MIRA INFORM REPORT

Report No. :	344061
Report Date :	06.10.2015

IDENTIFICATION DETAILS

Name :	DELPHI-TVS DIESEL SYSTEMS LIMITED (w.e.f.03.05.2002)
Formerly Known As :	LUCAS-TVS DIESEL SYSTEMS LIMITED
Registered Office :	No. 6, Patullos Road, Chennai – 600 002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.05.1952
Com. Reg. No.:	18-005704
Capital Investment / Paid-up Capital :	Rs.79.200 Million
CIN No.: [Company Identification No.]	U24117TN1952PLC005704
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEL00047F
PAN No.: [Permanent Account No.]	AAACL1019K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automotive Component.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 8100000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profitability of the company seems to be low during 2014. However, general financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. 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	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 31-03-2015.

LOCATIONS

Registered Office :	No. 6, Patullos Road, Chennai – 600 002, Tamilnadu, India
Tel. No.:	91-44-27658454
Fax No.:	91-44-27658351/ 91-44-27659657
E-Mail :	mns.fin@delphitvs.com
Website :	http://www.delphitvs.com
Corporate Office :	Aalim Centre, 2^nd Floor, 82 Dr. Radhakrishan Salai, Mylapore, Chennai – 600004, Tamilnadu, India
Tel. No.:	91-44-28110063 / 28110074
Fax No.:	91-44-28115624
E-Mail :	tvs.corp@lucastvs.co.in
Office and Factory :	Mannur, Thodukadu Post, Sriperumbudur Taluka, Kancheepuram District – 602105, Tamilnadu, India
Tel. No.:	91-44-27658454 (Extension 130/131/133)
Fax No.:	91-44-27658351/ 91-44-27659657
E-Mail :	ss.mktg@delphitvs.com
Plant Office :	Uttarakhand Plant : Plot number: 58 & 59, Sector 11, I.I.E- Panth Nagar, (District .U.S.NAGAR) Oragadam Plant : Plot No B 16, Sipcot Industrial Park, Kancheepuram District, Tamilnadu, India

DIRECTORS

As on 18.09.2014

Name :

Mr. Tirumala Kumara Balaji

Designation :

Managing Director

Address :

34, Poes Garden, Chennai – 600086, Tamilnadu, India

Date of Appointment :

01.04.2012

PAN No.:

AAFPB7797J

DIN No.:

00002010

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	U35999TN1961PLC004678	LUCAS TVS LIMITED	Managing director	30/03/2012	24/08/1979	-	Active	NO
2	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR & SONS LIMITED	Director	31/08/1979	31/08/1979	-	Active	NO
3	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	15/10/1979	15/10/1979	-	Active	NO
4	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Managing director	01/04/2012	15/10/1979	-	Active	NO
5	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	28/11/1984	28/11/1984	-	Active	NO
6	L74999TZ1984PLC001456	TITAN COMPANY LIMITED	Director	01/03/1986	01/03/1986	-	Active	NO
7	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	28/07/1986	28/07/1986	-	Active	NO
8	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Director	27/12/1996	27/12/1996	-	Active	NO
9	U30007TN1997PTC038151	HARITA ELECTRONICS PRIVATE LIMITED	Director	09/05/1997	09/05/1997	-	Active	NO
10	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	15/02/2000	15/02/2000	14/08/2008	Active	NO
11	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
12	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
13	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Director	17/09/2001	17/09/2001	15/04/2014	Active	NO
14	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Director	18/07/2003	18/07/2003	04/08/2008	Active	NO
15	U50101TN2005PLC057476	TVS AUTOMOTIVE SYSTEMS LIMITED	Director	14/09/2005	14/09/2005	-	Active	NO
16	U65191TN1994PLC028851	TVS Capital Funds Limited	Director	14/09/2009	28/08/2008	05/08/2013	Active	NO
17	U65920TN2008PLC069758	TVS Credit Services Limited	Director	23/06/2010	03/05/2010	-	Active	NO
18	U65993TN2004PLC054696	SUNDARAM INVESTMENT LIMITED	Director	25/09/2013	05/08/2013	-	Active	NO

Name :

Mr. Kalathur Seshadri

Designation :

Nominee director

Address :

No. 23, Masilamani Road, Balaji Nagar, Royapettah, Chennai – 600014, Tamilnadu, India

