MIRA INFORM REPORT

Report No. :	344863
Report Date :	14.10.2015

IDENTIFICATION DETAILS

Name :	APOLLO TYRES LIMITED

Registered Office :	6^th Floor, Cherupushpam Building, Shanmugham Road, Ernakulam – 682031, Kerala
Tel. No.:	91-484-2721000

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	28.09.1972

Com. Reg. No.:	09-002449

Capital Investment / Paid-up Capital :	Rs.509.090 Million

CIN No.: [Company Identification No.]	L25111KL1972PLC002449

IEC No.:	1088000720

TAN No.: [Tax Deduction & Collection Account No.]	CHNA01479C

PAN No.: [Permanent Account No.]	AAACA6990Q

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturing and Sale of automotive tyres.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (78)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 93000000

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is incorporated in the year 1972, engaged in the manufacturing of automotive radial tyres and tubes. It is a prominent tyre brands in the truck and bus, light truck and passenger vehicle segments in India. The company caters to both the OEM and replacement markets. The company ranked 87th amongst top 100 companies in India with brand value of USD 250 Million and Enterprise value USD 1,972 million. With respect to the operational performance of FY 2015, the company has reported muted growth of 1.91% on sales turnover of Rs. 88,782 million as against Rs. 87,909 million during previous financial year. However, company has reported decent net profit growth of 45.72% during the year under a review due to the commodity price being soft, as rubber is main raw material for manufacturing of tyres. The company's healthy operating performance could lead to the company maintaining a strong financial profile inspite of its large capital expenditure (capex) plans. The company is undertaking a brownfield expansion project in Chennai and a Greenfield expansion project in Hungary. While the Greenfield expansion would be exposed to project-related risks, Rating draws comfort from company's established presence in Europe through its subsidiary Apollo Vredestein BV. Moreover, ratings continue to reflect company's strong market position in the Indian tyre industry, and the company's diversified revenue profile driven by its presence across geographies, products, and consumer categories. However, rating strength is partially offset by the company's exposure to risks related to cyclicality nature of business and volatility in raw material prices and the implementation risks in its large expansion plans. In view of aforesaid, the company can regarded as a favourable business partner for medium to long term business dealings.

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

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	CRISIL
Rating	Long term rating= AA
Rating Explanation	High degree of safety and very low credit risk.
Date	21.04.2015

Rating Agency Name	CRISIL
Rating	Short term rating= A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	21.04.2015

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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Mandeep Sisodia
Designation :	Finance Head
Contact No.:	91-124-2721000
Date :	12.10.2015

LOCATIONS

Registered Office :	6^th Floor, Cherupushpam Building, Shanmugham Road, Ernakulam – 682031, Kerala, India
Tel. No.:	91-484-2381902 to 03/ 2381895/ 2381808/ 2381895/2372767/ 2370780
Fax No.:	91-484-2370351
E-Mail :	info@apollotyres.com pn.wahal@apollotyres.com
Website :	http://www.apollotyres.com

Head/ Corporate Office :	Apollo House, 7, Institutional Area, Sector 32, Gurgaon - 122001, Haryana, India
Tel. No.:	91-124-6383002 to 18/ 2721000
Fax No.:	91-124-6383017/ 3021
E-Mail :	pn.wahal@apollotyres.com

Factory 1:	P.O Perambra Thrissur, District Kerala - 680689, India
Tel. No.:	91-480-2725901 to 09

Factory 2:	Premier Tyres Limited, Kalamassery Always, Ernakulam (Kerala) – 683104, India
Tel. No.:	91-484-2540261 to 66

Factory 3:	SIPCOT Industrial Growth Centre Orgadam, Tamilnadu, India

Factory 4 :	Village Limda, Tal. Waghodia, Baroda, Gujarat, India

Branch Office :	4^th Floor, 60 Skylark Building, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-2643 1005
Fax No.:	91-11-2647 1283

Overseas Office :	Located At: · South Africa · Zimbabwe · Netherlands

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Neeraj Kanwar
Designation :	Managing director
Address :	3, Chesterfiled Street, Mayfair, London, W1j5jf, United Kingdom
Date of Appointment :	28.05.1999
DIN No.:	00058951

Name :	Mr. Onkar S Kanwar
Designation :	Managing director
Address :	3/3, Shanti Niketan, New Delhi - 110021, India
Date of Appointment :	03.06.1982
DIN No.:	00058921

Name :	Mr. Subbaraman Narayan
Designation :	Director
Address :	8, Golf Apartments, Sujan Singh Park, New Delhi - 110003, India
Date of Appointment :	14.02.2005
DIN No.:	00094081

Name :	Mr. Nimesh Nagindas Kampani
Designation :	Director
Address :	123, Maker Tower 'B', Cuffe Parade, Mumbai - 400005, Maharashtra, India
Date of Appointment :	22.11.1997
DIN No.:	00009071

