MIRA INFORM REPORT

Report No. :	322505
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	WHEELS INDIA LIMITED
Registered Office :	21, Pattulos Road, Chennai- 600002, Tamilnadu
Tel. No.:	91-44-28535327
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.06.1960
Com. Reg. No.:	18-004175
Capital Investment / Paid-up Capital :	Rs.120.323 Million
CIN No.: [Company Identification No.]	L35921TN1960PLC004175
TAN No.: [Tax Deduction & Collection Account No.]	CHEW00004E
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Public limited liability company. Company’s Shares are listed on Stock Exchange
Line of Business :
No. of Employees :	Information Declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

A (67)

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 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and a reputed company having good track. Financial position of the company seems to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management non – co-operative (91-44-26234309)

LOCATIONS

Registered Office :	21, Pattulos Road, Chennai- 600002, Tamilnadu, India
Tel. No.:	91-44-28535327
Fax No.:	Not Avaialble
E-Mail :	srivathsan@wheelsindia.com
Website :	www.wheelsindia.com
Factory 1:	Padi Chennai- 600050, Tamilnadu, India
Factory 2 :	22km Rampur, Tanda Road Rampur – 244 925, Uttar Pradesh, India
Factory 3 :	Plot No.C-1, Ranjangaon Growth Centre, Karegaon Village, Shirur Taluk, Pune District- 412210, Maharashtra, India
Factory 4:	Plot No.11-18 Sector-7, HSIDC growth Centre, Bawal, Rewari District- 123501, Haryana, India
Factory 5 :	Sripermbudur, Kandhipuram District- 602105, Tamilnadu, India
Factory 6 :	Plot No.56, Sector11, Integrated Industrial Estate IIE, Pantnagar- Udham Singh Nagar, Uttarkhand- 263153, India
Factory 7 :	Plot No.D-3, Deoli Growth Centre, Deoli MIDC, Taluka Deoli, District Wardha-442101, Maharashtra, India
Factory 8 :	Dp No. 70 (P), Survey No. 214 (P), Sidco Industrial Estate, Thirumudivakkam, Sriperumbudur Taluk, Kanchipuram District, Chennai – 600 044, Tamilnadu, India

DIRECTORS

As on 31.03.2014

Name :

Mr. S Ram

Designation :

Chairman and Managing Director

Date of Birth

74 years

Qualification

Mechanical Engineer from Guindy Engineering College, Chennai and Master’s Degree in production engineering from Birmingham University, UK.

Experience

Has over five decades of experience in automotive industry.

DIN No.:

00018309

Date of Appointment:

01.05.2014

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	U34101TN1929PTC002973	T.V. SUNDRAM IYENGAR & SONS Private Limited	Director	25-12-1970	25-12-1970	-	Active	NO
2	U65991TN1943PTC002656	SUNDARAM INDUSTRIES Private 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	23-01-2015	24-01-2006	-	Active	NO

Name :

Mr. S Viji

Designation :

Director

Date of Birth

68 years

Qualification

B.Com, A.C.A, M.B.A (University of Michigan, Ann Arbor)

Experience

Has over four decades of experience in financial services and automotive industries.

DIN No.:

00139043

Date of Appointment:

31.07.1986

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	U35999TN1962PTC004928	BRAKES INDIA PRIVATE LIMITED	Managing director	01-04-2010	02-10-1975	-	Active	NO
2	U34101TN1929PTC002973	T.V. SUNDRAM IYENGAR & SONS PRIVATE LIMITED	Director	30-08-1976	30-08-1976	-	Active	NO
3	U65991TN1943PTC002656	SUNDARAM INDUSTRIES PRIVATE 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	U28113TN2010PTC075244	FLOMETALLIC INDIA Private 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. J M A Akers

Designation :

Director

Name :

Mr. Srivats Ram

Designation :

Managing Director

Date of Appointment:

01.05.2013

DIN No.:

