATE LIMITED	Director	10/03/2007	10/03/2007	-	Active	NO
6	U72900TN2007PLC063049	INDIA TELECOM INFRA LIMITED	Director	09/04/2007	09/04/2007	04/03/2008	Amalgamated	NO
7	U65921TN2007PLC063294	NSM HOLDINGS LIMITED	Director	27/04/2007	27/04/2007	25/09/2008	Active	NO
8	U72900TN2004PLC054575	MOKA TECHNOLOGY SERVICES LIMITED	Director	20/08/2007	14/07/2007	25/09/2008	Active	NO
9	U34300TN2007PTC065714	TVS NOVOTEMA ELASTOMERIC ENGINEERED PRODUCTS PRIVATE LIMITED	Director	12/12/2007	12/12/2007	-	Active	NO
10	U29299TN2008PTC065920	FIRESTONE TVS PRIVATE LIMITED	Director	02/01/2008	02/01/2008	-	Active	NO
11	U74999TN2008PTC069492	BRIDGESTONE INDIA AUTOMOTIVE PRODUCTS PRIVATE LIMITED	Nominee director	26/03/2009	06/10/2008	30/06/2012	Active	NO
12	U65100TN2010PLC074498	TVS SRICHAKRA INVESTMENTS LIMITED	Director	03/08/2011	05/02/2010	-	Active	NO
13	U25199TN2013PLC089848	PUSAM RUBBER PRODUCTS LIMITED	Director	28/02/2013	28/02/2013	-	Active	NO
14	U25190TN2013PLC090952	UTHIRAM RUBBER PRODUCTS LIMITED	Director	06/05/2013	06/05/2013	-	Active	NO

Name :

Mr. Gopal Srinvasan

Designation :

Director

Address :

Westside House, No.2, Adyar Club Gate Road, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

04.08.1958

Date of Appointment :

31.08.1979

DIN No.:

00177699

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	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR & SONS LIMITED	Director	31/08/1979	31/08/1979	-	Active	NO
2	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	31/08/1979	31/08/1979	-	Active	NO
3	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	18/08/2008	29/11/1985	-	Active	NO
4	U65191TN1994PLC028851	TVS CAPITAL FUNDS LIMITED	Managing director	01/11/2013	25/05/1995	-	Active	NO
5	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	28/03/1996	28/03/1996	-	Active	NO
6	U30007TN1997PTC038151	HARITA ELECTRONICS PRIVATE LIMITED	Director	09/05/1997	09/05/1997	-	Active	NO
7	U65191TN1998PLC039853	CHENNAI BUSINESS CONSULTING SERVICES LIMITED	Director	19/01/1999	19/01/1999	20/11/2012	Active	NO
8	U72200MH1989PLC166901	ICICI VENTURE FUNDS MANAGEMENT COMPANY LIMITED	Director	12/07/1999	12/07/1999	28/07/2008	Active	NO
9	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	27/01/2000	27/01/2000	14/08/2008	Active	NO
10	U30006TN1996PLC035418	HARITA TECHSERV LIMITED	Director	05/12/2001	05/12/2001	-	Active	NO
11	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Nominee director	23/10/2008	18/07/2003	-	Active	NO
12	U65993TN2004PLC054696	SUNDARAM INVESTMENT LIMITED	Managing director	01/01/2014	22/11/2004	-	Active	NO
13	U72900MH2001NPL133410	MEDIA LAB ASIA	Director	28/12/2004	28/12/2004	24/03/2011	Active	NO
14	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Director	05/08/2005	05/08/2005	-	Active	NO
15	U80301TN2004NPL052529	GREAT LAKES INSTITUTE OF MANAGEMENT	Director	19/01/2007	19/01/2007	03/05/2011	Active	NO
16	U72500TN2007PLC063540	TVS-E SERVICETEC LIMITED	Director	29/08/2008	17/05/2007	-	Amalgamated	NO
17	U72200TN2007PLC064091	HARITA ACADEMY LIMITED	Director	28/08/2008	25/06/2007	28/09/2012	Strike off	NO
18	U65991TN2007PLC064133	TVS CAPITAL FUNDS LIMITED	Managing director	01/04/2013	28/06/2007	-	Amalgamated	NO
19	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	28/06/2007	28/06/2007	20/04/2009	Active	NO
20	U72900TN2007FTC065500	GRANDTECH INDIA PRIVATE LIMITED	Director	26/11/2007	26/11/2007	21/09/2011	Active	NO
21	U74140TN2004PTC052667	CROSS CREEK CHANNEL INVESTMENT ADVISORS PRIVATE LIMITED	Director	05/08/2009	10/05/2008	-	Active	NO
22	U22300DL2007PTC167650	NINE DOT NINE MEDIAWORX PRIVATE LIMITED	Nominee director	10/10/2008	10/10/2008	12/05/2010	Active	NO
23	U70109MH2006PLC160918	LANDMARK LIMITED (PART IX)	Director	17/08/2010	04/11/2009	19/04/2013	Amalgamated	NO
24	U93000KA2008PTC046355	NEXTWEALTH ENTREPRENEURS PRIVATE LIMITED	Director	11/02/2010	11/02/2010	-	Active	NO
25	U85110TN2010PTC075352	MEDFORT HOSPITALS PRIVATE LIMITED	Additional director	22/11/2010	22/11/2010	19/01/2011	Active	NO
26	U15499DL2005PTC139631	OM PIZZAS AND EATS INDIA PRIVATE LIMITED	Director	24/12/2010	24/12/2010	13/03/2012	Active	NO
27	U55101MH2010PTC209517	SK RESTAURANTS PRIVATE LIMITED	Nominee director	05/06/2014	01/03/2011	-	Active	NO
28	U74900TN2011PLC083371	SUNDARAM ENGINEERING PRODUCTS SERVICES LIMITED	Director	01/12/2011	01/12/2011	-	Active	NO
29	U74300DL2007PTC158884	MOSAIC MEDIA VENTURES PRIVATE LIMITED	Director	20/09/2012	25/04/2012	-	Active	NO
30	U01111MH1997PLC208346	DUNAR FOODS LIMITED	Nominee director	28/09/2012	28/09/2012	13/09/2013	Active	NO