Name :	Mr. Robert Friedrich Johannes Adolf Steinmetz
Designation :	Director
Address :	Entenfang 28, Grossburgwedel, Burgwedel, 30938, Germany
Date of Appointment :	10.09.1999
DIN No.:	00178792

Name :	Mr. Arun Kumar Purwar
Designation :	Director
Address :	C - 2303/4, Floor - 23, Ashok Tower,, 63/7-4, Dr. SS Rao Road, Parel, Mumbai - 400012, Maharashtra, INDIA
Date of Appointment :	26.10.2007
DIN No.:	00026383

Name :	Mr. Vikram Singh Mehta
Designation :	Director
Address :	18, Friends Colony, West, New Delhi - 110065, India
Date of Appointment :	06.02.2013
DIN No.:	00041197

Name :	Mr. Akshaykumar Narendrasinhji Chudasama
Designation :	Director
Address :	Shanti Cottage No.2, Narayan Dabholkar Road, Malabar Hill, Mumbai - 400006, Maharashtra, India
Date of Appointment :	11.11.2013
DIN No.:	00010630

Name :	Pallavi Shardul Shroff
Designation :	Director
Address :	S - 270, Greater Kailash - II, New Delhi - 110048, India
Date of Appointment :	15.05.2014
DIN No.:	00013580

Name :	Sunam Sarkar
Designation :	Director
Address :	144, National Media Centre, Nathupur, Gurgaon - 122001, Haryana, India
Date of Appointment :	28.01.2004
DIN No.:	00058859

Name :	Mr. Pullukottayil Habel Kurian
Designation :	Nominee director
Address :	Pullukottayil, Tdk Road, Muttada P.O, Thiruvananthapuram - 695025, Kerala, India
Date of Appointment :	11.12.2013
DIN No.:	00027596

Name :	Mr. Bikram Singh
Designation :	Additional director
Address :	20, Mandir Marg, Delhi Cantt - 110010, India
Date of Appointment :	11.08.2015
DIN No.:	07259060

KEY EXECUTIVES

Name :	Seema Thapar
Designation :	Secretary
Address :	E 19 Block-E, Saket, New Delhi - 110017, India
Date of Appointment :	01.04.2015
PAN No:	AADPT5468L

Name :	Mr. Gaurav Kumar
Designation :	Chief Finance Officer
Address :	K 41, Ridgewood Estate, DLF Phase IV, Gurgaon - 122009, Haryana, India
Date of Appointment :	12.05.2015
PAN No:	AAXPK3693C

Name :	Mr. Mandeep Sisodia
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	5330791	1.05
Bodies Corporate	216949951	42.62
Sub Total	222280742	43.67
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	1977000	0.39
Sub Total	1977000	0.39
Total shareholding of Promoter and Promoter Group (A)	224257742	44.06
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	51293899	10.08
Financial Institutions / Banks	708861	0.14
Central Government / State Government(s)	10000000	1.96
Insurance Companies	2045000	0.40
Foreign Institutional Investors	122479948	24.06
Any Others (Specify)	30447157	5.98
Others	2288789	0.45
Foreign Portfolio Investments Corporation	28158368	5.53
Sub Total	216974865	42.63
(2) Non-Institutions
Bodies Corporate	4070725	0.80
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	36289936	7.13
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1242050	0.24
Any Others (Specify)	26189452	5.15
Non Resident Indians	2564992	0.50
Clearing Members	586075	0.12
Others	934	0.00
Trusts	21616771	4.25
Unclaimed Suspense A/c	1420680	0.28
Sub Total	67792163	13.32
Total Public shareholding (B)	284767028	55.94
Total (A)+(B)	509024770	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	509024770	0.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Sale of automotive tyres.

Products :	Automobile Tyres Automobile Tubes Automobile Flaps Camel Black Rethreading Materials

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

BNP Paribas
HSBC Bank (Mauritius) Limited
ICICI Bank Limited
Standard Chartered Bank (Acting As An Security Age Nt)

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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
1,000 - 9.40 % Non-Convertible Debentures of Rs. 1.000 Million each	1000.000	1000.000
1,000 - 10.15 % Non-Convertible Debentures of Rs. 1.000 Million each	0.000	1000.000
1,250 - 11.50 % Non-Convertible Debentures of Rs. 1.000 Million each	0.0000	416.670
Term Loans
From Banks:
External Commercial borrowings (ECB)	1147.550	2306.000
Rupee Term Loans	0.000	333.330
From Others:
International Finance Corporation - Loan A	677.060	902.74
International Finance Corporation - Loan B	399.140	598.710
Bharat Earthmovers Limited (BEML)	0.000	412.450
Deferred Payment Liabilities:
Deferred Payment Credit I	107.490	155.320
Deferred Payment Credit II	8.150	12.110
SHORT TERM BORROWING
Packing Credit	362.400	299.570
Banks - Cash Credit	1.160	2.020
Total	3702.950	7438.920


