MIRA INFORM REPORT

Report No. :	322827
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	SUNDARAM BRAKE LININGS LIMITED.
Registered Office :	180, Anna Salai, Chennai – 600006, Tamilnadu
Tel No :	91-44-42205300, 42205407
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.09.1974
Com. Reg. No.:	18-006703
Capital Investment / Paid-up Capital :	Rs. 39.346 Million
CIN No.: [Company Identification No.]	L34300TN1974PLC006703
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCS4888E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Not Divulged
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject belongs to the TVS Group. It is an established company having a fine track record. The company has incurred a loss from its operations during 2014. However, General Financial position of the company seems to be decent. The rating also takes into consideration the strong parentage of the company and strong market position in the friction material segment in India. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	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	Term Loan Facilities = BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	April, 2015

Rating Agency Name	ICRA
Rating	Short Term Fund based limits = A2
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	April, 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED BY

Management Non - Co-operative (91-44-42205572)

LOCATIONS

Registered Office :	180, Anna Salai, Chennai – 600006, Tamilnadu, India.
Tel No :	Not Available
E-Mail :	srb@tvssbl.com finance@tvssbl.com
Website :	www.tvsbrakelinings.com
Factory 1 :	Padi, Chennai 600 050, Tamilnadu, India
Tel. No.:	91-44-42205300, 42205407
Fax No.:	91-44-42205572
E-Mail :	sbl@tvssbl.com
Factory 2 :	TSK Puram - Plant I and II, Mustakurichi Post, Kamarajar District - 626 106, Tamilnadu, India
Tel. No.:	91-4566-250290 to 250295
Factory 3 :	Plant 4 and 5 - Mahindra World City (SEZ) Natham Sub-Post, Chengalpet Kancheepuram District - 603 002, Tamilnadu, India
Tel. No.:	91-44-47490005

DIRECTORS

As on : 31.03.2014

Name :

Mr. K Mahesh

Designation :

Chairman

Address :

New No.81, (Old No.39), First Main Road, Raja Annamalaipuram, Chennai – 600 028, Tamil Nadu, India.

Date of Birth/Age :

11.10.1943

Date of Appointment :

26.05.2014

DIN No.:

00051438

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	U60221TN1946PLC002582	SOUTHERN ROADWAYS LIMITED	Director	29/01/1975	29/01/1975	-	Active	NO
2	L34300TN1974PLC006703	SUNDARAM BRAKE LININGS LIMITED	Director	26/05/2014	23/04/1975	-	Active	NO
3	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	28/07/1975	28/07/1975	-	Active	NO
4	U34101TN1929PTC002973	T.V. SUNDRAM IYENGAR & SONS Private Limited	Whole-time director	1/4/2013	30/08/1976	-	Active	NO
5	U65991TN1943PTC002656	SUNDARAM INDUSTRIES Private Limited	Director	30/11/1978	30/11/1978	15/06/2013	Active	NO
6	U29309TN1997PTC038164	TVS GLOBAL TRADE PRIVATE LIMITED	Director	13/05/1997	13/05/1997	-	Active	NO
7	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO

Name :

Mr. Krishna Ramesh

Designation :

Director

Address :

Lakshmi Building, Usilampatti Road, Kochadai, Madurai-625 016, Tamil Nadu, India.

Date of Birth/Age :

17.02.1939

Date of Appointment :

16.11.1982

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	U34101TN1929PTC002973	T.V. SUNDRAM IYENGAR & SONS Private 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	6/3/1972	6/3/1972	-	Active	NO
4	U65991TN1943PTC002656	SUNDARAM INDUSTRIES Private 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
8	U01211TN1982PLC009203	MENAL FARMS LIMITED	Director	23/02/2015	23/02/2015	-	Active	NO

Name :

Mr. T Kannan

Designation :

Director

Address :

Thiagarajar Mills premises Kappalur, Madurai-625 008, Tamil Nadu, India.