00063415

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	U65993TN1982PLC009756	MAHAM HOLDINGS LIMITED	Director	26-06-1989	26-06-1989	-	Active	NO
2	U65993TN1982PTC009755	REVATHI HOLDINGS PRIVATE LIMITED	Director	26-06-1989	26-06-1989	-	Active	NO
3	L35921TN1960PLC004175	WHEELS INDIA LIMITED	Managing director	01-05-2013	01-10-2000	-	Active	NO
4	U34101TN1929PTC002973	T.V. SUNDRAM IYENGAR & SONS Private Limited	Director	16-06-2005	16-06-2005	-	Active	NO
5	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	02-09-2005	02-09-2005	05-09-2012	Active	NO
6	U27209TN1981PLC008630	AXLES INDIA LIMITED	Director	29-06-2006	29-06-2006	-	Active	NO
7	U71290TN2007PLC065658	SUNDARAM HYDRAULICS LIMITED	Managing director	01-04-2013	07-12-2007	-	Active	NO
8	U65993TN1982PTC009757	PADMALAKSHMI HOLDINGS PRIVATE LIMITED	Director	07-04-2009	07-04-2009	-	Active	NO
9	U74999TN2012PLC088527	ENFFLUENCE TECHNOLOGIES LIMITED	Director	16-11-2012	16-11-2012	-	Active	NO

Name :

Mr. T S. Vijayaraghavan

Designation :

Director

Date of Birth

73 years

Qualification

BE (Electrical and Mechanical), Graduate in Electronics and Telecommunication Engineering, certificate holder in Metallurgy and Doctor of Science (Honoris Causa).

Date of Appointment:

08.09.2014

DIN No.:

00063728

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	L35921TN1960PLC004175	WHEELS INDIA LIMITED	Director	08-09-2014	22-03-2004	-	Active	NO
2	L32201TN1984PLC011434	SPEL SEMICONDUCTOR LIMITED	Director	20-08-2004	20-08-2004	08-09-2014	Active	NO
3	L45201TN1997PLC038610	CONSOLIDATED CONSTRUCTION CONSORTIUM LIMITED	Director	16-04-2007	16-04-2007	29-10-2007	Active	NO
4	U31900TN2007PLC063934	NATRONIX SEMICONDUCTOR TECHNOLOGY LIMITED	Director	13-06-2007	13-06-2007	23-01-2009	Active	NO

Name :

Mr. S Prasad

Designation :

Director

Date of Birth

66 years

Qualification

F.C.A

Experience

Has ten years’ experience in industry as finance professional and thirty years’ experience as a practicing Chartered Accountant.

Date of Appointment:

08.09.2014

DIN No.:

00063667

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	L35921TN1960PLC004175	WHEELS INDIA LIMITED	Director	08-09-2014	22-03-2004	-	Active	NO
2	L65991TN1954PLC000958	INDIA MOTOR PARTS & ACCESSORIES LIMITED	Director	29-09-2014	26-04-2007	-	Active	NO
3	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	16-09-2014	28-10-2008	-	Active	NO
4	U50102TZ2008PLC014932	SAKTHI AUTO MOTORS LIMITED	Director	12-06-2010	07-09-2009	12-08-2014	Active	NO
5	U67200TN2000PLC045611	ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED	Director	18-03-2015	25-03-2010	-	Active	NO
6	U67110TN2000PLC056075	MSE FINANCIAL SERVICES LIMITED	Director	19-01-2012	19-01-2012	03-02-2015	Active	NO

Name :

Aroon Raman

Designation :

Director

Date of Birth

54 years

Qualification

Post-graduate degree in Economics from Jawaharlal Nehru University, New Delhi and an MB A from The Wharton School, University of Pennsylvania, USA, majoring in Finance and Marketing.