Financial Institute:	International Finance Corporation, 2121, Pennsylvania Avenue, N.W, Washington, D.C. 20433, Washington, - 20433, United States of America

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASV N Raman Tower, 52, Venkatnarayana Road, T Nagar, Chennai - 600017 Tamilnadu, India
Tel. No.:	91-44-66885000
Fax No.:	91-44-66885050

Memberships :	Not Available

Collaborators :	Not Available

Subsidiaries:	Apollo (Mauritius) Holdings Private Limited (AMHPL) Apollo (South Africa) Holdings (Pty) Limited (ASHPL) (Subsidiary through AMHPL) Apollo Tyres South Africa (Pty) Limited(ATSA) (Subsidiary through ASHPL) Apollo Durban (Pty) Limited (ADPL) (Subsidiary Through ASHPL), South Africa UK ATL Holdings Limited (Subsidiary through ASHPL), United Kingdom Apollo Tyres (Zimbabwe) (Private) Limited (DZL) (Subsidiary through UK ATL Holdings Limited.), Zimbabwe Apollo Acquisition Corp Radun Investments (Private) Limited, Zimbabwe AFS Mining (Private) Limited, Zimbabwe (Subsidiary through Apollo Tyres Zimbabwe Private Limited), (Subsidiary through UK ATL Holdings Limited.), Apollo Tyres (Cyprus) Private Limited ( ATCPL), Cyprus (Subsidiary through AMHPL) Apollo Tyres AG, Switzerland (AT AG) (Subsidiary through ATCPL), ATCPL Apollo Tyres Holdings (Singapore) PTE Limited, (ATHS), Singapore (Subsidiary through AMHPL) Apollo Tyres (LAO) Company Limited, Lao, PDR (Subsidiary through ATHS) Apollo Tyres (Middle East) FZE (ATFZE), Dubai (Subsidiary through AMHPL) Apollo Tyres Co -operatief U.A., Netherlands (Apollo Coop) (Subsidiary through AMHPL) Apollo Tyres B.V. (ATBV), Netherlands (Subsidiary through Apollo Coop) Apollo Tyres (UK) Private Limited, United Kingdom (Subsidiary through ATBV) Apollo Tyres (Brasil) LIMITEDA, Brazil (Subsidiary through ATBV) Apollo Tyres Global R&D B.V., Netherlands (Subsidiary through Apollo Coop) Apollo Tyres (Thailand) Limited, Thailand (Subsidiary through Apollo Coop) Apollo Vredestein B.V., Netherlands (AVBV) (Subsidiary through ATBV)

Subsidiaries of Apollo Vredestein B.V (AVBV)	Apollo Vredestein GmbH, Germany Vredestein Norge A.S., Norway Apollo Vredestein U.K. Limited Apollo Vredestein Belux, Belgium Apollo Vredestein Gesellshaft m b h, Austria Apollo Vredestein Schweiz A G, Switzerland Vredestein Nordic A B, Sweden S C Vredesetin R.O. Srl, Romania Apollo Vredestein Iberica SA, Spain Apollo Vredestein Tires Inc., USA Apollo Vredestein Kft, Hungary Apollo Vredestein Srl, Italy Apollo Vredestein Opony Polska Sp. Zo.o., Poland Apollo Vredestein SAS., France Vredestein Consulting B.V.,Netherlands Finlo B.V.. Netherlands Vredestein Marketing B.V., Netherlands Vredestein Marketing B.V., and Company, KG Germany

Associates:	National Tyre Service, Zimbabwe Pressurite (Pty) Limited, South Africa

Joint Ventures:	PanAridus LLC, USA


Companies in which Directors are interested:	Apollo International Limited (AIL) Apollo International Trading LLC, Middle East Encorp E Services Limited UFO Moviez India Limited Landmark Farms and Housing (Private) Limited Sunlife Tradelinks (Private) Limited Travel Tracks Limited Bespoke Tours and Travels Limited Dusk Valley Technologies Limited Classic Auto Tubes Limited PTL Enterprises Limited (PTL) Apollo Finance Limited Artemis Medicare Services Limited Artemis Health Sciences Limited Amarchand and Mangaldas and Suresh A Shroff and Company J Sagar and Asscociates Regent Properties Swaranganga Consultants Private. Limited J and S Systems Corporation, U.K. Sacred Heart Investment Company Private Limited Milers Global Private Limited Apollo Fiege Integrated Logistics Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

730000000	Equity Shares	Re.1/- each	Rs.730.000 Million
200000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.20.000 Million