Date of Appointment :

25.10.2000

DIN No.:

00301839

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	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	31/05/1995	31/05/1995	-	Active	NO
2	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
3	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Nominee director	25/10/2000	25/10/2000	-	Active	NO
4	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	23/09/2002	23/09/2002	-	Active	NO
5	U65993TN1995PLC030884	SYNERGY SHAKTHI RENEWABLE ENERGY LIMITED	Director	27/08/2008	27/08/2008	-	Active	NO
6	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Additional director	30/12/2008	30/12/2008	-	Active	NO
7	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	20/07/2009	20/07/2009	-	Active	NO

Name :

Mr. Stephen David Gregory

Designation :

Director

Address :

Greentrees, Cranbrook Road, Goudhurst, TN171Dy, United Kingdom

Date of Appointment :

25.10.2000

DIN No.:

01014520

Name :

Mr. Arvind Balaji

Designation :

Director Appointed in casual vacancy

Address :

34, Poes Garden, Chennai – 600086, Tamilnadu, India

Date of Appointment :

16.06.2009

DIN No.:

00557711

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	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	22/09/2010	10/05/2004	-	Active	NO
2	U50101TN2005PLC057476	TVS AUTOMOTIVE SYSTEMS LIMITED	Director	14/09/2005	14/09/2005	-	Active	NO
3	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
4	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
5	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO
6	U70101TN2007PTC063926	PROSPERTREE ESTATES PRIVATE LIMITED	Director	12/06/2007	12/06/2007	07/09/2011	Active	NO
7	U65993TN1995PLC030884	SYNERGY SHAKTHI RENEWABLE ENERGY LIMITED	Director	27/08/2008	06/08/2007	-	Active	NO
8	U35999TN1961PLC004678	LUCAS TVS LIMITED	Managing director	18/04/2013	13/12/2007	-	Active	NO
9	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	26/08/2013	25/10/2008	-	Active	NO
10	U01400TN2009PTC070420	HARITA GREENS PRIVATE LIMITED	Director	09/01/2009	09/01/2009	-	Active	NO
11	U40104TN2009PTC070419	HARITA ARVIND ENERGY PRIVATE LIMITED	Director	09/01/2009	09/01/2009	-	Active	NO
12	U50404TN2009PLC071075	TVS MOTOR SERVICES LIMITED	Director	30/07/2010	22/04/2009	-	Active	NO
13	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Director appointed in casual vacancy	16/06/2009	16/06/2009	-	Active	NO
14	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	03/09/2009	03/09/2009	-	Active	NO
15	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	02/12/2013	07/10/2013	-	Active	NO
16	U74990TN2010PLC075028	TVS TRAINING AND SERVICES LIMITED	Additional director	15/10/2013	15/10/2013	-	Active	NO

Name :

Mr. John Martin Fuerst

Designation :

Director Appointed in casual vacancy

Address :

1219, Sandringham way, Bloomfield hills – 48301, USA

Date of Birth/Age :

27.09.1960

Date of Appointment :

18.12.2009

DIN No.:

02951266

Name :

Carlo Sahiavo

Designation :

Director Appointed in casual vacancy

Address :

Strada Castelvecchio 16, Moncalieri To, 10024, Italy

Date of Appointment :

29.03.2012

DIN No.:

05260122

Name :

Pascal Marie Armand Dutfoy

Designation :

Director Appointed in casual vacancy

Address :

9, Rue Du Tertre, Vineuil, France, 41350, France

Date of Appointment :

15.06.2012

DIN No.:

05320431

KEY EXECUTIVES

Name :	Mr. Subramanian Narayanaswamy Mangalam
Designation :	Secretary
Address :	New 38/2, Block 9 , SSV Apartments, Chockalingam Nagar, Velacherry, Chennai – 600042, India
Date of Appointment :	15.10.1979
PAN No.:	AACPS3496G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.09.2014

Names of Shareholders	No. of Shares
Delphi Automotive systems Instruments Private Limited, Singapore	4158000
T.V. Sundaram Iyengar and Sons Limited, India	1071936
Sundaram Industries Limited, India	1081700
Southern Roadways Limited, India	365468
Sundaram finance Limited, India	252896
Lucas – TVS Limited, India	264000
Lucas Indian Service Limited, India	66000
Life Insurance corporation of India, India	330004
General Insurance Corporation of India, India	164996
United India Insurance Company Limited, India	164996
K. Sesahdri	1
Arvind Balaji	1
J.S. Chopra	1
M N Subramanian	1
Total	7920000

Equity Share Break up (Percentage of Total Equity)

As on 18.09.2014

Category	Percentage
Public financial companies	8.33
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	52.50
Bodies corporate	39.17
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Component.

