MIRA INFORM REPORT

Report No. :	323334
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	ATC TIRES PRIVATE LIMITED (w.e.f.26.03.2008)
Formerly Known As :	NM TYRES PRIVATE LIMITED
Registered Office :	Unit No. T-6 and 7, 5th Floor, High Street Phoenix, A Wing, 462, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Tel. No. :	91-22-39579600
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.07.2007
Com. Reg. No.:	11-172456
Capital Investment / Paid-up Capital :	Rs. 149.400 Million
CIN No.: [Company Identification No.]	U25111MH2007PTC172456
IEC No.:	0307085279
TAN No.: [Tax Deduction & Collection Account No.]	MUMN15214D
PAN No.: [Permanent Account No.]	AACCN5773A
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in manufacturing of Off Highway Tyres, which are primarily exported to different countries across the world.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 25000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of “Alliance Tire Group”, an entity in the global OTR Tires business. It is a well-established company having a good track record. Financial position of the company seems to be good during 2014. The rating also takes into consideration the companies experienced promoters and its group companies. Trade relations are reported to be 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 – 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	CARE
Rating	Long term Bank facilities = AA-
Rating Explanation	Have high degree of safety and carry very low credit risk.
Date	November 24, 2014

Rating Agency Name	CARE
Rating	Short term Bank facilities = A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	November 24, 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.

INFORMATION PARTED BY

Name :	Mr. Nilesh
Designation :	Account Executive
Contact No.:	91-22-39579600
Date :	18.05.2015

LOCATIONS

Registered/ Sales and Marketing Office :	Unit No. T-6 and 7, 5th Floor, High Street Phoenix, A Wing, 462, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-39579600
Fax No.:	91-22-39579699
E-Mail :	drathi@atgtire.com amahansaria@hotmail.com
Website :	http://www.atgtire.com
Factory :	Sipcot-SEZ, Plot No. A-2, Sipcot Industrial Growth Centre, Gangaikondan, District Tirunelveli - 627352, Tamilnadu, India

DIRECTORS

As On 24.05.2014

Name :

Mr. Ashokkumar Mahansaria

Designation :

Managing director

Address :

B-202, Anand Tirupati Apartment, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

12.12.1951

Qualification :

Inter Science

Experience :

43 Years

Date of Appointment :

29.08.2007

PAN No.:

AABPM1304L

DIN No.:

00090785

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	U51209MH1982PTC027109	YOGESH AGENCIES AND INVESTMENTS Private LIMITED	Director	10/05/1982	10/05/1982	-	Active	NO
2	U51900MH1985PTC035081	ACUMEN TRADING AND INVESTMENTS Private LIMITED	Director	04/06/1993	04/06/1993	-	Amalgamated	NO
3	U17120MH1978PTC020364	SUJATA TEXTILE MILLS PRIVATE LIMITED	Director	01/08/2006	01/08/2006	-	Active	NO
4	U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Managing director	29/08/2007	29/08/2007	-	Active	NO
5	U70101MH2014PTC257968	KESHAV PROPERTIES PRIVATE LIMITED	Director	10/09/2014	10/09/2014	-	Active	NO
6	U17291MH2015PTC263495	Astra Coated Fabrics Private Limited	Director	15/04/2015	15/04/2015	-	Active	NO
7	AAD-0378	BALGOPAL REALTY LLP	Body corporate as Designated Partner	10/12/2014	10/12/2014	-	Active	NO

Name :

Mr. Yogeshkumar Ashokkumar Mahansaria

Designation :

Director

Address :

B-202, Anand Tirupati Apartment, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

13.09.1975

Date of Appointment :

29.08.2007

PAN No.:

AABPM1313R

Voter ID No.:

MT/04/024/0216283

DIN No.:

00090323

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	U51900MH1985PTC035081	ACUMEN TRADING AND INVESTMENTS Private LIMITED	Director	08/07/2006	08/07/2006	-	Amalgamated	NO
2	U51209MH1982PTC027109	YOGESH AGENCIES AND INVESTMENTS Private LIMITED	Director	08/07/2006	08/07/2006	-	Active	NO
3	U17120MH1978PTC020364	SUJATA TEXTILE MILLS PRIVATE LIMITED	Director	01/08/2006	01/08/2006	-	Active	NO
4	U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Director	29/08/2007	29/08/2007	-	Active	NO
5	U70101MH2014PTC257968	KESHAV PROPERTIES PRIVATE LIMITED	Director	10/09/2014	10/09/2014	-	Active	NO
6	U17291MH2015PTC263495	Astra Coated Fabrics Private Limited	Director	15/04/2015	15/04/2015	-	Active	NO
7	AAD-0378	BALGOPAL REALTY LLP	Designated Partner	10/12/2014	10/12/2014	-	Active	NO

Name :