	TOTAL		Rs.750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

509024770	Equity Shares	Re.1/- each	Rs.509.020 Million
	Add: Forfeited Shares		Rs.0.070 Million

	TOTAL		Rs.509.090 Million

Note:

Reconciliation of the number of equity share and amount outstanding at the beginning and the end of the year

	As at Mar 31, 2015
	No. of Shares	Rs In Million
Opening Balance	504024770	504.02
Add: Shares allotted on conversion of share warrants	5000000	5.00
Closing balance		509.02

Details of Shareholders holding more than 5% of the Paid up Equity Share Capital of the Company with Voting Rights:

		As at Mar 31, 2015
S. No.	Name of the Shareholder	No. of Shares	%age
1	Neeraj Consultants Limited	42508142	5.35
2	Apollo Finance Limited	36759650	7.22
3	Sunrays Properties and Investment Company Private Limited	35725648	70.02
4	Constructive Finance Private Limited	29630857	5.82

The rights, preferences and restrictions attached to equity shares of the Company:

The Company has only one class of shares referred to as equity shares having a par value of Rs. 1 each. The holder of equity shares are entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	509.090	504.090	504.090
(b) Reserves & Surplus	32197.760	26786.320	22802.390
(c) Money received against share warrants	0.000	107.750	107.750

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	32706.850	27398.160	23414.230

(3) Non-Current Liabilities
(a) long-term borrowings	3339.390	7137.330	13383.680
(b) Deferred tax liabilities (Net)	4122.420	3909.450	3518.400
(c) Other long term liabilities	69.140	62.120	124.100
(d) long-term provisions	78.430	67.610	0.000
Total Non-current Liabilities (3)	7609.380	11176.510	17026.180

(4) Current Liabilities
(a) Short term borrowings	4626.600	1806.730	5394.150
(b) Trade payables	6621.810	8983.410	6000.950
(c) Other current liabilities	5616.920	8892.000	4625.630
(d) Short-term provisions	4032.500	2863.200	1910.920
Total Current Liabilities (4)	20897.830	22545.340	17931.650

TOTAL	61214.060	61120.010	58372.060

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30965.270	32421.610	30633.900
(ii) Intangible Assets	105.150	114.210	79.640
(iii) Capital work-in-progress	1296.480	349.710	2489.730
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6519.190	6514.640	6126.950
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1780.280	1230.380	1689.940
(e) Other Non-current assets	360.180	214.140	0.000
Total Non-Current Assets	41026.550	40844.690	41020.160

(2) Current assets
(a) Current investments	1000.000	0.000	0.000
(b) Inventories	11851.860	12836.920	11208.260
(c) Trade receivables	3200.100	2405.450	2731.360
(d) Cash and cash equivalents	2078.400	2211.100	1541.920
(e) Short-term loans and advances	1681.190	2445.800	1869.660
(f) Other current assets	375.960	376.050	0.700
Total Current Assets	20187.510	20275.320	17351.900

TOTAL	61214.060	61120.010	58372.060

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	89378.170	87117.320	85074.910
	Other Income	375.460	792.260	573.770
	TOTAL (A)	89753.630	87909.580	85648.680

Less	EXPENSES
	Cost of Materials Consumed	54007.140	57243.060	58673.640
	Purchases of Stock-in-Trade	2492.190	2502.760	2538.950
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	197.290	(1158.670)	(73.710)
	Employees benefits expense	5451.320	4532.540	4268.520
	Other expenses	14075.590	13008.410	10685.650
	Exceptional Items	0.000	710.470	0.000
	TOTAL (B)	76223.530	76838.570	76093.050

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	13530.100	11071.010	9555.630

Less	FINANCIAL EXPENSES (D)	1720.880	2446.100	2609.730

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	11809.220	8624.910	6945.900

Less/ Add	DEPRECIATION/ AMORTISATION (F)	2467.800	2480.460	2200.710

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	9341.420	6144.450	4745.190

Less	TAX (H)	2890.610	1718.260	1619.910

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	6450.810	4426.190	3125.280

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	10383.030	7886.600	6710.320

Add	Transfer from debenture redemption reserve	1000.000	0.000	0.000

Less:	Depreciation on transition to schedule II of the companies Act, 2013 on tangible fixed assets with nil remaining useful life (net of deferred tax of Rs.132.94 Million)	258.180	0.000	0.000

Less	APPROPRIATIONS
	General Reserve	1000.000	1000.000	1000.000
	Debenture Redemption Reserve	300.000	591.670	654.160
	Proposed Dividend	1018.050	378.020	252.010
	Dividend Tax	211.640	64.240	42.830
	Balance Carried to the B/S	15045.970	10278.860	7886.600