Date of Birth/Age :

09.05.1953

Date of Appointment :

16.07.1999

DIN No.:

00040674

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	L17111TN1946PLC003270	VTM LIMITED	Director	23/03/1973	23/03/1973	-	Active	NO
2	U27209TN1935PTC002515	THIAGARAJAR MILLS Private LIMITED	Managing director	25/08/2008	1/7/1976	-	Active	NO
3	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	1/9/1986	1/9/1986	-	Active	NO
4	U17115TN1990PLC018665	COLOUR YARNS LTD	Director	10/6/1992	10/6/1992	-	Active	NO
5	L34300TN1974PLC006703	SUNDARAM BRAKE LININGS LIMITED	Director	16/07/1999	16/07/1999	-	Active	NO
6	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	14/07/2014	27/01/2000	-	Active	NO
7	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Director	23/08/2005	23/08/2005	-	Active	NO
8	U01712TZ2005PLC012329	SIMA TEXTILE PROCESSING CENTRE LIMITED	Director	1/12/2005	1/12/2005	-	Active	NO
9	U93000TZ2007PLC013588	SIMA TEXTILE PARK COMPANY LIMITED	Director	30/03/2007	30/03/2007	-	Strike off	NO
10	U74990TN2010PLC076714	THIAGARAJAR TELEKOM SOLUTIONS LIMITED	Director	23/07/2010	23/07/2010	-	Active	NO
11	U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Director	16/09/2011	15/11/2010	12/6/2013	Active	NO

Name :

Mr. P S Raman

Designation :

Director

Address :

Raman and associates, Lloyd Corner, No.200, Lloyds Road, Chennai – 600 014, Tamil Nadu, India

Date of Birth/Age :

07.11.1960

Date of Appointment :

29.07.2004

DIN No.:

00003606

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	L34300TN1974PLC006703	SUNDARAM BRAKE LININGS LIMITED	Director	29/07/2004	29/07/2004	-	Active	NO
2	L17121TN1988PLC015655	CELEBRITY FASHIONS LIMITED	Director	23/09/2013	6/9/2005	-	Active	NO
3	L18101TN2009PLC073017	Indian Terrain Fashions Limited	Director	30/09/2011	20/09/2010	-	Active	NO

Name :

Mr. Ashok V Chowgule

Designation :

Director

Address :

Kanchanjunga 5^th Floor, Pedder Road, KEMPS Corner, Mumbai-400 026, Maharashtra, India.

Date of Birth/Age :

25.01.1948

Date of Appointment :

22.01.2007

DIN No.:

00018970

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	U51109GA1963PTC000010	CHOWGULE INDUSTRIES Private LIMITED	Director	7/6/1974	7/6/1974	-	Active	NO
2	U36991GA1965PTC000028	CARTYBON PRIVATE LIMITED	Director	9/6/1974	9/6/1974	-	Active	NO
3	U63031GA1965PTC000041	CHOWGULE AND COMPANY Private LIMITED.	Managing director	1/2/2015	16/08/1974	-	Active	NO
4	U99999MH1977PLC019836	KELTECH ENERGIES LIMITED	Director	19/05/2000	19/05/2000	-	Not Available for eFiling	NO
5	U35111GA2002PTC003085	CHOWGULE SHIPBUILDING PRIVATE LIMITED	Director	27/03/2002	27/03/2002	-	Active	NO
6	L30007KA1977PLC031660	KELTECH ENERGIES LIMITED	Director	4/3/2003	4/3/2003	-	Active	NO
7	U13100GA1999PTC002658	DOLPHIN ORE EXTRACTION PRIVATE LIMITED	Director	3/11/2004	3/11/2004	-	Active	NO
8	U13100GA1999PTC002657	DOLPHIN EXTRUSIONS PRIVATE LIMITED	Director	3/11/2004	3/11/2004	-	Active	NO
9	U13100GA1999PTC002662	DOLPHIN MINING SERVICES PRIVATE LIMITED	Director	3/11/2004	3/11/2004	-	Active	NO
10	U31103PN1960PLC011738	GHATGE PATIL INDUSTRIES LIMITED	Director	29/07/2006	29/07/2006	9/10/2014	Active	NO
11	L34300TN1974PLC006703	SUNDARAM BRAKE LININGS LIMITED	Director	22/01/2007	22/01/2007	-	Active	NO
12	U31200GA1976PTC000126	MINAS E MINERAIS DE GOA Private LIMITED	Director	28/05/2007	28/05/2007	-	Active	NO
13	U45203PN2007PTC130582	CHOWGULE PORTS & INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2009	28/05/2009	-	Active	NO
14	U13209GA2010PTC006381	CHOWGULE MINING PRIVATE LIMITED	Director	10/5/2010	10/5/2010	-	Active	NO
15	U60200PN2011PTC141022	Lavgan Terminals Private Limited	Director	11/10/2011	11/10/2011	-	Strike off	NO
16	U85199GA2000PTC002892	CHOWGULE MEDICONSULT PRIVATE LIMITED	Additional director	24/12/2012	24/12/2012	-	Active	NO