Mr. Gajendra Singh Kushwaha

Designation :

Whole-time director

Address :

19, Shree Rag Township, Near Narmada College, Zadeshwar Tavra Road, Zadeshwar, Bharuch – 392011, Gujarat, India

Date of Birth/Age :

05.07.1953

Qualification :

B.Sc. ,B.E. (Mechanical)

Experience :

35 Years

Date of Appointment :

29.09.2009

PAN No.:

ABUPS1700L

DIN No.:

02772542

Name :

Mr. Sanjay Omprakash Nayar

Designation :

Director

Address :

Flat No. 9, The Rushilla Cooperative Housing Society Limited, 17/C, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

13.10.1960

Date of Appointment :

26.06.2013

Voter ID No.:

ISD5002209

DIN No.:

00002615

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	U65990MH1984PLC033929	TCS e-Serve Limited	Nominee director	30/10/2001	30/10/2001	01/01/2009	Amalgamated	NO
2	U65900MH1997FLC109170	CITICORP FINANCE (INDIA) LIMITED	Director	20/12/2001	20/12/2001	31/01/2009	Amalgamated	NO
3	U67120MH2002PLC136776	CITICORP CAPITAL MARKETS LIMITED	Director	08/08/2002	08/08/2002	27/02/2009	Amalgamated	NO
4	U72200KA2004PLC072927	WIPRO TECHNOLOGY SERVICES LIMITED	Director	15/09/2004	15/09/2004	20/01/2009	Amalgamated	NO
5	U80101MH2002NPL136300	Pratham Education Foundation	Director	01/08/2005	01/08/2005	-	Active	NO
6	U63090MH2005PLC157251	Citicorp Clearing Services India Limited	Director	10/11/2005	10/11/2005	31/01/2009	Amalgamated	NO
7	U45201DL2005PTC142019	VALLEYVIEW PROBUILD PRIVATE LIMITED	Director	23/10/2006	23/10/2006	-	Active	NO
8	U80100TG1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	11/11/2006	11/11/2006	-	Active	NO
9	U67190MH2009FTC189794	KKR India Advisors Private Limited	Director	22/01/2009	22/01/2009	-	Active	NO
10	U67190TN1995PTC030045	KKR India Financial Services Private Limited	Director	15/09/2014	23/12/2009	-	Active	NO
11	U70102DL2010PTC198190	HERITAGE VIEW DEVELOPERS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
12	U65923MH2007PLC168721	GRAMEEN CAPITAL INDIA LIMITED	Director	30/09/2010	26/02/2010	-	Active	NO
13	U55101KA2008PLC046866	COFFEE DAY ENTERPRISES Limited	Nominee director	30/03/2010	30/03/2010	-	Active	NO
14	U85110KA1993PLC015001	COFFEE DAY GLOBAL LIMITED	Director	30/06/2010	07/06/2010	-	Active	NO
15	U10300DL2007PLC171250	DALMIA CEMENT VENTURES LIMITED	Director	24/09/2010	03/09/2010	30/05/2013	Amalgamated	NO
16	U65191TN1996PLC035963	Dalmia Cement (Bharat) Limited	Director	08/08/2011	03/09/2010	-	Active	NO
17	L64201DL2006PLC156038	Bharti Infratel Limited	Director	03/07/2013	31/01/2011	13/03/2015	Active	NO
18	L51504WB1978PLC031813	MAGMA FINCORP LIMITED	Director	12/07/2012	01/07/2011	-	Active	NO
19	U40101DL2005PLC138906	AVANTHA POWER AND INFRASTRUCTURE LIMITED	Director	01/11/2011	08/08/2011	27/11/2014	Active	NO
20	U80904MH2011NPL222392	Pratham Institute for Literacy Education and Vocational Training	Director	26/09/2011	26/09/2011	-	Active	NO
21	U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Director	26/06/2013	26/06/2013	-	Active	NO
22	U67190MH2013PTC245486	Grameen Capital Investment Advisors Private Limited	Director	11/07/2013	11/07/2013	-	Active	NO
23	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Director	25/08/2014	10/02/2014	-	Active	NO
24	U70109DL2014PTC265573	SEA VIEW PROBUILD PRIVATE LIMITED	Director	28/02/2014	28/02/2014	-	Active	NO
25	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Nominee director	17/06/2014	17/06/2014	-	Active	NO
26	U74120MH2015PTC262096	FSN Brands Marketing Private Limited	Director	19/02/2015	19/02/2015	-	Active	NO
27	U70102MH2015PTC262925	SEALINK VIEW PROBUILD PRIVATE LIMITED	Director	23/03/2015	23/03/2015	-	Active	NO

Name :

Mr. Akhil Puri

Designation :

Director

Address :