	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	9222.310	8142.280	8091.670
	Royalty Received	73.830	57.280	43.660
	Cross Charge of Management Expenses	54.740	28.100	62.440
	Reimbursement of Expenses Received	209.270	30.100	36.920
	TOTAL EARNINGS	9560.150	8257.760	8234.690

	IMPORTS
	Raw Materials	24098.070	25492.150	26222.050
	Components and Stores parts	64.500	65.110	65.460
	Capital Goods	447.930	503.690	1623.420
	TOTAL IMPORTS	24610.500	26060.950	27910.930

	Earnings / (Loss) Per Share (Rs.)
	- Basic	12.70	8.78	6.20
	- Diluted	12.69	8.77	6.20

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Secured
Debenture
1,000 - 10.15 % Non-Convertible Debentures of Rs. 1.000 Million each	1000.000	1000.000	0.000
1,250 - 11.50 % Non-Convertible Debentures of Rs. 1.000 Million each	416.670	416.670	416.670
Term Loans From Banks:
External Commercial borrowings (ECB)	1158.440	1102.220	1373.940
Rupee Term Loans	0.000	166.670	0.000
Term loan From Others:
International Finance Corporation - Loan A	225.690	225.690	225.690
International Finance Corporation - Loan B	199.570	199.570	99.780
Bharat Earthmovers Limited (BEML)	0.000	80.490	82.490
Finance Lease Deferred Payment Liabilities:
Deferred Payment Credit I	47.840	44.540	41.480
Deferred Payment Credit II	8.280	7.970	6.640
Unsecured loan
Debenture
2,000 - 10.10 % Non-Convertible Debentures of Rs. 1.000 Million each	0.000	2000.000	0.000
1,000 – 9.70% Non-Convertible Debentures of Rs. 1.000 Million each	0.000	1000.000	0.000

TOTAL	3056.490	6243.820	2246.690

Cash generated from operations	11511.730	12520.980	8719.990
Net cash flows from (used in) operations	9513.770	11266.620	7672.160

QUARTERLY RESULTS

PARTICULARS			30.06.2015 1^st Quarter
Audited / UnAudited

Net Sales			21372.580
Total Expenditure			17335.760
PBIDT (Excl OI)			4036.820
Other Income			177.530
Operating Profit			4214.350
Interest			238.950
Exceptional Items			NA
PBDT			3975.400
Depreciation			596.220
Profit Before Tax			3379.180
Tax			1108.100
Provisions and contingencies			NA
Profit After Tax			2271.080
Extraordinary Items			NA
Prior Period Expenses			NA
Other Adjustments			NA
Net Profit			2271.080

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	7.22	5.08	3.67

Operating Profit Margin (PBIDT/Sales)	(%)	15.14	12.71	11.23

Return on Total Assets (PBT/Total Assets}	(%)	17.49	11.32	9.54

Return on Investment (ROI) (PBT/Networth)		0.29	0.22	0.20

Debt Equity Ratio (Total Debt /Networth)		0.34	0.55	0.90

Current Ratio (Current Asset/Current Liability)		0.97	0.90	0.97

STOCK PRICES

Face Value	Rs.1.00/-
Market Value	Rs.188.00/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	504.090	504.090	509.090
Reserves & Surplus	22802.390	26786.320	32197.760
Money received against share warrants	107.750	107.750	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	23414.230	27398.160	32706.850

long-term borrowings	13383.680	7137.330	3339.390
Short term borrowings	5394.150	1806.730	4626.600
Current maturities of long-term debts	2246.690	6243.820	3056.490
Total borrowings	21024.520	15187.880	11022.480
Debt/Equity ratio	0.898	0.554	0.337

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	85074.910	87117.320	89378.170
		2.401	2.595

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	85074.910	87117.320	89378.170
Profit	3125.280	4426.190	6450.810
	3.67%	5.08%	7.22%

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	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	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

LITIGATION DETAILS

KERALA HIGH COURT
CASE STATUS INFORMATION SYSTEM
Case Status :	Pending
Status Of :	CENTRAL EXICISE APPE 16 Of 2014
Litigants :	COMMISSIONER OF CENTRAL EXCISE Vs. M/S.APOLLO TYRES LTD.
Pet's Adv :	SRI.JOHN VARGHESE,SC,CEN.
Res's Adv :	SRI.V.ABRAHAM MARKOS
Last Date of Hearing :	Friday, October 10, 2014
Next / Final Date of Hearing :	---
Case Updated On :	Tuesday, November 25, 2014
Category :	Central Excise Appeal

Connected Application(s)

No Connected Application

Connected Matter(s)

No Connected Cases

OPERATIONS

It was tough year for tyre makers and this is reflected in sales growth numbers at Apollo Tyres Limited.