Products :

Item Code No.	Production Description
84131101	Fuel Injection Pumps
84139100	Parts of Pumps

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

• TATA
• Mahindra
• Hindustan Motors
• Mahindra Renault
• Force
• Maruti Suzuki
• Ford
• Sangyong
• Perkins
• Renault
• Peugeot
• Escort
• Fiat
• Greaves
• Delphi

No. of Employees :

Not Available

Bankers :

• The South Indian Bank Limited, 150, Triplicane High Road, Chennai – 600005, Tamilnadu, India
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013,, Maharashtra, India
• Axis Bank Limited, Corporate Banking Branch, Ground Floor, Karumuthu Nilayam, No.192, Anna Salai, Chennai - 600002, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	3909.279	3154.610
Short-term borrowings
Working capital loans from banks	684.017	1759.421
Total	4593.296	4914.031

Banking Relations :	--
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	No.48, Masilamani Road, Royapettah, Chennai – 600014, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB2481J
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Delphi Automotive Systems Singapore Investments Pte Limited
Fellow Subsidiaries (With whom transactions took place during the year):	Delphi Diesel Systems Limited Spain Delphi Diesel Systems Limited France, Delphi Diesel Aftermarket UK Delphi Diesel Systems Limited Brazil Delphi Diesel Systems UK – Gillingham Delphi Diesel Systems UK – Sudbury Delphi Diesel Systems Mexico Delphi Diesel Systems Turkey Delphi Automotive Systems India Private Limited, India [U74899DL1995PTC067296] Delphi Diesel Systems –Romania Delphi Electronics and Safety-Singapore Delphi Wanyuar Engine management Systems Company Limited -Beijing Delphi LA Rochelle Delphi Korea LLC Delphi Otomotive Sistemleri Sanai-Korea Delphi Technologies Holding SARL Delphi Diesel Poland Delphi Powertrain Korea Delphi E and C EL Paso DC, USA
Associates:	T.V. Sundaram Iyengar and Sons Limited- Venture, India Nippon Electricals Limited
Company which has Common Key Management Personnel	Lucas TVS Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
7920000	Equity Shares	Rs.10/- each	Rs.79.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	79.200	79.200	79.200
(b) Reserves & Surplus	2769.126	2721.460	2610.791
(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)	2848.326	2800.660	2689.991
(3) Non-Current Liabilities
(a) long-term borrowings	3956.669	3222.423	1550.308
(b) Deferred tax liabilities (Net)	289.054	331.629	294.043
(c) Other long term liabilities	47.120	75.336	1.643
(d) long-term provisions	17.634	11.526	1.906
Total Non-current Liabilities (3)	4310.477	3640.914	1847.900
(4) Current Liabilities
(a) Short term borrowings	684.017	1759.421	1226.513
(b) Trade payables	1174.531	1478.159	1698.632
(c) Other current liabilities	1161.995	1096.706	947.051
(d) Short-term provisions	76.682	127.608	187.022
Total Current Liabilities (4)	3097.225	4461.894	4059.218
TOTAL	10256.028	10903.468	8597.109
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4154.896	4610.367	4870.301
(ii) Intangible Assets	467.792	440.639	485.848
(iii) Capital work-in-progress	2375.244	2003.542	149.168
(iv) Intangible assets under development	0.000	39.875	0.000
(b) Non-current Investments	2.450	2.450	2.450
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	300.091	316.569	301.347
(e) Other Non-current assets	6.646	15.485	7.539
Total Non-Current Assets	7307.119	7428.927	5816.653
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1294.314	1624.483	1277.400
(c) Trade receivables	1012.991	1180.327	1064.489
(d) Cash and cash equivalents	28.920	20.329	33.013
(e) Short-term loans and advances	590.629	624.667	394.954
(f) Other current assets	22.055	22.735	10.600
Total Current Assets	2948.909	3474.541	2780.456
TOTAL	10256.028	10903.468	8597.109

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	10012.485	11768.647	10336.307
	Other Income	59.755	29.772	42.875
	TOTAL (A)	10072.240	11798.419	10379.182
Less	EXPENSES
	Cost of Materials Consumed	5429.570	6789.776	5899.839
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	74.231	(171.117)	(89.412)
	Employees benefits expense	1189.232	1187.300	947.650
	Other expenses	2256.138	2615.272	2124.398
	TOTAL (B)	8949.171	10421.231	8882.475
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1123.069	1377.188	1496.707
Less	FINANCIAL EXPENSES (D)	394.223	409.389	395.578
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	728.846	967.799	1101.129
Less/ Add	DEPRECIATION/ AMORTISATION (F)	726.057	782.481	699.352
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.789	185.318	401.777
Less	TAX (I)	(41.877)	37.585	53.667
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	44.666	147.733	348.110
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	517.939	422.000	210.000
	APPROPRIATIONS
	Proposed final dividend for the year	0.000	31.680	87.100
	Dividend distribution tax	0.000	5.384	14.200
	Transfer to General Reserve	0.000	147.733	34.800
	Balance Carried to the B/S	562.605	517.939	422.000
	EARNINGS IN FOREIGN CURRENCY	NA	503.842	735.689
	Earnings / (Loss) Per Share (Rs.)	5.64	18.65	43.95

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	886.029	773.697	601.335
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	1261.082	406.103	1407.110

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.45	1.26	3.37
Operating Profit Margin (PBIDT/Sales)	(%)	11.22	11.70	14.48
Return on Total Assets (PBT/Total Assets}	(%)	0.04	2.09	4.76
Return on Investment (ROI) (PBT/Networth)		0.00	0.07	0.15
Debt Equity Ratio (Total Debt /Networth)		1.94	2.06	1.26
Current Ratio (Current Asset/Current Liability)		0.95	0.78	0.68

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	79.200	79.200	79.200
Reserves & Surplus	2610.791	2721.460	2769.126
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2689.991	2800.660	2848.326
long-term borrowings	1550.308	3222.423	3956.669
Short term borrowings	1226.513	1759.421	684.017
Current maturities of long-term debts	601.335	773.697	886.029
Total borrowings	3378.156	5755.541	5526.715
Debt/Equity ratio	1.256	2.055	1.940

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	10336.307	11768.647	10012.485
		13.857	(14.922)

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	10336.307	11768.647	10012.485
Profit	348.110	147.733	44.666
	3.37%	1.26%	0.45%

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	Yes
14	Line of Business	Yes
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

ECONOMIC SCENARIO

India’s overall GDP growth in 2013/2014 was at 4.9 per cent, marginally above 4.5 per cent in 2012/2013. But manufacturing output declined 0.2 per cent in 2013/2014 compared with 1.1 per cent with the previous year, dragging down the overall economy.

Regular hikes of interest rates during the past 2 years by RBI with a view to keep inflation in check which has been ruling at above 9% has capped consumer spending while slow decision-making by the government and land acquisition issues stalled projects and held back capital expenditure in the infrastructure sector. The high current account deficit led to a sharp depreciation in the rupee vis-à-vis the US$ resulting in higher cost of imports.

The Companies Act 2013, designed to strengthen governance norms for Companies, has come into force from 1st April 2014.The implementation of Direct taxes Code and Goods and Services Tax (GST), leading to simplification of the Direct and Indirect taxes, are likely to be initiated under the new Government.

Automobile Industry Scenario

The Indian auto and auto components industry witnessed a decline during the year 2013-14 on top of the drop in demand in 12-13 and is currently facing a formidable challenge arising out of slowing demand across the board. The volumes in the domestic Passenger Vehicle (PV) and Medium and Heavy Commercial Vehicle (MandHCV) segments have declined sharply in the year 2013-14. In 2013-14, the domestic two-wheeler (2W) industry, unlike other automobile segments, recorded a growth of 7.3% over the previous year.

The emissions legislation norms for introduction of BS5 norms in major cities and BS4 norms across the country, which were earlier proposed from April 2015, have now been deferred pending the readiness of the Oil Companies to supply the required fuel for this purpose.

COMPANY REVIEW

OPERATIONS

ROTARY FUEL INJECTION EQUIPMENT

The sales revenues of Rotary FIE for the year showed a significant decline of 24% over the previous year. The significant drop in volumes, arising as a result of slowdown in the Indian Economy and more particularly, substantial drop in volumes of their major customer, resulted in huge decline in their operating margins. However, the company has been able to recover some ground through improved productivity, quality measures and cost reduction.

The shareholders that the company continued to be the sole supplier of Rotary fuel injection systems to leading vehicle, off-highway and tractor manufacturers or fitment on 4 models in the car segment, 4 models in Utility Vehicles segment, 2 models in the LCV segment and 6 models in the tractors and off-highway segments. The Company is working on increasing its share in the tractor, gensets and after-market segments in the coming years.

Common Rail Fuel Injection Equipment

The company supplies Common Rail fuel injection systems to leading vehicle manufacturers for fitment on 7 models in the car segment, 9 models in the SUV segment and 6 models in the LCV segments.

The slowdown in demand saw a decrease in revenues of 8% during the year.

The decline in off take of all major customers resulted in substantial decline in operating margins in addition to increased interest costs. Cost reduction and quality improvements however helped us offset the drop in margins to some extent.

The program for localization of major components used in the manufacture of common rail system is proceeding apace.

With a view to meeting the demand in the coming years, The Company commenced an expansion of capacities of its plant at Oragadam for manufacture of Common Rail fuel injection systems and for continuing its localization programs in 2012-13. The Company has availed of loans from banks and financial institutions for this purpose. The expansion project will be completed in 2014-15.

Technical Centre

With a view to strengthening its application development capabilities in Common Rail and other products, the Company has expanded its Technical Centre by investing in new engine dynamometers and validation test rigs. The Company is strengthening its engineering capabilities with induction of full time Delphi Diesel Systems experts based at its Technical Centre. In addition, the Company deputes engineers as needed to Delphi Diesel Systems for assistance in the application work for Delphi?s global customers on a regular basis. Similar product training has also been provided on FIE equipment for engineers.

The Technical Centre has now developed capabilities for undertaking application development work in Common Rail for meeting Euro 5 and Euro 6 emission norms. The Centre has also successfully developed Rotary Systems to meet BS4 emission norms and launched the Unit pump based CR systems (UPCR) on multiple applications.

During the year, the company incurred an expenditure of Rs.13.11 Crores on R and D.

AWARDS AND RECOGNITIONS

That two of the Company’s employees were awarded the Best Worker Award by the Government of Tamil Nadu.

The employees of the Company at all three plants have received several awards in competitions conducted by the Industry Associations such as ACMA and CII.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deferred sales tax loan	47.390	53.943
Public deposits	0.000	13.870
Total	47.39	67.813

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10478697	30/12/2013	500,000,000.00	THE SOUTH INDIAN BANK LIMITED	150, TRIPLICANE HIGH ROAD, CHENNAI, TAMIL NADU - 6 00005, INDIA	B96828405
2	10399636	06/12/2013 *	400,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, GROUND FLOOR, KARUMUTHU NILAYAM, NO. 192, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	C07070436
3	10349791	19/02/2013 *	1,000,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTR E COMPLEX, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 40 0005, INDIA	B71479265
4	10324421	06/12/2013 *	500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B95314951
5	10284535	15/03/2011	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B12174579
6	10240176	05/08/2010	147,307,000.00	STATE INDUSTRIES PROMOTION CORPORATION OF TAMILNAD U LIMITED	19- A, RUKMANI LAKSHMIPATHY ROAD, EGMORE, CHENNAI , TAMIL NADU - 600008, INDIA	A95163846
7	10167913	25/06/2009	500,000,000.00	SOUTH INDIAN BANK LIMITED	150, TRIPLICANE HIGH ROAD,, TRIPLICANE, CHENNAI, TAMIL NADU - 600005, INDIA	A66425471
8	10107991	06/12/2013 *	3,965,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENN AI, TAMIL NADU - 600002, INDIA	B95335865
9	10090040	05/11/2007	300,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	A33067257

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles

Intangible assets

• 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.65.29
UK Pound	1	Rs.99.31
Euro	1	Rs.73.39

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.