Unit 32, Apsara Bhojwani Nargis Dutt Road, Pali Hill, Near Dilip Kumar Bunglows, Bandra [West], Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

26.03.1975

Date of Appointment :

26.06.2013

Voter ID No.:

ROL4106233

DIN No.:

06612755

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	U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Director	26/06/2013	26/06/2013	-	Active	NO
2	U74900MH2014FTC256835	KKR Capstone India Operations Advisory Private Limited	Whole-time director	01/09/2014	04/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Damodar Rathi
Designation :	Secretary
Address :	C-210, Axita Cooperative Housing Society Limited, RNP Park, Jessal Park Road, Bhayender, Thane – 401105, Maharashtra, India
Date of Birth/Age :	03.01.1969
Date of Appointment :	11.12.2007
PAN No.:	ACGPR7336G
Voter ID No.:	YJE2124501
Name :	Mr. Angelo Noronha
Designation :	Chief - Marketing and Sales
Name :	Mr. Nilesh
Designation :	Account Executive

MAJOR SHAREHOLDERS

AS ON 24.05.2014

Names of Shareholders	No. of Shares
Turgco Limited, Cyprus	14943357
ATC Secretaries Limited, Cyprus	1
Total	14943358

AS ON 24.05.2014

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

BUSINESS DETAILS

Line of Business :

The Company is engaged in manufacturing of Off Highway Tyres, which are primarily exported to different countries across the world.

Products/ Services :

ITC Code No.	Product Descriptions
40116100	Tyres

Brand Names :

· Alliance Tire

· Galaxy

· Primex

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• America
• Africa
• Europe

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cheque

Purchasing :

Cheque

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

250 (Approximately)

Bankers :

· Axis Bank Limited

2nd Floor, Axis House, Bombay Dyeing Mills Compound, P.B. Marg, Worli, Mumbai - 400025, Maharashtra, India

· Export - Import Bank of India

Centre One, Floor 21, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks	610.500	661.500
Term loans from others	0.000	271.900
SHORT TERM BORROWINGS
Working capital loans from banks	128.100	1049.600
Total	738.600	1983.000

Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	14th Floor, The Ruby 29, Senapati Bapat Marg, Dadar [West], Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9118A
Fellow Subsidiary company :	· Alliance Tire Company Limited · Alliance Tire Americas Inc, USA · Alliance Tire Europe B.V · Alliance Tire Africa (PTY) Limited
Holding company :	Turgco Limited, Cyprus
Subsidiary company :	Qingdao Alliance Tire Company Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Yogesh Agencies and Investments Private Limited [U51209MH1982PTC027109]

CAPITAL STRUCTURE

AFTER 24.05.2014

Authorised Capital: Rs. 1500.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 1346.153 Million

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
14943358	Equity Shares	Rs. 10/- each	Rs. 149.400 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	149.400	149.400	132.876
(b) Reserves & Surplus	8492.600	4878.800	1897.118
(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)	8642.000	5028.200	2029.994
(3) Non-Current Liabilities
(a) Long-term borrowings	610.500	933.400	1382.486
(b) Deferred tax liabilities (Net)	117.900	88.600	75.869
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	88.100	158.200	212.166
Total Non-current Liabilities (3)	816.500	1180.200	1670.521
(4) Current Liabilities
(a) Short term borrowings	128.100	1049.600	1347.190
(b) Trade payables	826.200	611.000	567.975
(c) Other current liabilities	499.800	555.600	614.149
(d) Short-term provisions	77.800	226.300	91.992
Total Current Liabilities (4)	1531.900	2442.500	2621.306
TOTAL	10990.400	8650.900	6321.821
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3380.200	3098.200	2450.390
(ii) Intangible Assets	9.500	7.000	6.999
(iii) Capital work-in-progress	801.300	554.400	256.551
(iv) Intangible assets under development	2.000	0.000	0.000
(b) Non-current Investments	3.300	3.300	3.301
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1763.600	543.100	647.412
(e) Other Non-current assets	9.300	0.000	0.000
Total Non-Current Assets	5969.200	4206.000	3364.653
(2) Current assets
(a) Current investments	263.500	283.300	0.000
(b) Inventories	1585.300	1741.800	1527.464
(c) Trade receivables	1725.100	1521.800	1371.935
(d) Cash and cash equivalents	1288.300	828.300	20.583
(e) Short-term loans and advances	158.000	58.900	35.681
(f) Other current assets	1.000	10.800	1.505
Total Current Assets	5021.200	4444.900	2957.168
TOTAL	10990.400	8650.900	6321.821

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALE OF PRODUCTS		11749.200	8861.700	6509.600
	BUSINESS SUPPORT SERVICES INCOME		173.400	157.100	130.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3975.700	2295.200	740.700
Less/ Add	DEPRECIATION/ AMORTISATION		341.200	299.000	NA
	PROFIT BEFORE TAX		3634.500	1996.200	NA
Less	TAX		20.700	74.200	NA
	PROFIT AFTER TAX		3613.800	1922.000	446.700
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	11966.300	9069.900	6564.100
	Earnings Per Share (Rs.)		241.83	128.62	33.62

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	348.900	448.900	448.920
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	35.69	24.67	NA
Return on Investment (ROI) (PBT/Networth)		0.42	0.40	NA
Debt Equity Ratio (Total Liability/Networth)		0.12	0.48	1.56
Current Ratio (Current Asset/Current Liability)		3.28	1.82	1.13

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	132.876	149.400	149.400
Reserves & Surplus	1897.118	4878.800	8492.600
Net worth	2029.994	5028.200	8642.000
long-term borrowings	1382.486	933.400	610.500
Short term borrowings	1347.190	1049.600	128.100
Current Maturities of Long Term Debt	448.920	448.900	348.900
Total borrowings	3178.596	2431.900	1087.500
Debt/Equity ratio	1.566	0.484	0.126

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)
Sale of Products	6509.600	8861.700	11749.200
		36.133	32.584

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sale of Products	6509.600	8861.700	11749.200
Profit	446.700	1922.000	3613.800
	6.86%	21.69%	30.76%

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	Yes
12	Voter Id Card No. of Proprietor / Partners	Yes
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	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10534024	21/11/2014	309,000,000.00	Axis Bank Limited	2nd Floor, Axis House, Wadia International Center, PB Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	C35449511
2	10488763	22/07/2014 *	1,078,471,897.90	Axis Bank Limited	2ND FLOOR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P.B. MARG, WORLI, MUMBAI, Maharashtra - 400025, INDIA	C13855051
3	10136380	17/11/2014 *	2,902,000,000.00	Axis Bank Limited	GROUND FLOOR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P.B. MARG, WORLI, MUMBAI, Maharashtra - 400025, INDIA	C36211316

* Date of charge modification

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 105, Creative Industrial Estate, 72, N. M. Joshi Marg, Mumbai – 400092, Maharashtra, India to the present address w.e.f.15.03.2012.

GENERAL INFORMATION

Subject is a wholly owned subsidiary of Turgco Limited, Cyprus. The manufacturing plant of the Company is situated within a Special Economic Zone at Village Gangaikondan, District Tirunelveli, Tamilnadu. The company is in the process of setting up an export oriented manufacturing unit (‘EOU’) at Gujarat, India. The Company is engaged in manufacture of Off Highway Tyres, which are primarily exported to different countries across the world.

PROJECTS:

During the year,

1) The expansion of the Installed Capacity of the Tamil Nadu Plant from 61,000 Tons per annum to 84,000 Tons per annum (revised from the originally planned 91,000 Tons per annum) is under implementation and on schedule to be completed by mid-2014.

2) The commissioning of the 2nd Green-Field Tyre Manufacturing Plant in Gujarat, with an installed capacity of 50,000 tons per annum, is delayed by two months due to unprecedented heavy rains in the months of June to October 2013. The Trial Production for the first phase is scheduled for the last quarter of the Calendar Year 2014.

3) In view of the improved availability of Power for the Tamil Nadu Plant due to tie-ups with Private Power Producers, the Company has put on hold its plan to set up a Co-Generation Plant, as earlier proposed.

OPERATIONS:

The Company mainly operates in the ‘Off-Highway Tyres’ segment.

During the year, the Sales Revenue was Rs. 11749.200 Million and the Business Support Services Income was placed Rs. 173.400 Million, as compared to Rs 8861.700 Million and Rs. 157.100 Million respectively in the previous year.

During the year, the Profit before Depreciation and Tax was Rs. 3975.700 Million and the Profit after Tax was Rs 3613.800 Million, as compared to Rs 2295.200 Million and Rs 1922.000 Million respectively during the previous year.

OUTLOOK FOR THE CURRENT YEAR 2014-15

The Company has seen a pickup in demand from the North American and European markets, due to various initiatives taken to improve Distribution and Competitiveness. This is expected to help the Company fully utilize the additional capacity that will be available during the current year, leading to higher turnover. The Company currently has an order backlog of 2 months of production.

The tax exemption available to the Tamilnadu factory, which is an SEZ (Special Economic Zone) unit, will reduce from 100% of the Profits of the Unit to 50% of the Profits from the current year commencing April 1, 2014 leading to a higher tax liability in the coming years.

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipment’s

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipment’s

· Other equipment’s

· Leasehold improvements

· Computer software

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. 63.55
UK Pound	1	Rs. 99.86
Euro	1	Rs. 72.67

INFORMATION DETAILS

Information Gathered by :	SPY
Analysis Done by :	RAS
Report Prepared by :	PNM

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
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.