On a standalone basis, the Company achieved a net turnover of Rs.88783.000 million as against Rs. 86101.000 million during the previous financial year. EBIDTA was at Rs.13530.000 million as compared to Rs. 11781.000 million during the previous financial year. The net profit for the year was Rs. 6451.000 million, as against Rs. 4426.000 million in the previous fiscal, a growth of 46%.

The consolidated net turnover of the Company was Rs. 127257.000 million during FY15, as compared to Rs. 133103.000 million in FY14, due to restructuring of South Africa Operations. The consolidated EBIDTA was of 19844.000 million for FY15 as compared to Rs.19734.000 million for the previous financial year. On consolidated basis, Apollo Tyres earned net profit of Rs. 9776.000 million for FY15 as against Rs.10051.000 million for the previous financial year.

EXPANSION PROGRAMME AND FUTURE OUTLOOK

The Company seeks a higher market share in the European region. Currently, the Company is unable to fully meet the demand in Europe for its tyres due to capacity constraints. In light of demand supply situation in Europe a Greenfield Project in Hungary will be established in next 4 years, at a project cost of approximately Euro 500 million. This will be funded with internal accruals and debt at the European subsidiary level. The planned capacity is expected to be 5.5 Mn Passenger Car Tyres (PCR) per annum and 675,000 Truck Bus Radial Tyres

(TBR) per annum.

Further, the Company sees a huge potential in the ASEAN region. As a way forward, the Company will continue to follow its stated policy of seeking growth opportunities. The Company will look at capacity expansion, Greenfields and Brownfields in line with its overall growth strategy. One of the key pillars for the Company''s success will be technology. To further strengthen this, the Company has setup a commercial vehicle tyre R&D facility in Chennai, India, as well as a passenger vehicle tyre R&D centre in the Netherlands.

During the year, the Board has approved a capital expenditure of USD 340 million for an expansion at the Chennai plant for the Truck & Bus radial tyre capacity from the present 6000 tyres per day to 8900 tyres per day and at Kalamassery plant for Conversion of the company''s leased operations from bias truck tyres to speciality/industrial tyres.

AWARDS AND RECOGNITIONS

In its constant quest for growth and achievement, your Company was honoured and recognised at various forums. The prominent Awards are listed below for your reference.

Name of the Award	Category	Awarded By

Intermedia Globe	Advertising	World Media Festival- Global Competition for Modern Media
Investor of the Year 2014	Largest Greenfield Investment of the year	Agency (HIPA) and the Ministry of Foreign Affairs and Trade
Gujarat State Level Quality Circle Competition 2015		C I I
Asia's Best Company to work for 2014	Auto Component	Great Place to Work 2014
India's Best Company for CSR	Auto Ancillary	The Economic Times
Rubber Man of the Year	--	Rubber Asia
Next Generation Leader Award 2014	--	Manufacturing Today
National Productivity Competition 2014	--	Indian Institute of Industrial Engineering (IIIE)
The SMARTIES India Awards 2014	In-App Advertising Gaming or Other	Mobile Marketing Association (MMA)
India's Best Company to work for 2014	Auto Component	Great Place to Work 2014

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
Buyer Credit RM	0.000	173.800
Packing Credit	4263.040	1331.340
Total	4263.040	1505.140

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10364532	29/06/2012	1,530,000,000.00	ICICI BANK LIMITED	LAND MARK, RACE COURSE CIRCLE,, VADODARA, GUJARAT - 390007, INDIA	B43213123
2	10347294	20/02/2015 *	300,000,000.00	DBS BANK LTD	UGF, BIRLA TOWER, 25 BARAKHAMBA ROAD, ACTING AS S ECURITY TRUSTE TO DBS BANK LTD SINGAPOR, NEW DELHI , DELHI - 110001, INDIA	C50618511
3	10347296	20/02/2015 *	432,390,000.00	DBS BANK LTD	UGF, BIRLA TOWER, 25 BARAKHAMBA ROAD,, ACTING AS SECURITY TRUSTE TO DBS BANK LTD,SINGAPOR, NEW DELH I, DELHI - 110001, INDIA	C50624832
4	10325438	20/02/2015 *	449,000,000.00	BNP PARIBAS	20 COLLER QUAY #, 01-01, TUNG CENTRE, SINGAPORE, SINGAPORE, - 049319, SINGAPORE	C51069557
5	10323173	20/02/2015 *	556,750,000.00	HSBC BANK (MAURITIUS) LIMITED	HSBC CENTRE, 18 CYBERCITY, EBENE, - 999999, MAUR ITIUS	C50626894
6	10307999	20/02/2015 *	491,200,000.00	ICICI BANK LIMITED	SUITE 15, PART 3, MUNICIPALITY NO 116, P.O BOX 14 94, BUILDING 114, GOVERNMENT AVENUE, MANAMA, - 31 6, BAHRAIN	C50407873
7	10314391	20/02/2015 *	960,000,000.00	STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGE NT)	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA KHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	C50635960
8	10268945	20/02/2015 *	916,100,000.00	INTERNATIONAL FINANCE CORPORATION	2121, PENNSYLVANIA AVENUE, N.W., WASHINGTON, D.C. 20433, WASHINGTON, - 20433, UNITED STATES OF AME RICA	C50632710
9	10264517	28/03/2013 *	1,000,000,000.00	STATE BANK OF INDIA	SECURITIES AND SERVICES DIVISION, SBI CHENNAI MAI N BR., 84, RAJAJI SALAI,, CHENNAI, TAMIL NADU - 60 0001, INDIA	B74016429
10	10246213	20/02/2015 *	1,395,000,000.00	INTERNATIONAL FINANCE CORPORATION	2121, PENNSYLVANIA AVENUE, N.W, WASHINGTON, D.C. 20433, WASHINGTON, - 20433, UNITED STATES OF AMER ICA	C50630185