Date of Appointment:

08.09.2014

DIN No.:

00201205

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	U73100KA1990PTC010732	TELOS INVESTMENTS & TECHNOLOGIES PRIVATE LIMITED	Director	13-02-1990	13-02-1990	-	Active	NO
2	U20232KA1978PLC003383	RAMAN BOARDS LTD	Director	13-07-1991	13-07-1991	01-03-2007	Amalgamated	NO
3	U08031KA1993PTC014692	ARYAMUN INVESTMENTS PRIVATE LIMITED	Director	10-01-2003	10-01-2003	-	Strike off	NO
4	U21099KA2007PTC041393	H&V ADVANCED MATERIALS (INDIA) PRIVATE LIMITED	Director	05-01-2007	05-01-2007	-	Active	NO
5	U65993KA1990PTC010733	ATUR INVESTMENTS PRIVATE LIMITED	Director	25-02-2007	25-02-2007	-	Strike off	NO
6	U74140KA2007PTC042217	EDUTECH NTTF INDIA PRIVATE LIMITED	Director	15-07-2008	15-07-2008	-	Active	NO
7	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	16-09-2014	27-02-2009	-	Active	NO
8	U93000KA1964ULL001532	KARNATAKA STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	20-04-2010	20-04-2010	02-04-2011	Active	NO
9	L35921TN1960PLC004175	WHEELS INDIA LIMITED	Director	08-09-2014	15-04-2011	-	Active	NO
10	U34100TN2009PLC071439	TVS AUTOMOBILE SOLUTIONS LIMITED	Director	29-09-2011	13-06-2011	-	Active	NO
11	L85110KA1995PLC019126	BRIGADE ENTERPRISES LIMITED	Director	05-08-2014	29-10-2013	-	Active	NO
12	L29224TN1954PLC000318	CARBORUNDUM UNIVERSAL LIMITED	Director	01-08-2014	30-10-2013	-	Active	NO

Name :

Mr B Santhanam

Designation :

Independent Director

Date of Birth

57 years

Qualification

B.Tech ( IIT Madras), PGDM (IIM Ahemdabad).

Date of Appointment:

08.09.2014

DIN No.:

00494806

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	L26101MH1973PLC018367	SAINT-GOBAIN SEKURIT INDIA LIMITED	Director	20-08-1997	20-08-1997	30-01-2009	Active	NO
2	U26109TN1997PTC037875	SAINT-GOBAIN INDIA PRIVATE LIMITED	Managing director	22-01-2013	22-01-1998	-	Active	NO
3	U91110DL1998PLC097217	INDIAN GLASS MANUFACTURERS' ASSOCIATION	Director	17-08-2000	17-08-2000	-	Active	NO
4	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	04-09-2002	04-09-2002	30-06-2007	Active	NO
5	U73100TN2006NPL059651	IIT MADRAS RESEARCH PARK	Director	27-09-2010	15-12-2009	-	Active	NO
6	U73100TN2012PTC087371	SAINT-GOBAIN RESEARCH INDIA PRIVATE LIMITED	Director	30-09-2013	27-08-2012	-	Active	NO
7	L35921TN1960PLC004175	WHEELS INDIA LIMITED	Director	08-09-2014	08-09-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S Srivathsan
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	4905569	40.77
Sub Total	4905569	40.77
(2) Foreign
Bodies Corporate	4118640	34.23
Sub Total	4118640	34.23
Total shareholding of Promoter and Promoter Group (A)	9024209	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	628982	5.23
Financial Institutions / Banks	1493	0.01
Insurance Companies	175370	1.46
Foreign Institutional Investors	1458	0.01
Sub Total	807303	6.71
(2) Non-Institutions
Bodies Corporate	835870	6.95
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1205022	10.01
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	61674	0.51
Any Others (Specify)	98201	0.82
Clearing Members	6746	0.06
Directors & their Relatives & Friends	30741	0.26
Hindu Undivided Families	27819	0.23
Non Resident Indians	26372	0.22
Escrow Account	6523	0.05
Sub Total	2200767	18.29
Total Public shareholding (B)	3008070	25.00
Total (A)+(B)	12032279	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)	12032279	100.00

BUSINESS DETAILS

Line of Business :
Products :
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 :

Information Declined by the Management.

Bankers :

• United Bank of India
• State Bank of India
• Standard Chartered Bank
• HDFC Bank Limited

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
A)Term Loans from Bank
Secured by equitable mortgage of land and buildings at Padi	0.000	160.000
By first Charge by way of hypothecation of specific machinery	487.413	1238.805
B) Term Loans from others
By first Charge by way of hypothecation of specific machinery	250.000	0.000
Short-term borrowings
Loans repayable on demand from Banks (Secured by hypothecation by way of first charge on all movable assets present and future, consisting of stock of raw materials,work-in-process, finished goods, consumable stores and spares, goods-in-transit and book debts).	1262.676	1081.549
Total	2000.089	2480.354

Auditors :
Name :	Sundaram And Associates Chartered Accountant
Address :	Chennai
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	T.V Sundram Lyengar and Sons Limited Axles India Limited Titan Europe Plc. Sundaram Hydraulics Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12032279	Equity Shares	Rs.10/- each	Rs. 120.323 Million

During the year, in order to comply with the Securities Contract (Regulation) Rules, 1957 and Clause 40A of the Equity Listing Agreement with National Stock Exchange of India Limited, which requires the Company to maintain a minimum public shareholding of 25%, the Company issued and allotted 21,62,835 equity shares of face value of Rs.10/- each at an Issue Price of Rs.400/- per equity share (including a premium of Rs.390/- per equity share) on March 22, 2014 by way of a Rights Issue to the eligible non promoter equity shareholders in the ratio of 51 Rights Equity shares for every 20 Equity Shares held on the Record date, i.e. February 14, 2014. The proceeds of the issue were fully utilised for the purpose for which issue was made as mentioned in the Letter of Offer dated 18th February, 2014 namely repayment /prepayment of certain identified loans availed by the Company and for general corporate purposes

Rights, Preferences and restrictions

The Company has only one class of equity shares having a par value of Rs.10/- per share. Each member is entitled to one vote by show of hands and while on poll, every shareholder is entitled to vote in proportion to their holdings.

Shareholding of shareholders holding

Type	31.03.2014	31.03.2013
more than 5% of shares as at	(Number of shares in Million)	(Number of shares in Million)
T V Sundram Iyengar & Sons Limited	2.456	2.456
Southern Roadways Limited	1.116	1.116
Sundaram Finance Limited	1.334	1.334
Titan Europe Plc, UK	4.119	3.544

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	120.323	98.694	98.694
(b) Reserves & Surplus	3515.536	2489.829	2292.236
(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)	3635.859	2588.523	2390.930
(3) Non-Current Liabilities
(a) long-term borrowings	1221.968	2047.380	1765.189
(b) Deferred tax liabilities (Net)	583.805	563.264	504.791
(c) Other long term liabilities	20.283	342.500	32.813
(d) long-term provisions	19.518	21.446	20.747
Total Non-current Liabilities (3)	1845.574	2974.590	2323.540
(4) Current Liabilities
(a) Short term borrowings	1352.640	1290.652	1386.501
(b) Trade payables	3095.349	2295.219	3472.633
(c) Other current liabilities	1150.973	1441.741	996.625
(d) Short-term provisions	237.506	259.801	246.419
Total Current Liabilities (4)	5836.468	5287.413	6102.178
TOTAL	11317.901	10850.526	10816.648
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4630.873	4352.863	4042.808
(ii) Intangible Assets	22.559	34.314	44.504
(iii) Capital work-in-progress	475.542	542.725	311.746
(iv) Machinery in Trnsit	0.000	3.065	1.060
(b) Non-current Investments	166.811	176.896	181.726
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	162.804	295.062	234.414
(e) Other Non-current assets	62.850	22.255	13.605
Total Non-Current Assets	5521.439	5427.180	4829.863
(2) Current assets
(a) Current investments	5.000	5.000	5.000
(b) Inventories	2339.209	2157.043	2616.130
(c) Trade receivables	3025.137	2886.805	2931.816
(d) Cash and cash equivalents	27.936	16.703	12.135
(e) Short-term loans and advances	398.451	356.949	420.893
(f) Other current assets	0.729	0.846	0.811
Total Current Assets	5796.462	5423.346	5986.785
TOTAL	11317.901	10850.526	10816.648

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	18231.524	19238.438	20775.439
	Other Income	20.049	28.403	22.892
	TOTAL (A)	18251.573	19266.841	20798.331
Less	EXPENSES
	Cost of Materials Consumed	12202.466	12965.653	14817.479
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(79.851)	174.462	(193.190)
	Employees benefits expense	1915.476	1796.153	1682.633
	Other expenses	2717.936	2794.164	2831.617
	TOTAL (B)	16756.027	17730.432	19138.539
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1495.546	1536.409	1659.792
Less	FINANCIAL EXPENSES (D)	553.492	554.940	613.495
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	942.054	981.469	1046.297
Less/ Add	DEPRECIATION/ AMORTISATION (F)	553.415	535.932	504.655
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	388.639	445.537	541.642
Less	TAX (H)	104.541	126.773	198.144
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	284.098	318.764	343.498
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	3585.624	3431.612	3202.904
	TOTAL EARNINGS	3585.624	3431.612	3202.904
	IMPORTS
	Raw Materials	675.119	952.672	1517.704
	Components and Stores parts	11.576	20.253	17.920
	Capital Goods	197.734	107.056	25.529
	TOTAL IMPORTS	884.429	1079.981	1561.153
	Earnings / (Loss) Per Share (Rs.)	27.06	30.61	34.80

QUARTERLY RESULTS

Particulars	Jun 2014	Sep 2014	Dec 2014
Audited / UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	4888.200	5151.200	4766.300
Total Expenditure	4495.300	4773.600	4399.000
PBIDT (Excl OI)	392.900	377.600	367.300
Other Income	9.400	8.900	5.000
Operating Profit	402.300	386.500	372.300
Interest	141.200	149.800	150.700
Exceptional Items	0.000	0.000	0.000
PBDT	261.100	236.700	221.600
Depreciation	148.500	99.100	137.200
Profit Before Tax	112.600	137.600	84.400
Tax	34.500	42.500	27.800
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	78.100	95.10	56.600
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	78.100	95.100	56.60

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.56	1.66	1.65
Operating Profit Margin (PBIDT/Sales)	(%)	8.20	7.99	7.99
Return on Total Assets (PBT/Total Assets}	(%)	3.64	4.40	5.25
Return on Investment (ROI) (PBT/Networth)		0.11	0.17	0.23
Debt Equity Ratio (Total Debt /Networth)		0.71	1.29	1.32
Current Ratio (Current Asset/Current Liability)		0.99	1.03	0.98

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	98.694	98.694	120.323
Reserves & Surplus	2292.236	2489.829	3515.536
Net worth	2390.930	2588.523	3635.859
long-term borrowings	1765.189	2047.380	1221.968
Short term borrowings	1386.501	1290.652	1352.640
Total borrowings	3151.690	3338.032	2574.608
Debt/Equity ratio	1.318	1.290	0.708

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	20775.439	19238.438	18231.524
		(7.398)	(5.234)

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	20775.439	19238.438	18231.524
Profit	343.498	318.764	284.098
	1.65%	1.66%	1.56%

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	--
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

MANAGEMENT DISCUSSION AND ANALYSIS

In the year 2013, the global economy continued to struggle with GDP growth estimated to be only 2.5%. While western economies remained sluggish throughout the year, the year also saw a marked slowdown in India and China. In India, the economy grew at its slowest rate in a decade with GDP growth estimated to be 4.7%. This was compounded by persistently high inflation, a slowing down of capital formation and stagnant industrial production, affecting demand in your Company’s key industry segments.

The poor sentiment in the market resulted in negative growth of 6% in the passenger car market, for the first time in decades. The year saw the Government systematically reduce the gap in price between petrol and diesel which resulted in a shift in demand towards petrol cars. The market was driven by new product launches and saw a shift in volume towards the premium B segment. There was a double digit decline in the utility vehicle market that was affected by both the increasing diesel prices and the slowing of economic activity.

The slowing down of the economy in the last year resulted in less goods movement and underutilization of trucks by fleets. This took place at a time when fuel costs increased on a monthly basis affecting the viability of operations for truck operators, with no prospects for improving conditions. These business prospects for good carriage operators resulted in a decline of more than 25% in the commercial vehicle industry. The decline was across the board from small trucks to heavy commercial vehicles.

A good monsoon resulted in record levels of agricultural output and a buoyant growth of the agricultural tractor industry in the last year. The tractor industry grew by 19% in the last financial year as farmers increasingly looked at mechanization to overcome labour availability issues. The construction and mining equipment industry continued to be adversely affected through the year and registered negative growth.

There was delay in implementation of the JNNU RM scheme for buses, which resulted in the demand for air suspension systems to be stagnant in the last year. The power equipment sector was badly affected by slow execution of projects on account of land acquisition, coal linkages, environmental clearances, social issues and funding and declined by 20% in the last year.

The Company saw sales decline by 5.3% in the last financial year, largely affected by the steep decline in volumes across the commercial vehicle industry. The decline in our sales to the passenger car and utility vehicle industry was made up by our increased sales to the agricultural tractor industry. There was a marginal improvement in our exports. The Company was affected by inflationary headwinds that resulted in significant hikes in government controlled power tariffs and minimum wages. At the same time, the steel price increased in the second half of the year increasing their input cost. There was an effective review mechanism within the Company with a focus on controlling and reducing costs that enabled the Company to manage in these difficult times.

While the last year saw low levels of growth, the government had improved the current account deficit and fiscal deficit levels by the year end. The current year is filled by the prospects of some improvement in economic activity with a new government coming to power. This should in time result in improved sentiments and an uptick in infrastructural and industrial activity in the country. It is expected that this could positively impact the automotive and commercial vehicle segments towards the latter part of the current year. The agricultural tractor industry is likely to see muted growth in the current year, following year of record production and high growth. Further, there is some uncertainty regarding the impact of global climatic patterns on our monsoons that could dampen growth in the sector. It is expected that in the latter part of the current year that economic activity and infrastructure development pick up, resulting in growth of construction and mining equipment market. Similarly, we expect that there will be some improvements in the power sector with the new government in place. There are orders from state transport undertakings for buses with air suspension which would result in some growth in the air suspension business of the Company. While the business environment remains difficult, it is expected that prospects could improve in the latter part of the current year.

The Company received major awards for its performance in the year under review as a supplier from key customers like Ashok Leyland, Caterpillar, Hyundai, John Deere, Mahindra & Mahindra, Maruti Suzuki, TAFE, Toyota and Volvo-Eicher.

STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2014

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Nine Months Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	4374.000	4698.300	13525.900
b) Other operating income	392.300	452.900	1279.800
Total income from Operations(net)	4766.300	5151.200	14805.700
2.Expenditure
a) Cost of material consumed	3164.100	3541.700	9957.400
b) Purchases of stock in trade	0.000	0.000	0.000
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(17.000)	(10.800)	(10.600)
d) Employees benefit expenses	529.200	526.500	1571.800
e) Depreciation and amortization expenses	137.200	99.100	384.800
f) Other expenditure	722.700	716.200	2149.300
Total expenses	4536.200	4872.700	14052.700
3. Profit from operations before other income and financial costs	230.100	278.500	753.000
4. Other income	5.000	8.900	23.300
5. Profit from ordinary activities before finance costs	235.100	287.400	776.300
6. Finance costs	150.700	149.800	441.700
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	84.400	137.600	334.600
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	84.400	137.600	334.600
10.Tax expenses	27.800	42.500	104.800
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	56.600	95.100	229.800
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	56.600	95.100	229.800
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	120.300	120.300	120.300
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	0.000	0.000	0.000
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	4.70	7.90	19.10
(b) Diluted	4.70	7.90	19.10

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Nine Months Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	3008070	3008070	3008070
- Percentage of shareholding	25.00	25.00	25.00
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	NIL	NIL	NIL
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	NA	NA	NA
Percentage of shares (as a % of total share capital of the company)	NA	NA	NA
b) Non Encumbered
Number of shares	9024209	9024209	9024209
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	75.00	75.00	75.00
	3 Months Ended 31.12.2014
B. Investor Complaints
Pending at the beginning of the quarter	NIL
Receiving during the quarter	2
Disposed of during the quarter	2
Remaining unreserved at the end of the quarter	NIL

Notes:

1. The above results were reviewed by the Audit Committee held on 3.2.2015 and approved by the Board of Directors in their meeting held on 3.2.2015.

2. The Company has exercised option as per AS 11 (notified) under the Companies (Accounting Standards) Rules, 2006 and accordingly the foreign exchange fluctuation has been adjusted in the cost of fixed assets and foreign currency monetary items translation difference account.

3. Automotive Components is the only reportable segment of the Company

4. Depreciation on all fixed assets has been provided in accordance with Schedule II of the Companies Act, 2013. Accordingly, an amount of Rs. 29.293 Million (Net of deferred tax of Rs. 15.084 Million) has been recognised in the opening balance of retained earnings where the remaining useful life of the asset is Nil as on 1st April, 2014.

5. In respect of other fixed assets, depreciation has been provided on straight line method (SLM) for all assets as against the policy of providing depreciation on written down value basis / production unit basis for some fixed assets and straight line basis for others retrospectively as required by Accounting Standard - 6 issued by the Institute of Chartered Accountants of India. The above change has resulted in lower depreciation for the quarter and nine months ended 31st December, 2014 of Rs. 1.260 Million and Rs. 38.574 Million respectively with consequential impact on profit.

1. Statutory auditors of the Company have carried out a limited review of the above financial results.

2. Figures for the previous year / period have been regrouped in accordance with the requirements applicable in the current year / period.

3. The Board of Directors in their meeting held on 03.2.2015 approved interim dividend of Rs.3/-Per equity share of Rs.10/- each amounting to Rs.36.097 Million the record date for the payment of interim dividend is 13.2.2015.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deferred payment liabilities
From State Government under Interest Free Sales tax Deferral Scheme	25.447	34.950
Fixed Deposits	459.108	613.625
Short-term borrowings
Loans repayable on demand from Banks	0.000	162.915
Fixed Deposits	89.964	46.188
Total	574.519	857.678

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10555961	10/03/2015	200,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI,  MAHARASHTRA - 400001, INDIA	C47215868
2	10550412	28/01/2015	250,000,000.00	Axis Bank Limited	CORPORATE BANKING BRANCH, 192, GROUND FLOOR, KARUMUTHU NILAYAM, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	C44251510
3	10502754	28/10/2014 *	250,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA	C31934789
4	10480621	24/02/2014	250,000,000.00	BAJAJ FINANCE LIMITED	MUMBAI PUNE ROAD AKURDI, PUNE, MAHARASHTRA - 411035, INDIA	B97599328
5	10412436	04/03/2013	400,000,000.00	THE FEDERAL BANK LIMITED	61, ANNA SALAI,, CHENNAI, TAMIL NADU - 600002, INDIA	B71002695
6	10341867	29/02/2012	350,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING FLOOR 21 WORLD TRADE CENTRE,  COMPLEX CUFEE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B34904557
7	10244574	25/07/2012 *	500,000,000.00	Axis Bank Limited	GROUND FLOOR, KARUMUTHU NILAYAM, NO 192 ANNA SALA  I, CHENNAI, TAMILADU - 600002, INDIA	B45197449
8	80036646	30/05/2013 *	3,350,000,000.00	United Bank of India	117 ARMENIAN STREET, CHENNAI, TAMIL NADU - 600001,  INDIA

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Bills discounted with Banks	1076.653	940.081
Disputed amounts in respect of sales tax, service tax, customs duty and Value Added Tax which are contested in appeal and not provided for (of which a sum of Rs.0.463 Million (previous year Rs.1.196 Million) paid under protest appears under Long term Loans and Advances in the Balance Sheet)	12.228	11.531
Contingent Liability towards demand for enhanced compensation for Land at Bawal, Haryana not provided for	8.373	17.210
Total	1097.254	968.822

FIXED ASSETS

Tangible Assets

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicle
• Office Equipment

Intangible Assets

• Computer Software
• Technical 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	GTA

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	8
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		67

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.