Name :

Mr. K S Ranganathan

Designation :

Director

Address :

2-A, Block II, Cedar park, IV Main Road Extension, Kotturpuram, Chennai – 600 085, Tamil Nadu, India.

Date of Birth/Age :

08.07.1938

Date of Appointment :

29.10.2009

DIN No.:

02796986

Other Directorship:

Name :

Mr. K Sambasivam

Designation :

Director

Address :

No. 2/10, Bheemanna Mudali Street, Alwarpet, Chennai – 600 018, Tamil Nadu, India.

Date of Birth/Age :

04.05.1974

Date of Appointment :

27.07.2011

DIN No.:

01937321

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	U24294TN1987PTC014617	AISHWARYA CHEMICALS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	29/11/2008	Active	NO
2	L34300TN1974PLC006703	SUNDARAM BRAKE LININGS LIMITED	Director	27/07/2011	21/07/2010	-	Active	NO

Name :

Mr. Krishna Mahesh

Designation :

Joint Managing Director

Address :

New No.81, (Old No.39), First Main Road, Raja Annaimalaipuram, Chennai – 600 028, Tamil Nadu, India.

Date of Birth/Age :

20.10.1974

Date of Appointment :

26.05.2014

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	Defaulting status
1	L34300TN1974PLC006703	SUNDARAM BRAKE LININGS LIMITED	Managing director	26/05/2014	21/07/2005	-	Active	NO
2	U33112TN2009PTC072715	SUNDARAM MEDICAL DEVICES PRIVATE LIMITED	Director	28/08/2009	28/08/2009	-	Active	NO
3	U33110TN2009PTC072716	SUNDARAM HEALTH PROTECTION PRIVATE LIMITED	Director	28/08/2009	28/08/2009	-	Active	NO
4	U33112TN2009PTC072717	SUNDARAM LIFECARE PRIVATE LIMITED	Director	28/08/2009	28/08/2009	-	Active	NO
5	U65991TN1943PTC002656	SUNDARAM INDUSTRIES Private Limited	Director	15/06/2013	15/06/2013	-	Active	NO
6	U51101TN2013PTC094357	TVS ADVANCED MATERIALS PRIVATE LIMITED	Director	28/12/2013	28/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S Ramabadran
Designation :	Financial Controller and Secretary
PAN No.:	AADPR3828A
Audit Committee :	T Kannan P S Raman Ashok V Chowgule K S Ranganathan K S D Sambasivam
Corporate Social Responsibility (CSR) Committee :	Ashok V Chowgule – Chairperson T Kannan K Mahesh
Nomination and Remuneration Committee :	K S Ranganathan – Chairperson Ashok V Chowgule K S D Sambasivam
Stake Holders Relationship Committee :	K S D Sambasivam – Chairperson K S Ranganathan Krishna Mahesh

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.03.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	897911	22.82
Bodies Corporate	1680873	42.72
Sub Total	2578784	65.54
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2578784	65.54
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	110	0.00
Financial Institutions / Banks	50	0.00
Insurance Companies	22184	0.56
Sub Total	22344	0.57
(2) Non-Institutions
Bodies Corporate	78073	1.98
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1116808	28.38
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	77305	1.96
Any Others (Specify)	61261	1.56
Clearing Members	61261	1.56
Sub Total	1333447	33.89
Total Public shareholding (B)	1355791	34.46
Total (A)+(B)	3934575	100.00

BUSINESS DETAILS

Line of Business :	Not Divulged
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
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 :

Not Divulged

Bankers :

· State Bank of India, Industrial Finance Branch, Chennai 600 002, Tamil Nadu, India.

· Export-Import Bank of India, UTI House, 29, Rajaji Salai, Chennai - 600 001, Tamil Nadu, India.

· HDFC Bank Limited, ITC Centre, Anna Salai, Chennai - 600 002, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan from Banks
From Export-Import Bank of India secured by exclusive charge on the movable and immovable fixed assets financed out of the Term Loan and a first charge on the land situated at Mahindra World City, SEZ, Kancheepuram District near Chennai and repayable in 20 quarterly instalments ending during 2016-17.	54.635	82.855
From State Bank of India, Industrial Finance Branch, Chennai secured by first charge on fixed assets created out of the Corporate Loan repayable in 16 quarterely instalments ending during March 2018.	75.000	45.000
Short-term borrowings
Working Capital Loan from banks
Loans and Advances from a Bank: Cash Credit and Export Packing Credit from State Bank of India secured by first charge on present and future current assets and extension by way of second charge on other fixed assets - present and future (excluding vehicles)	275.503	253.641
Total	405.138	381.496

Statutory Auditors :
Name :	Sundaram and Srinivasan Chartered Accountants
Address :	New No. 4, Old No. 23, C.P. Ramaswamy Road, Alwarpet, Chennai 600 018, Tamilnadu, India.
Tel. No.:	91-22-24988762 / 24988463 / 42106952
E-Mail :	yessendes@vsnl.net
Website :	www.sundaramandsrinivasan.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFS8812J
Cost Auditors :
Name :	Raman & Associates Cost Accountants
Address :	10, Muthu kumara swami Salai, Off. 1st Main Road, Baby Nagar, Velachery, Chennai 600 042, Tamil Nadu, India.
Secretarial Auditor :
Name :	V. Suresh
Designation :	Practising Company Secretary
Address :	28, 1^st Floor, Ganapathy Colony, 3^rd Street, Teynampet, Chennai 600 018, Tamil Nadu, India.
Associates :	T V Sundram Iyengar and Sons Limited, India (U34101TN1929PLC002973)
Enterprise in which relatives of Key Management Personnel have significant interest :	Alagar Farms Private Limited, India (U93090TN1983PTC010268) Alagar Resins Private Limited, India (U24132TN2002PTC049863)
Memberships :	--
Collaborators :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorized Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3934575	Equity Shares	Rs.10/- each	Rs. 39.346 Million

• The Company has issued only one class of shares referred to as equity shares having a

par value of Rs. 10/-.

• Each holder of equity shares is entitled to one vote per share.

• The Company declares and pays dividends in Indian Rupees.

• Except interim dividend which is declared and paid based on the decision of the Board of Directors, all other dividends are proposed by the Board of Directors and paid on approval of the shareholders at the Annual General Meeting.

• In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

• During the last five years immediately preceding the date of the Balance Sheet, the Company has not issued any shares as bonus shares or without payment being received in cash nor has bought back any shares.

Following are the shareholders holding more than 5% equity shares and the number of equity shares held by each of them:

Name of the Shareholder	No. of shares Held	% of total Shares
T V SUNDRAM IYENGAR AND SONS LIMITED	552,955	14.05
SOUTHERN ROADWAYS LIMITED	478,500	12.16
MAHESH K	395,842	10.06
SUNDARAM INDUSTRIES LIMITED	253,835	6.45

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	39.346	39.346	39.346
(b) Reserves & Surplus	826.571	878.735	922.815
(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)	865.917	918.081	962.161
(3) Non-Current Liabilities
(a) long-term borrowings	129.635	127.855	107.559
(b) Deferred tax liabilities (Net)	128.076	115.637	117.237
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.804	7.415	6.234
Total Non-current Liabilities	265.515	250.907	231.030
(4) Current Liabilities
(a) Short term borrowings	275.503	253.641	271.491
(b) Trade payables	229.972	230.162	192.235
(c) Other current liabilities	55.505	31.264	36.109
(d) Short-term provisions	133.816	69.241	72.504
Total Current Liabilities	694.796	584.308	572.339
TOTAL	1826.228	1753.296	1765.530
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	871.524	860.323	879.844
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.480
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.001	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	38.944	32.524	29.541
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	910.469	892.848	909.866
(2) Current assets
(a) Current investments	0.059	0.000	5.250
(b) Inventories	230.023	247.421	178.544
(c) Trade receivables	576.431	511.192	522.353
(d) Cash and cash equivalents	39.514	36.535	93.633
(e) Short-term loans and advances	69.732	65.300	55.075
(f) Other current assets	0.000	0.000	0.809
Total Current Assets	915.759	860.448	855.664
TOTAL	1826.228	1753.296	1765.530

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2466.164	2321.822	2557.082
		Other Income	25.087	5.282	6.735
		TOTAL	2491.251	2327.104	2563.817
Less :	EXPENSES
		Cost of materials consumed	1228.071	1207.991	1317.928
		Changes in inventories of finished goods & work-in-progress	0.000	0.000	0.000
		Employee benefit expenses	45.012	(77.064)	(18.535)
		Other expenses	343.487	343.287	333.758
		Exceptional Items	797.084	786.002	704.222
		Extraordinary Items	(33.971)	0.000	0.000
		TOTAL	0.000	0.000	123.123
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		111.568	66.888	103.321
Less	FINANCIAL EXPENSES		29.266	29.981	38.639
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		82.302	36.907	64.682
Less :	DEPRECIATION/ AMORTISATION		81.092	77.976	76.250
	PROFIT/(LOSS) BEFORE TAX		1.210	(41.069)	(11.568)
Less :	TAX		53.374	3.011	(17.214)
	PROFIT/(LOSS) AFTER TAX		(52.164)	(44.080)	5.646
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.373	56.453	65.091
	APPROPRIATIONS
	General Reserve – I		0.000	0.000	0.565
	Transfer from General Reserve -II		40.000	0.000	0.000
	Dividend		0.000	0.000	11.804
	Tax on Dividend		0.000	0.000	1.915
	BALANCE CARRIED TO THE B/S		0.209	12.373	56.453
	EARNINGS IN FOREIGN CURRENCY
		FOB value of goods exported	1069.820	834.203	834.120
		Exchange fluctuation on foreign currency A/c	21.225	5.138	17.089
	TOTAL EARNINGS		1091.045	839.341	851.209
	IMPORTS
		Raw Materials	223.980	217.994	277.654
		Components, Spares Parts	4.731	4.164	0.480
		Capital Goods	12.288	0.000	4.850
	TOTAL IMPORTS		240.999	222.158	282.984
	Earnings/ (Loss) Per Share (Rs.)		13.26	11.2	1.44

CURRENT MATURITIES OF LONG TERM DEBT DETAILS:

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	53.220	28.220	28.236
Cash generated from operations	61.393	46.231	93.979
Total	114.613	74.451	122.215

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(2.12)	(1.90)	0.22
Operating Profit Margin (PBIDT/Sales)	(%)	4.52	2.88	4.04
Return on Total Assets (PBT/Total Assets}	(%)	0.07	(2.34)	(0.66)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.04)	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.60	0.50	0.52
Current Ratio (Current Asset/Current Liability)		1.32	1.47	1.50

STOCK PRICES

Face Value	Rs. 10/-
Market Value	Rs. 321.50/-

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	39.346	39.346	39.346
Reserves & Surplus	922.815	878.735	826.571
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	962.161	918.081	865.917
long-term borrowings	107.559	127.855	129.635
Short term borrowings	271.491	253.641	275.503
Current Maturities of Long Term Debts	114.613	74.451	122.215
Total borrowings	493.663	455.947	527.353
Debt/Equity ratio	0.513	0.497	0.609

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	2557.082	2321.822	2466.164
		-9.200	6.217

NET PROFIT MARGIN :

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2557.082	2321.822	2466.164
		-9.200	6.217

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	No
14	Line of Business	No
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Litigations:

	Madras High Court
	Case Status Information System
Case Status :	Pending
Status Of :	TAX CASE APPEAL  30  Of  2014
Litigants :	COMMISSIONER OF INCOME TAX Vs.  M/S SUNDARAM BRAKE LININGS
Pet's Adv :	M/S.N.V. BALAJI
Res's Adv :	CHENNAI
Case Updated On	Thursday, April 17, 2014
Category :	---

OPERATION :

The net sales for the year were at Rs.2466.200 Million as against Rs. 2316.700 Million in the previous year.

Main Challenges faced in the year under review:

1. Continued sluggish demand in Domestic OE Market in Heavy, Medium Duty and Light Duty Commercial

Vehicles.

2. Continued non-availability of Power during peak hours (6p.m to 10 pm) forcing use of expensive third

Party power and running of diesel generators pushing the cost of power for operations impacting bottom line.

OUTLOOK FOR 2014-2015 :

Due to continuation of sluggishness in Commercial Vehicles segment which is the main breadwinner for your

Company, the outlook for 2014-15 remains weak and with formation of stable Central government and expectations of new initiatives to turnaround the economy, we may witness the growth in the Auto Industry after about six months which may revive domestic demand.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT – 2014

Industry and Company Trend :

Automobile industry annual production volumes were 21.483 Million units for the year 2013-14 as compared

to 20.649 Million units for the year 2012-13 indicating a growth of 4% in volumes.

Automobile industry annual sales volumes were at 21.533 Million units for year 2013-14 as compared

to 20.690 Million units for the year 2012-13 indicating an overall growth of 4%.

The above growth was only possible due to marginal impact of production and sales volumes in the Two Wheeler

Segments . All other segments struggled to meet even last year volumes.

During the year 2013-14 the Heavy commercial segment saw further steep drop of 21% in production volumes

and 22% in sales volumes as compared to the previous year 2012-13 and the Light commercial segment also

further significantly dropped by 16% in production volume and drop in sales volume by 19% in 2013-14 as

compared to the previous year 2012-13.

Passenger car segment had a marginal drop of 5% in production volumes and 4% in sales volumes as compared

to 2012-13. The Two wheeler segments, but for mopeds, exhibited increase in production and sales volumes by

7%, as compared to 2012-13.

INDEX OF CHARGE :

S. No.	Charge	Date of Charge	Charge	Charge	Address	Service
	ID	Creation/Modification	amount secured	Holder		Request Number (SRN)
1	10205703	04/12/2010 *	175,000,000.00	EXPORT-IMPORT BANK OF INDIA	Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India.	B04578183
2	10050009	17/11/2014 *	640,700,000.00	State Bank of India	NO.155, ANNA SALAI, CHENNAI, Tamil Nadu - 600002, INDIA	C34532564
3	90301978	26/03/1996	7,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH ANNA SALAI, MADRAS, Tami l Nadu - 600002, INDIA	-
4	90301766	26/03/1991	2,400,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH ANNA SALAI, MADRAS, Tami	-

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Estimated value of contracts remaining to be executed
Others	7.782	6.777
Income Tax / Sales Tax liability in appeal	63.098	19.157
Liability towards Labour cases	1.086	0.786
Other Contingent Liabilities
Bank Guarantees for Domestic sales	11.328	3.583
Bank Guarantees for purchase of third party power	4.327	9.074
Letters of Credit for Bills negotiated for Export Sales	7.856	0.000

FIXED ASSET :

• Land
• Building
• Plant and Equipment
• Furniture and Fixtures
• Office Equipment
• Computers
• Vehicles

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 :	KMN
Analysis Done by :	RAS
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.