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014

Sales Tax	76.170	111.920
Income Tax#	451.300	180.460
Claims against the Company not acknowledged as debts - Employee Related	48.640	51.02
Others	43.000	28.540
Provision of Security (Bank Deposits pled9ed with a Bank against which workln9 capital loan has been availed by Apollo Finance Ltd a Company In which Directors are interested)	37.970	53.830
Excise Duty*	57.930	363.550
*Excludes demand of Rs.532.120 Million (Rs.532.120 Million) raised on one of the Company’s units relating to Issues which have been decided by the Appellate Authority in Company's favour in appeals perta'n1ng to another unit of the Company. Show cause notices received from various Government Agencies pending formal demand notice have not been considered as contingent liabilities # Excludes amount of Rs.441.660 Million (Rs.441.660 Million) in appeals which have been decided by Appellate authorities in Company’s favour but on which the department has gone for further appeal In the opinion of the management, no provision IS COr1Sldered necessary for the disputes mentioned above on the ground that there are fair chances of successful outcome of appeals.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2015

(Rs. In Million)

Particular	Quarter Ended
	30.06.2015

1 Net sales/ Income from Operations	21241.400
Other Operating income	131.180
Total Income from Operations	21372.580
2 Expenses
Cost of Materials Consumed	11253.160
Purchases of Stock-in-Trade	636.670
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	256.22
Employees benefits expense	1348.870
Depreciation and amortisation expense	596.220
Other expenses	3840.840
Total Expenses	17931.980
3 Profit from operations before other income and finance costs (1-2)	3440.600
4 Other Income	177.530
5 Profit before finance costs (3+4)	3618.130
6 Finance costs	238.950
7 Profit after finance costs but before exceptional item and tax (5-6)	33779.180
8 Exceptional item - Income	0.000
9 Profit before tax (7+8)	3379.180
10 Tax expense	1108.100
11 Net Profit for the period (9-10)	2271.080
12 Paid-up Equity Share Capital (Equity Shares of Share Re. 1)	509.090
13 Loan Funds - Listed Debentures
14 Reserves excluding revaluation reserve
15 Debenture Redemption Reserve
16 Earnings Per Equity Share (Rs) (Before exceptional item) (not annualised)
- Basic	4.46
- Diluted	4.46
17 Earnings Per Equity Share (Rs) (After exceptional item) (not annualised)
- Basic	4.46
- Diluted	4.46

SR. NO.	Particulars
A	PARTICULARS OF SHAREHOLDING
1	Public Share Holding
	- Number of Shares	284767028
	- Percentage of Shareholding	55.94
2	Promoters and Promoter Group Shareholding a) Pledaed / Encumbered
	-Number of Shares	26834142
	- Percentage of Shareholding (as a % of the total shareholding of promoter and promoter group)	11.97
	- Percentage of Shares (as a % of total share capital of the Company)	5.28
	b) Non - Encumbered
	- Number of Shares	197423600
	- Percentage of Shares (as a % of total shareholding of promoter and promoters group)	88.03
	- Percentage of Shares (as a % of total share capital of the Company)	38.78

B	Investors Complaints
	Pending at the beginning of the quarter	NIL
	Received during the quarter	8
	Disposed of during the quarter	8
	Remaining unresolved at the end of the quarter	NIL

Note:

1. The above results were reviewed by the Audit Committee on August 10, 2015 and approved by the Board of Directors at its meeting held on August 11, 2015. The stand-alone results of the company have undergone limited review by the Statutory Auditors.

2. The figures of previous quarter (i.e. three months ended March 31, 2015) are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2015 and the published year to date figures upto the period ended December 31, 2014.

3. The Company's operation comprises of one business segment - Automobile Tyres, Automobile Tubes and Automobile Flaps.

4. Previous period's figures have been regrouped / reclassified wherever necessary to correspond with the current period's classification / disclosure.