Name :

Ms. Shobhana Ramachandhran

Designation :

Director

Address :

No.16, Jawahar Road, Chokkikulam, Madurai – 625002, Tamilnadu, India

Date of Birth/Age :

30.01.1960

Date of Appointment :

14.12.1988

DIN No.:

00273837

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	L25111TN1982PLC009414	TVS SRICHAKRA LIMITED	Managing director	25/08/2011	28/03/1986	-	Active	NO
2	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	14/12/1988	14/12/1988	-	Active	NO
3	U34300TN2007PTC065714	TVS NOVOTEMA ELASTOMERIC ENGINEERED PRODUCTS PRIVATE LIMITED	Director	12/12/2007	12/12/2007	-	Active	NO
4	U29299TN2008PTC065920	FIRESTONE TVS PRIVATE LIMITED	Director	02/01/2008	02/01/2008	-	Active	NO
5	L65991TN1954PLC000958	INDIA MOTOR PARTS & ACCESSORIES LIMITED	Director	28/08/2008	08/07/2008	-	Active	NO
6	U74999TN2008PTC069492	BRIDGESTONE INDIA AUTOMOTIVE PRODUCTS PRIVATE LIMITED	Nominee director	26/03/2009	06/10/2008	30/06/2012	Active	NO
7	U65100TN2010PLC074498	TVS SRICHAKRA INVESTMENTS LIMITED	Director	03/08/2011	05/02/2010	-	Active	NO
8	U72300TN1997PLC039110	TVS INTERCONNECT SYSTEMS LIMITED	Director	25/10/2012	09/11/2011	22/09/2014	Active	NO
9	U25199TN2013PLC089848	PUSAM RUBBER PRODUCTS LIMITED	Director	28/02/2013	28/02/2013	-	Active	NO
10	U25190TN2013PLC090952	UTHIRAM RUBBER PRODUCTS LIMITED	Director	06/05/2013	06/05/2013	-	Active	NO
11	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	23/07/2014	27/01/2014	-	Active	NO

Name :

Mr. Ramachandhran Haresh

Designation :

Director

Address :

TVS Building, 7-B, West Vali Street, Madurai – 625001, Tamilnadu, India

Date of Birth/Age :

29.11.1954

Date of Appointment :

05.03.1991

DIN No.:

00363096

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	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR & SONS LIMITED	Managing director	01/04/2013	30/09/1980	-	Active	NO
2	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	05/03/1991	05/03/1991	-	Active	NO
3	U30007TN1993PTC026291	ZF ELECTRONICS TVS (INDIA) PRIVATE LIMITED	Director	01/12/1993	01/12/1993	-	Active	NO
4	U30007TN1995PLC033338	TVS TELECOM COMPONENTS LIMITED	Director	26/10/1995	26/10/1995	-	Strike off	NO
5	U35202TN1998PLC041466	GLOBAL TVS BUS BODY BUILDERS LIMITED	Director	23/11/1998	23/11/1998	11/02/2014	Active	NO
6	U72300TN1997PLC039110	TVS INTERCONNECT SYSTEMS LIMITED	Managing director	06/05/2011	10/11/1999	-	Active	NO
7	U72300MH2000PTC123780	SOFTDEL SYSTEMS PRIVATE LIMITED	Director	23/05/2000	23/05/2000	13/06/2012	Active	NO
8	U67200TN2000PLC045611	ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED	Director	22/10/2000	22/10/2000	25/03/2010	Active	NO
9	U72900TN2007PLC063049	INDIA TELECOM INFRA LIMITED	Director	10/12/2009	09/04/2007	-	Amalgamated	NO
10	U65921TN2007PLC063294	NSM HOLDINGS LIMITED	Director	27/04/2007	27/04/2007	-	Active	NO
11	U72900TN2004PLC054575	MOKA TECHNOLOGY SERVICES LIMITED	Director	20/08/2007	14/07/2007	30/07/2012	Active	NO
12	U51900TN2009PLC072487	TOR AUTO COMPONENTS LIMITED	Director	05/08/2009	05/08/2009	22/03/2014	Active	NO
13	U32204TN2009PLC072529	NK TELECOM PRODUCTS LIMITED	Director	10/08/2009	10/08/2009	-	Active	NO
14	U65100TN2010PLC074498	TVS SRICHAKRA INVESTMENTS LIMITED	Director	03/08/2011	05/02/2010	-	Active	NO
15	U70102TG2002PTC038713	ASCEND TELECOM INFRASTRUCTURE PRIVATE LIMITED	Additional director	27/03/2012	27/03/2012	10/07/2012	Active	NO
16	U25190TN2013PLC090952	UTHIRAM RUBBER PRODUCTS LIMITED	Director	06/05/2013	06/05/2013	-	Active	NO
17	AAB-1329	PHI CAPITAL MANAGEMENT LLP	Designated Partner	18/09/2013	18/09/2013	-	Active	NO

Name :

Ms. Pritha Ratnam Muthana

Designation :

Managing Director

Address :

No.20, Cenotaph II Lane, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

29.10.1955

Pan No.:

AADPM4347B

Date of Appointment :

09.06.1995

PAN No.:

AADPM4347B

DIN No.:

00404186

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	U65993TN1983PTC010426	RAJATH HOLDING PRIVATE LIMITED	Director	07/11/1983	07/11/1983	-	Active	NO
2	U65993TN1983PTC010427	MANISH HOLDING PRIVATE LIMITED	Director	07/11/1983	07/11/1983	-	Active	NO
3	U65993TN1983PTC009868	SRI VITHESA HOLDING PRIVATE LIMITED	Director	16/08/1994	16/08/1994	-	Active	NO
4	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Managing director	09/06/1995	09/06/1995	-	Active	NO
5	U25199TN2013PLC089848	PUSAM RUBBER PRODUCTS LIMITED	Director	28/02/2013	28/02/2013	-	Active	NO

Name :

Mr. Nicholas Sundaram Sridharan

Designation :

Director

Address :

Kadalagam Bunglow, Valmiki Nagar, Thiruvanmiyur, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

29.11.1957

Date of Appointment :

30.06.1998

DIN No.:

01331433

Name :

Mr. Krishna Mahesh

Designation :

Director

Address :

New No. 81 (Old No.39), First Main Road, Raja Annamalaipuram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

20.10.1974

Date of Appointment :

15.06.2013

DIN No. :

00420048

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
1	L34300TN1974PLC006703	SUNDARAM BRAKE LININGS LIMITED	Managing director	26/05/2014	21/07/2005	-	Active
2	U33112TN2009PTC072715	SUNDARAM MEDICAL DEVICES PRIVATE LIMITED	Director	28/08/2009	28/08/2009	-	Active
3	U33110TN2009PTC072716	SUNDARAM HEALTH PROTECTION PRIVATE LIMITED	Director	28/08/2009	28/08/2009	-	Active
4	U33112TN2009PTC072717	SUNDARAM LIFECARE PRIVATE LIMITED	Director	28/08/2009	28/08/2009	-	Active
5	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	15/06/2013	15/06/2013	-	Active
6	U51101TN2013PTC094357	TVS ADVANCED MATERIALS PRIVATE LIMITED	Director	28/12/2013	28/12/2013	-	Active

KEY EXECUTIVES

Name :	Mr. Kunissery Subramania Viswanathan
Designation :	Company Secretary
Address :	Plot No.3, Srinivasa Nagar, Narmada Street, Athikulam, Madurai – 625 007, Tamilnadu, India
Date of Birth/Age :	06.02.1949
Date of Appointment :	01.07.1991
PAN No.:	AAGPV5263J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	59.29
Directors or relatives of Directors	40.71
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Trader of Industrial Tyres and Retreading of used Tyres.

Products :

Item Code No. (ITC Code)	Product Description
40169330	Rubber Products
40121100	Tyre Retreading
40119900	Solid Industrial Tyres

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Not Available
Branch Address	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	16.000	49.496
Rupee term loans from others	6.181	10.227
Short Term Borrowing
Working capital loans from banks	294.308	314.056
Total	316.489	373.779

Auditors :
Name :	Sundaram and Srinivasan Chartered Accountants
Address :	New No.250 (Old No.111) P T Rajan Road. Madurai – 625014, Tamilnadu, India
PAN No.:	AAAFS8812J
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	TV Sundram Iyengar and Sons Limited, INDIA CIN No.: U34101TN1929PLC002973
Subsidiaries :	· Sundaram Lanka Tyres Limited · Pusam Rubber Products Limited CIN No.: U25199TN2013PLC089848
Fellow Subsidiaries :	· UTHIRAM RUBBER PRODUCTS LIMITED, India CIN No.: U25190TN2013PLC090952 · Southern Roadways Limited CIN No.: U60221TN1946PLC002582 · Lucas-TVS Limited CIN No.: U35999TN1961PLC004678 · Sundaram Auto Components Limited CIN No.: U29249TN1992PLC051417 · Sundaram Clayton Limited CIN No.: L35999TN1962PLC004792 · TVS Motor Company Limited CIN No.: L35921TN1992PLC022845 · TVS Automobile Solutions Limited CIN No.: U34100TN2009PLC071439 · TVS Dynamic Global Freight Services Limited CIN No.: U63010TN2007PLC064282 · TVS Logistics Services Limited CIN No.: U63011TN2004PLC054655 · TVS Interconnect Systems Limited CIN No.: U72300TN1997PLC039110 · TVS Autoserve GMBH Germany · TVS Commutation Solutions Limited CIN No.: U60200TN2008PLC068631 · Sundaram Textiles Limited CIN No.: U17111TN1960PLC004340 · The Associated Auto Parts Limited CIN No.: U51220MH1944PLC004124
Associates :	· Firestone TVS Private Limited CIN No.: U29299TN2008PTC065920 · TVS Novotema Elastomeric Engineered Products Private Limited CIN No.: U34300TN2007PTC065714 · Bridgestone India Automotive Products Private Limited (formerly Bridgestone TVS India P Limited ) CIN No.: U74999TN2008PTC069492

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
252000	Equity Shares	Rs.100/- each	Rs. 25.200 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	25.200	25.200	25.200
(b) Reserves & Surplus	1696.248	1595.379	1312.361
(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)	1721.448	1620.579	1337.561
(3) Non-Current Liabilities
(a) long-term borrowings	22.181	71.465	130.546
(b) Deferred tax liabilities (Net)	27.400	29.000	32.700
(c) Other long term liabilities	20.164	18.807	15.811
(d) long-term provisions	11.305	10.658	6.489
Total Non-current Liabilities (3)	81.050	129.930	185.546
(4) Current Liabilities
(a) Short term borrowings	314.675	333.844	302.910
(b) Trade payables	387.001	373.935	502.745
(c) Other current liabilities	249.735	204.569	209.393
(d) Short-term provisions	126.090	132.706	124.172
Total Current Liabilities (4)	1077.501	1045.054	1139.220
TOTAL	2879.999	2795.563	2662.327
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	510.421	533.452	464.774
(ii) Intangible Assets	4.225	2.821	5.602
(iii) Capital work-in-progress	12.822	8.620	0.000
(iv) Intangible assets under development	0.000	0.000	13.331
(b) Non-current Investments	659.084	631.040	652.082
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	206.776	179.827	162.854
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1393.328	1355.760	1298.643
(2) Current assets
(a) Current investments	164.875	158.365	30.104
(b) Inventories	427.717	439.493	434.552
(c) Trade receivables	738.226	663.986	688.386
(d) Cash and cash equivalents	91.299	95.439	116.595
(e) Short-term loans and advances	54.751	69.567	82.600
(f) Other current assets	9.803	12.953	11.447
Total Current Assets	1486.671	1439.803	1363.684
TOTAL	2879.999	2795.563	2662.327

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3674.781	3750.135	3747.551
		Other Income	273.686	611.228	181.962
		TOTAL	3948.467	4361.363	3929.513
Less	EXPENSES
		Cost of Materials Consumed	1671.326	1831.656	2116.959
		Purchases of Stock-in-Trade	438.659	390.545	242.006
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.925	2.900	(69.084)
		Employees benefits expense	662.352	587.229	553.733
		Other expenses	700.352	718.387	641.823
		TOTAL	3474.614	3530.717	3485.437
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		473.853	830.646	444.076
Less	FINANCIAL EXPENSES		41.606	57.462	75.438
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		432.247	773.184	368.638
Less/ Add	DEPRECIATION/ AMORTISATION		91.534	89.953	87.737
	PROFIT/ (LOSS) BEFORE TAX		340.713	683.231	280.901
Less	TAX		43.489	97.545	40.074
	PROFIT/ (LOSS) AFTER TAX		297.224	585.686	240.827
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1208.745	984.727	921.197
Less	APPROPRIATIONS
		General Reserve	30.000	59.000	25.000
		Interim Dividend	124.992	206.388	96.516
		Proposed Interim Dividend	42.840	48.636	14.112
		Proposed Dividend	0.000	5.040	20.412
		Tax on Interim Dividend	21.242	33.481	15.657
		Tax on Proposed Interim Dividend	7.281	8.266	2.289
		Tax on Proposed Dividend	0.000	0.857	3.311
		Total	226.355	361.668	177.297
	BALANCE CARRIED TO THE B/S		1279.614	1208.745	984.727
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods (F.O.B. Value)		939.67	863.431
		Interest from Subsidiary		1.740	0.670
	TOTAL EARNINGS		170.045	941.41	864.101
	IMPORTS
		Raw Materials	NA	517.742	611.620
		Traded Goods	NA	348.275	200.388
		Components and Spares Parts	NA	0.672	1.435
		Capital Goods	NA	10.801	18.883
	TOTAL IMPORTS		NA	877.490	832.326
	Earnings Per Share (Rs.)		1179.46	2324.15	955.66

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	8.09	15.62	6.43
Operating Profit Margin (PBDIT / Sales)	(%)	12.89	22.15	11.85
Return on Total Assets (PBT/Total Assets}	(%)	15.43	31.69	14.07
Return on Investment (ROI) (PBT/Networth)		0.20	0.42	0.21
Debt Equity Ratio (Total Debt /Networth)		0.20	0.25	0.32
Current Ratio (Current Asset/Current Liability)		1.38	1.38	1.20

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	25.200	25.200	25.200
Reserves & Surplus	1312.361	1595.379	1696.248
Net worth	1337.561	1620.579	1721.448
long-term borrowings	130.546	71.465	22.181
Short term borrowings	302.910	333.844	314.675
Total borrowings	433.456	405.309	336.856
Debt/Equity ratio	0.324	0.250	0.196

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	3747.551	3750.135	3674.781
		0.069	(2.009)

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	3747.551	3750.135	3674.781
Profit	240.827	585.686	297.224
	6.43%	15.62%	8.09%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATIONS DETAILS

MADRAS HIGH COURT

CASE STATUS INFORMATION SYSTEM

Case Status: Pending

Status of: CMA MADURAI CASES 1004 OF 2012

THE COMMISSIONER OF CENTRAL INDUSTRIES LIMITED V/S M/S.SUNDARAM INDUSTRIES LIMITED

Pet's Advocate : M/S.R.ARAVINDAN

Res's Advocate : MADURAI

Last Listed On : 11.09.2012

Nest Date of Hearing: Tuesday, September 11, 2012

Category : NO CATEGORY MENTIONED

Connected Application (S)	Connected Matter (S)
No Connected Application	No Connected Cases

Case Updated on: Monday, September 10, 2012

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Public deposits	0.000	11.742
Short Term Borrowing
Working capital loans from banks	20.367	19.788
Total	20.367	31.530

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	10257307	10/12/2010	80,000,000.00	THE KARUR VYSYA BANK LIMITED	SOUTH MASI STREET BRANCH, NO.159 SOUTH MASI STREET, MADURAI, TAMIL NADU - 625001, INDIA	B02479236
2	90297887	20/10/2004 *	803,910.00	FORD INDIA LIMITED	S. P. KOIL POST, CHENGALPATTU, KANCHEEPURAM, TAMIL NADU, INDIA	-
3	90288771	09/06/2014 *	787,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 6A WEST VELI STREET, MADURAI, TAMIL NADU - 625001, INDIA	C08508863

* Date of charge modification

PERFORMANCE AND PROSPECTS

The turnover of the Division for the year was Rs.1435.200 Million as compared to Rs.1537.300 Million during 2012-13. The lower sales during the year were mainly due to the drop in sale of compound as well as due to the general recession in both automotive and industrial segments.

The raw materials were lower than that of the preceding financial year. There has been an increase in the exchange rate of USD to INR during the year. However, the Division had an advantage with respect to the material cost by about 4%.

To overcome the unscheduled power cuts, increase in power tariff and the cost of diesel, the Division had procured 7 Nos of Wind Turbine Generators and commissioned during the year 2012-13. The benefits through WTG were fully availed and considerable cost reduction in power and fuel costs was achieved during 2013-14.

The Division has received the following Awards from the customers during the year.

· Brakes India Limited, Best Supplier Award in category of Rubber and Plastics Certificate of Appreciation DOL implementation

· Tata Toyo Radiators Limited, Overall Outstanding Performance in Rubber Parts Category

· Toyoto Kirloskar Motors Limited, Achieving targets in the category of Delivery

· Ford India Limited, Certification for MMOG Implementation

· Sundram Fastners Limited, Excellence in the areas of Quality, Service and Value Added

TYRE SOLUTIONS DIVISION:

The Division has registered a marginal growth in turnover of Rs.1194.600 Million during the year 2013-14 as against Rs.1166.200 Million in 2012-13 due to slow down in the economy. The Turnover reflects the combined Sales figures of the Retreading Division Rs.1108.900 Million (Rs.1070.700 Million) and the Rubber Resources Division Rs.85.700 Million (Rs.955 Million). However, the profits were higher due to lower material cost.

The growth in the first quarter shows signs of the revival of the economy. The operating margins are also higher than the previous year. The Division is confident of achieving its budget for the current year.

SOLID TYRE DIVISION

The Turnover for the year 2013-14 was Rs.1005.500 Million as against Rs.979.700 Million in 2012-13. Lower raw material costs contributed to better profits.

The Division has planned for a growth of 17% in the current financial year, with increased focus in the domestic market.

The first quarter results have shown a growth of 18%. The outlook for the business is positive.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles
Motor Vehicles

· Office Equipment

· Other Equipments

Intangible Assets

· Computer Software

Know-How

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.69
UK Pound	1	Rs.92.99
Euro	1	Rs.63.37

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	KVT

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	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--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		63

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.