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Computer Software

PRESS RELEASES

CONSTRUCTION OF APOLLO TYRES’ GREENFIELD FACILITY IN HUNGARY BEGINS

10 APRIL 2015

The foundation stone laid by Viktor Orbán, Prime Minister of Hungary and Onkar S Kanwar, Chairman of Apollo Tyres

Construction of Apollo Tyres’ first European Greenfield plant in Gyöngyöshalász, Hungary, started today with the foundation stone laying ceremony. The international tyre manufacturer’s facility will start production in early 2017. The facility will produce both, Apollo and Vredestein branded tyres and will cater to the entire European market.

Viktor Orbán, Prime Minister of Hungary and Onkar S Kanwar, Chairman of Apollo Tyres, jointly laid the foundation stone of the facility in the presence of Neeraj Kanwar, Vice Chairman and Managing Director, Apollo Tyres, Dr. László Szabó, Deputy Minister of Foreign Affairs and Trade, GyörgyHiesz, Mayor of Gyöngyös, János Pásztor, Mayor of Gyöngyöshalász, Dr. Gábor Pajtók,Administrative Government Commissioner of the Government Office of Heves Country and Róbert Szabó, President of General Assembly of Heves Country.

Onkar S Kanwar, Chairman, Apollo Tyres Limited said during the ceremony, “This is a significant milestone for us at Apollo Tyres, considering that a few years back we didn’t have any presence in Europe, and today, we are looking at having our 2nd manufacturing unit in place. With the new capacity in Hungary, we will be able to further increase our focus on the European market.”

The Gyöngyöshalász facility will be a state-of-the-art plant, and once completed, will have a capacity to produce 5.5 million passenger car and light truck (PCLT) tyres and 675,000 heavy commercial vehicle (HCV) tyres per annum. This facility will complement Apollo Tyres’ existing facility in the Netherlands, bringing the whole range of Apollo and Vredestein branded tyres to the European market. This upcoming plant is located less than 100 km from Budapest (capital city of Hungary) and meets the needs of Apollo Tyres, including having close proximity to various OE manufacturers as potential customers.

The recruitment for the new factory has started at the beginning of this year and the company has already signed scholarship programmes with close to 90 technicians who will be contracted as employees from July 1. In the second half of the year, 150 more technicians will be employed, together with qualified engineers, to join the international tyre manufacturer’s team.

APOLLO TYRES RAISES RS 22600.000 MILLION DEBT FOR GREENFIELD PLANT IN HUNGARY

AUGUST 26, 2015

MUMBAI: Apollo Tyres on August 26 announced that it has successfully closed a 300 million (about Rs 22600.000 Million) financing for its greenfield plant in Hungary.

The tyre maker raised the debt from an international consortium of banks comprising of ABN AMRO Bank N.V., Magyar Export-Import Bank Zrt., Raiffeisen Bank Zrt., Standard Chartered Bank and UniCredit Bank Hungary Zrt.

ABN AMRO Bank N.V. acted as documentation agent on the facility and Raiffeisen Bank Zrt. was the facility and security agent, the Gurgaon-based company said. "We thank our consortium partners who provided appropriate solutions to the specific financing needs for the project and facilitated a smooth execution," said K Prabhakar, managing director of Apollo Tyres Hungary.

With a total investment of 475 million, the construction of the greenfield plant began in April 2015. The first product is expected to roll out in early 2017 and the facility will create about 1,000 jobs in the country.

The plant will have a capacity to produce 5.5 million tyres for passenger cars and light trucks, and 675,000 tyres for heavy commercial vehicles per annum.

The facility will complement Apollo Tyres' existing facility in the Netherlands, bringing the whole range of Apollo and Vredestein branded tyres to the European market. This upcoming plant is located less than 100 km from Hungary's capital Budapest, in close proximity to various original equipment manufacturers that the company is eyeing as potential customers.

TO INCREASE RADIAL TYRE CAPACITY

CHENNAI, AUGUST 11:

Apollo Tyres plans to spend Rs 1,2000.000 Million to increase the truck and bus radial tyre capacity at the Chennai plant from 8,900 tyres a day to 12,000 tyres a day.

The company informed the stock exchanges that its board of directors, at a meeting today, approved raising Rs 2,00000.000 Million in debt to meet the capital expenditure requirements and proposed expansions at Chennai and Kalamassery (Kerala) plants.

The company will seeks its shareholders' nod to raise Rs 10000.000 Million through private placement of unsecured/secured non-convertible debentures.

At 2.20 p.m. the company's shares were down over 10 per cent on the BSE at Rs 187.70. The Sensex was down 190 points or 0.67 per cent, at 27,912.28.

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.65.02
UK Pound	1	Rs.99.89
Euro	1	Rs.73.92

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KAR

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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		78

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit