MIRA INFORM REPORT

Report No. :	347138
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	LUCAS TVS LIMITED
Registered Office :	6, (New No. 11, 13), Patullo Road, Chennai – 600002, Tamilnadu
Tel. No.:	91-44-28110063/28115624/28111200 /26258211
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.12.1961
Com. Reg. No.:	18-004678
Capital Investment / Paid-up Capital :	Rs.118.800 Million
IEC No.:	Not Available
CIN No.: [Company Identification No.]	U35999TN1961PLC004678
TAN No.: [Tax Deduction & Collection Account No.]	CHEL00043B
PAN No.: [Permanent Account No.]	AAACL3763E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of Manufacture of auto electrical products and special purpose machines.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (80)

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 18525000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of T.V. SUNDRAM IYENGAR AND SONS LIMITED. It is a well-established company incorporated in the year 1961 having excellent track. Turnover and profit of the company has continuously declined over years. However, available financial, indicates company strong financial risk profile marked by healthy networth position with low borrowings recorded and favorable gap between trade payables and trade receivables. The rating also takes into consideration Lucas-TVS’s leadership position India’s automotive electrical products segment, presence across auto industry sub-segment. The company also receives strong operating and financial support from its holdings company. Trade relations are reported as fair. Business is active. Payments are reported as regular and as per commitments. In view of long track record and sound financial base, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	CRISIL
Rating	Long Term Rating=AA+
Rating Explanation	High degree of safety and carry low credit risk.
Date	07.03.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating=A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	07.03.2015

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 DENIED BY

Name :	Mr. Raj Gopalan
Designation :	Accounts Department
Contact No.:	91-44-26235153
Date :	26.10.2015

LOCATIONS

Registered Office :	6, (New No. 11, 13), Patullo Road, Chennai – 600002, Tamilnadu, India
Tel. No.:	91-44-28110063/28115624/28111200 /26258211
Fax No.:	91-44-26257215/26257863/26258227
E-Mail :	mailer.web@lucastvs.co.in nambirajan@lucastvs.co.in marketing.padi@lucastvs.sprintrpg.ems.vsnl.net.in ananthakrishnan.cn@lucastvs.co.in ramaswamy.k@lucastvs.co.in
Website :	www.lucas-tvs.com
Corporate Office :	Aalim Centre, 82, Dr. Radhakrishnan Salai Mylapore, Chennai -600 004, Tamilnadu.
Tel. No.:	91-44-28110063/28110074
Fax No.:	91-44-28115624
E-Mail :	mailer.web@lucastvs.co.in marketing.padi@lucastvs.sprintrpg.ems.vsnl.net.in recruitment@lucastvs.co.in
Factory 1 :	REWARI PLANT Masani Village, Rewari - 122 106, Haryana, India
Tel. No.:	91-1274-240754
Fax No.:	91-1274-240753
E-Mail :	Lucas.Rewari@satyam.net.in
Factory 2 :	CHAKAN PLANT B-1/1, MIDC Industrial Area, Village Nicoghe, Khed Taluk, Chakan, Pune - 410 501, Maharashtra, India
Tel. No.:	91-2135 327707
Fax No.:	91-2135 259149
E-Mail :	sidhar.s@lucastvs.co.in
Factory 3 :	PUDUCHERRY PLANT Eripakkam Village, Nettapakkam Commune, Puducherry - 605 106, India
Tel. No.:	91-413-2699131
Fax No.:	91-413-2699002
E-Mail :	mktg.pondy@lucastvs.co.in
Factory 4 :	UTTARKHAND PLANT Sector 11, Plot No. 55, TML Vendor Park, Sidcul Industrial Area, Pant Nagar, Udhamsingh Nagar – 263153, Uttaranchal, India
Tel. No.:	91-5944 250244
Fax No.:	91-5944 250243
E-Mail :	ut_office@lucastvs.co.in
Factory 5 :	PUDUCHERRY PLANT 10, Kothapurinatham Road, Thiruvandar Koil, Mannadipet Commune, Puducherry - 605 102, India
Tel. No.:	91-413-2641095
Fax No.:	91-413-2641096
E-Mail :	krkuma.pondyr@lucastvs.co.in
Factory 6 :	INDRAD AUTO COMPONENTS, MARAIMALAI NAGAR PLANT A1 - F5, Industrial Estate, Maraimalai Nagar, District. Kancheepuram, Tamilnadu, India
Tel. No.:	914427451853/27453365
E-Mail :	mktg@indradauto.com
Sales Offices:	Padi, Chennai - 600 050, Tamilnadu, India
Tel. No.:	91-44-2625 8211, 2625 4376 (Marketing)
Fax No.:	91-44-2624 7441, 2625 7322 (Marketing)
E-Mail :	bhawani@lucastvs.co.in gnbala@lucastvs.co.in balan.tv@lucastvs.co.in

DIRECTORS

As on 22.09.2014

Name :

Mr. Tirumala Kumara Balaji

Designation :

Managing Director

Address :

New No.75 (Old No.34), Poes Garden, Chennai – 600 086, Tamilnadu, India

Date of Birth/Age :

12.07.1948

Qualification :

BE(MECH)MBA

Experience :

38 Years

Date of Appointment :

24.08.2014

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	24/08/2014	24/08/1979	-	Active	NO
2	U34101TN1929PTC002973	T.V. SUNDRAM IYENGAR & SONS Private Limited	Director	31/08/1979	31/08/1979	-	Active	NO
3	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Managing director	01/04/2012	15/10/1979	-	Active	NO
4	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	26/03/2015	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	01/08/2014	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	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
12	U93090TN1983NPL010185	PUNARVASU 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. Venu Srinivasan

Designation :

Director

Address :

Westside House, New No.3 (Old No.2), Adyar Club Gate Road, Chennai – 600 028, Tamilnadu, India

Date of Birth/Age :

11.12.1952

Date of Appointment :

16.04.1991

DIN No.:

00051523

Name :

Mr. Gopal Srinivasan

Designation :

Director

Address :

Westside House, New No.3 (Old No.2), Adyar Club Gate Road, Chennai – 600 028, Tamilnadu, India.

Date of Birth/Age :

04.08.1958

Date of Appointment :

28.03.1996

DIN No.:

00177699

Name :

Mr. Arvind Balaji

Designation :

Managing Director

Address :

“Sreshta Manya” Flat No. 4, Second Floor, New No.4, Old No.23, Arch Annamalalpuram, Chenai – 600028, Tamilnadu, India

Date of Birth/Age :

08.12.1974

Qualification :

BE(MECH)/MS/MBA

Experience :

16 Years

Date of Appointment :

18.04.2013

PAN No.:

AALPA3558Q

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	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
4	U93090TN1983NPL010185	PUNARVASU 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	25/07/2015	Active	NO
6	U70101TN2007PTC063926	PROSPERTREE ESTATES PRIVATE LIMITED	Director	12/06/2007	12/06/2007	07/09/2011	Active	NO
7	U65993TN1995PTC030884	SYNERGY SHAKTHI RENEWABLE ENERGY Private 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	Managing director	27/08/2014	25/10/2008	-	Active	NO
10	U40104TN2009PTC070419	HARITA ARVIND ENERGY PRIVATE LIMITED	Director	09/01/2009	09/01/2009	-	Active	NO
11	U01400TN2009PTC070420	HARITA GREENS 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	Director	21/08/2014	15/10/2013	-	Active	NO

Name :

Mr. Kalathur Seshadri

Designation :

Director

Address :

03.10.1933

Date of Birth/Age :

38, Masilamani Road, Balaji Nagar, Royapettah, Chennai – 600014, Taminadu, India

Date of Appointment :

20.07.2009

DIN No.:

00301839

Name :

Mr. Ranganathan Vijayaraghavan

Designation :

Director

Address :

New No.40, Old No.33, Warren Road, Mylapore Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

02.01.1950

Date of Appointment :

25.06.2014

DIN No.:

00026763

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	L17115TZ1980PLC000916	SRI NACHAMMAI COTTON MILLS LIMITED	Director	04/06/1992	04/06/1992	23/10/2007	Active	NO
2	L52599TN1961PLC028758	REDINGTON (INDIA) LIMITED	Director	25/10/1995	25/10/1995	31/05/2008	Active	NO
3	L15421TN1954PLC002915	THIRU AROORAN SUGARS LIMITED	Director	29/09/2014	28/10/1997	-	Active	NO
4	L24231TN1936PLC000017	AMRUTANJAN HEALTH CARE LIMITED	Director	24/01/1998	24/01/1998	17/07/2008	Active	NO
5	L60220TN1979PLC007970	SANCO TRANS LIMITED	Director	15/09/2014	25/03/1998	-	Active	NO
6	U40105TN1995PLC030420	TERRA ENERGY LIMITED	Director	24/07/2000	24/07/2000	17/11/2008	Active	NO
7	U15421TN1988PLC015660	SHREE AMBIKA SUGARS LIMITED	Director	24/07/2000	24/07/2000	02/07/2008	Active	NO
8	U74140TN2001PLC047424	PRIME TECHNOLOGY RESOURCES MANAGEMENT LIMITED	Director	12/07/2001	12/07/2001	01/10/2008	Active	NO
9	U74140TN2001PLC047423	STRATEGIC MANAGEMENT AND MARKETING CONSULTANCY SERVICES LIMITED	Director	12/07/2001	12/07/2001	01/10/2008	Active	NO
10	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	27/08/2014	25/03/2005	-	Active	NO
11	U65191TN1998PLC039853	Chennai Business Consulting Services Limited	Director	06/09/2006	12/09/2005	27/06/2008	Active	NO
12	U65993TN1995PTC030884	SYNERGY SHAKTHI RENEWABLE ENERGY Private Limited	Additional director	06/08/2007	06/08/2007	24/07/2008	Active	NO
13	L29130TN1961PLC004466	BIMETAL BEARINGS LIMITED	Director	23/07/2014	10/05/2010	-	Active	NO
14	L02421TZ1910PLC000221	T STANES AND COMPANY LIMITED	Director	08/08/2014	11/11/2011	-	Active	NO
15	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	21/08/2014	10/02/2012	-	Active	NO
16	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	25/06/2014	30/03/2012	-	Active	NO
17	U65993TN1995PLC032050	REDINGTON (INDIA) INVESTMENTS LIMITED	Director	31/08/2012	29/06/2012	12/03/2015	Active	NO
18	U52390TN2011PLC081001	CURRENTS TECHNOLOGY RETAIL (INDIA) LIMITED	Director	23/07/2014	17/10/2013	12/03/2015	Active	NO
19	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	24/03/2015	24/03/2015	-	Active	NO
20	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Director	25/03/2015	25/03/2015	-	Active	NO

Name :

Mr. Mahalingam Seturaman

Designation :

Director

Address :

6, Subbaraya Iyer Avenue, Abhiramapuram,, Chennai - 600018, Tamilnadu, India

Date of Appointment :

22.09.2014

DIN No.:

00121727

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	U29309MH1987PLC257475	WTI ADVANCED TECHNOLOGY LIMITED	Director	15/09/1998	15/09/1998	28/03/2013	Amalgamated	NO
2	U75142TG2002PLC039671	APONLINE LIMITED	Nominee director	26/09/2003	26/09/2003	11/03/2013	Active	NO
3	U91120TN2005NPL057561	NANI PALKHIVALA ARBITRATION CENTRE	Director	21/09/2005	21/09/2005	-	Active	NO
4	L22210MH1995PLC084781	TATA CONSULTANCY SERVICES LIMITED	Whole-time director	06/09/2012	06/09/2007	10/02/2013	Active	NO
5	U70102MH2007PLC168300	Tata Realty and Infrastructure Limited.	Director	01/09/2008	14/01/2008	-	Active	NO
6	L72200TG1975PLC001970	CMC LIMITED	Director	29/06/2010	14/01/2010	-	Active	NO
7	U22120MH2011NPL218720	CSI Publications	Director	16/06/2011	16/06/2011	-	Active	NO
8	U85300DL2008NPL181612	National Skill Development Corporation	Director	21/08/2012	06/07/2012	-	Active	NO
9	L65110TN1904PLC001287	CITY UNION BANK LIMITED	Director	30/08/2013	22/07/2013	-	Active	NO
10	U73100TN2006NPL059651	IIT MADRAS RESEARCH PARK	Director	31/08/2013	31/08/2013	-	Active	NO
11	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	23/07/2014	26/05/2014	-	Active	NO
12	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	22/09/2014	25/06/2014	-	Active	NO
13	U22110TN1940PLC001091	KASTURI & SONS LIMITED	Director	20/08/2014	20/08/2014	-	Active	NO
14	U72200KL2000NPL014187	INDIAN INSTITUTE OF INFORMATION TECHNOLOGY AND MANAGEMENT KERALA (SEC 25 COMPANY)	Director	16/09/2014	16/09/2014	-	Active	NO
15	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Director	30/09/2015	20/02/2015	-	Active	NO

Name :

Ms. Priyamvada Balaji

Designation :

Director

Address :

34 Poes Garden, Chennai - 600086, Tamilnadu, India

Date of Appointment :

11.09.2015

DIN No.:

00730712

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	U67190TN1996PLC035318	HARITA FINANCIAL SERVICES LIMITED	Director	23/10/1996	23/10/1996	-	Active	NO
2	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Whole-time director	20/02/2013	20/02/2013	-	Active	NO
3	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	11/09/2015	28/03/2015	-	Active	NO
4	U74990TN2010PLC075028	TVS TRAINING AND SERVICES LIMITED	Additional director	17/04/2015	17/04/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Raj Gopalan
Designation :	Accounts Department / CFO
Address :	R C Sreeniketan Block 6 Type D, No 9 Theatre St, Shanthi Nagar Extention, Kolathur, Chennai - 600099, Tamilnadu, India
Date of Appointment :	28.03.2015
PAN No.:	AACPR5564L
Name :	Mr. K Ramaswamy
Designation :	Secretary
Address :	D-6, Maitee Apartments 96, 6^th Main Malleswaram, Bangalore – 560004, Karnataka, India
Date of Birth/Age :	26.08.1964
Date of Appointment :	30.03.2013
PAN No.:	AASPR6336A
Name :	Mr. Arvind Balaji
Designation :	Joint Managing Director
Name :	Mr. TK Balaji
Designation :	Chairman
Name :	Mr. Anandakumaran Nair KR
Designation :	Executive Director -Development
Name :	Mr. JS Chopra
Designation :	President -DTVS
Name :	Mr. Ravichandran N
Designation :	Executive Director
Name :	Mr. S Venkataraman
Designation :	EVP - Operations - DTVSDS
Name :	Mr. Sunil Damodaran Nair
Designation :	Head – Corporate Develpoment
Name :	Mr. Shree Ranga
Designation :	Head -Operations - Padi

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2014

Names of Shareholders	No. of Shares
T. V. Sundaram Iyengar and Sons Limited, India	267984
Sundaram Industries Limited, India	270425
Southern Roadways Limited, India	91367
Sundaram Finance Limited, India	63224
Life Insurance Corporation of India, India	82501
General Insurance Corporation of India, India	41249
United India Insurance Company Limited, India	41249
Hastham Swasthi Private Limited, India	116325
Punarvasu Swasthi Private Limited, India	116325
India Nippon Electrical Limited, India	97351
Total	1188000

As on 22.09.2014

Category	Percentage
Public financial companies	13.89
Bodies corporate	86.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Manufacture of auto electrical products and special purpose machines.

Products :

Product Description	ITC CODE
Alternators	85115000
Ignition Products	85113020
Small Motors	85114000
Starter Motors	85114000

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 :

Bank Name	Bank of Baroda
Branch	Corporate Financial Services Branch, 74, The Agaraya Road, T Nagar, Chennai – 600017, Tamilnadu, India
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

• State Bank of India, Industrial Finance Branch, 155 Anna Salai, Chennai – 600002, Tamilnadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	125.000	250.000
Short-term borrowings
Loans repayable on demand from banks	315.401	152.823
Total	440.401	402.823

Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	48, Masilamani Road, Balaji Nagar, Royapettah, Chennai – 600014, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB2481J
Memberships :	--
Collaborators :	--
Holding Company :	T.V. Sundram Iyengar and Sons Limited, India (U34101TN1929PLC002973)
Subsidiaries:	Lucas Indian Service Limited TVS Automotive Systems Limited
Associate:	TVS Training and Services Limited, India (U74990TN2010PLC075028) Delphi-TVS Diesel Systems Limited, India (U24117TN1952PLC005704) India Nippon Electricals Limited, India (L31901TN1984PLC011021) Sundram Non-Conventional Energy Systems Limited, India (U40108TN1994PLC029132) Synergy Shakthi Renewable Energy Limited, India (U65993TN1995PLC030884) Renewable Energy Limited, India
Joint Venture:	India Japan Lighting Private Limited, India (U40109TN1996PTC037208)
Fellow Subsidiary Company:	TVS Logistics Services Limited, India (U63011TN2004PLC054655) Sundaram Industries Limited, India (U65991TN1943PLC002656) TVS Motor Company Limited, India (L35921TN1992PLC022845) Southern Roadways Limited, Sundaram The Associated Auto Parts Limited TVS Interconnect Systems Limited Sundaram Textiles Limited and TVS
Company under Joint Control:	India Japan Lighting Private

CAPITAL STRUCTURE

As on 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.100/- each	Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1188000	Equity Shares	Rs.100/- each	Rs.118.800 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	118.800	118.800	118.800
(b) Reserves & Surplus	6365.012	6127.278	5786.755
(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)	6483.812	6246.078	5905.555
(3) Non-Current Liabilities
(a) long-term borrowings	203.010	331.660	500.112
(b) Deferred tax liabilities (Net)	347.261	355.033	306.945
(c) Other long term liabilities	2.169	1.802	1.677
(d) long-term provisions	55.053	55.701	51.842
Total Non-current Liabilities (3)	607.493	744.196	860.576
(4) Current Liabilities
(a) Short term borrowings	2825.149	2656.471	1991.571
(b) Trade payables	1261.849	1445.814	1283.777
(c) Other current liabilities	441.491	674.313	657.367
(d) Short-term provisions	31.909	187.975	220.678
Total Current Liabilities (4)	4560.398	4964.573	4153.393
TOTAL	11651.703	11954.847	10919.524
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3330.179	3394.848	3169.664
(ii) Intangible Assets	88.952	79.887	80.306
(iii) Capital work-in-progress	173.559	186.376	216.121
(iv) Intangible assets under development	0.000	1.595	1.594
(b) Non-current Investments	1099.277	1014.058	987.215
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	789.318	751.626	676.819
(e) Other Non-current assets	8.550	0.000	0.000
Total Non-Current Assets	5489.835	5428.390	5131.719
(2) Current assets
(a) Current investments	89.457	44.423	50.067
(b) Inventories	2470.109	2610.621	2305.942
(c) Trade receivables	2847.589	2876.597	2566.045
(d) Cash and cash equivalents	30.507	78.151	35.564
(e) Short-term loans and advances	644.917	661.122	611.029
(f) Other current assets	79.289	255.543	219.158
Total Current Assets	6161.868	6526.457	5787.805
TOTAL	11651.703	11954.847	10919.524

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	16093.624	17025.876	17171.582
	Other Income	268.098	165.243	378.857
	TOTAL (A)	16361.722	17191.119	17550.439
Less	EXPENSES
	Cost of Materials Consumed	11583.458	12049.582	12562.741
	Purchases of Stock-in-Trade	239.614	270.798	229.712
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	36.646	(13.125)	(249.423)
	Employees benefits expense	1891.342	1856.072	1768.576
	Other expenses	1531.909	1642.578	1636.939
	TOTAL (B)	15282.969	15805.905	15948.545
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1078.753	1385.214	1601.894
Less	FINANCIAL EXPENSES (D)	290.427	306.668	222.588
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	788.326	1078.546	1379.306
Less/ Add	DEPRECIATION/ AMORTISATION (F)	445.160	423.926	376.369
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	343.166	654.620	1002.937
Less	TAX (H)	(7.422)	97.137	178.178
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	350.588	557.483	824.759
	Earnings / (Loss) Per Share (Rs.)	295.11	469.26	694.24

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	37.325	204.359	207.488
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	835.119	665.035	325.705
Net cash flow from operating activity	716.210	539.120	169.661

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.18	3.27	4.80
Operating Profit Margin (PBIDT/Sales)	(%)	6.70	8.14	9.33
Return on Total Assets (PBT/Total Assets}	(%)	3.31	6.09	10.32
Return on Investment (ROI) (PBT/Networth)		0.05	0.10	0.17
Debt Equity Ratio (Total Debt /Networth)		0.47	0.51	0.46
Current Ratio (Current Asset/Current Liability)		1.35	1.31	1.39

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	118.800	118.800	118.800
Reserves & Surplus	5786.755	6127.278	6365.012
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5905.555	6246.078	6483.812
long-term borrowings	500.112	331.660	203.010
Short term borrowings	1991.571	2656.471	2825.149
Current Maturities of Long-Term Debts	207.488	204.359	37.325
Total borrowings	2699.171	3192.490	3065.484
Debt/Equity ratio	0.457	0.511	0.473

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	17171.582	17025.876	16093.624
		(0.849)	(5.476)

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	17171.582	17025.876	16093.624
Profit	824.759	557.483	350.588
	4.80%	3.27%	2.18%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	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	--
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, at 4.9%, was marginally below the rate of growth in the previous year of 5.0%. While the agricultural and service sector registered some modest growth, the manufacturing sector experienced a decline of the order of 0.2%, in comparison with the growth of 1.1% in the previous year.

Regular increases in interest rates by RBI during the last 2 years with a view to reigning in inflation have acted as a brake on consumer spending. Additionally, growth in the economy has been affected by problems associated with the decision making by Government and issues faced in land acquisition. The Government also had to contend with the high current account deficits which have resulted in appreciable decline in the rupee parity value. The Companies Act 2013 which was enacted is expected to reinforce governance norms for companies, came into force from 1st April 2014.

With the election of a stable Government at the Centre, market sentiments have improved considerably, and there are early signs of recovery in the economic activity in the country, including in the automobile industry.

A UTOMOBILE INDUSTRY SCENARIO

The slowdown in the Automotive and Auto Component industry which was witnessed during the previous year continued during the year Volumes in the domestic Passenger Vehicle (PV) declined sharply during the year and the only redeeming feature was the growth in the domestic two-wheeler industry

by 7.3% over the previous year.

Proposals for emission legislation for introduction of BS5 norms in major cities and BS4 norms across the country have now been put on hold in view of the inability of oil companies to supply fuel of required norms.

Passenger Vehicles Industry

The domestic Passenger Vehicle (PV) industry volumes at 2.5 million units in 2013-14, declined by 6.1% over the previous year as all three sub-segments of the industry viz., Passenger Cars (PCs), Utility Vehicles (UV) and vans experienced demand contraction due to an extended bout of high inflation, rising fuel prices and higher interest rates, resulting in deferment of buyers purchase decision.

The Mini Car segment and the Compact Car segment, which are the two biggest segments in the Indian PVs industry, witnessed the largest absolute decline in last three years. The UVs segment has grown at a faster pace than the PV industry reflected in the increase in its share in total PVs volumes from 3.9% in 2010-11 to

6.5% in 2013-14.

The reduction in the disparity between gasoline and diesel prices resulted in a shift of demand towards petrol cars with the share of the diesel vehicles dropping from 52% in 2012-2013 to 48% in 2013-14.

Competition has intensified in this segment with the launch of 11 new models and several refreshed versions of ongoing models. Although over one-third of these new product introductions have received lukewarm market response, the new product launch has continued with a reflection of the strong competitive character of the PV industry in general as also the strong medium term growth opportunity offered by the large-sized Indian PV market.

Volumes of UVs declined by 5% YoY in 2013-14, in stark contrast to the 52% volume growth witnessed in 2012-13. This was partly due to the additional duties levied on UVs in the Union Budget of 2012-13.

The UVs segment?s higher growth in the previous years has attracted many new model launches over the last two years such as M and M Xylo, XUV 500 and Quanto, Maruti?s Ertiga, Renaults Duster, Nissan Terrano and Ford Ecosport, Consequent to the rising competition from the global players, domestic manufacturers are losing share.

In the Budget for the year 2014-15 presented in June 2014, excise duties on PVs and CVs have been reduced by 4% to 6%.

Commercial Vehicles

The domestic commercial vehicles (CV) industry ended FY14 total volumes contracting by 20.2% over the previous fiscal year. This is the second consecutive year of decline. From a peak volume of 290K in 2011-12, the aggregate volumes in 2013-14 have declined to 222K.

In comparison to the prior year, slowdown in the current year has been sharper as small commercial vehicles (SCVs) have also witnessed slowdown. Following almost five years of strong growth, the demand for SCVs has also reached a point of saturation across metros and tier II/III cities.

Among segments, the M and HCV segment reported a decline of 25.3% during FY14, while sales volumes in the LCV segment contracted by 17.6% during the same period. The demand contraction continues to be across the board with M and HCV (trucks) being affected the most, registering a drop of 27.0% in volume sales during the same period. Overall, M and HCV sales have been declining for over 25 consecutive months, reflecting the impact of weak economic activity, subdued industrial activity and as a result low freight/cargo availability.

TRACTORS

Tractor sales in India rose 20% to an all-time high of 633K units in 2013-14. Increased mechanisation in the farm sector amid falling labour availability, regular hikes in minimum prices for various crops as weII as last year's better-than-average rain-fall, among the chief reasons that spurred tractor sales, though weak monsoon is causing some anxiety.

Tractor manufacturers are upgrading their tractors to meet Trem 3A and Trem 4 emission norms and are eyeing overseas markets for growth. With the significant growth in agricultural production and increase in demand for agricultural produce tractor sales should improve in the coming years.

Two wheelers

Scooter, and moped sales grew by 8 per cent FY 2013-14 over previous year. The growth in the scooter segment has been higher compared to the motorcycle segment.

The probable growth rate for the two wheeler segment for FY 2014-15 is expected to be at 10-12 per cent. However, keeping the volatile market conditions in mind, the growth may vary.

COMPANY REVIEW AND PERFORMANCE

Business Review

Consequent to decline in the auto industry, our sales, which reached a record of Rs.17170.000 Million in 2011-12, had declined to Rs.17030.000 Million in 2012-13, and now further to Rs.16090.000 Million in 2013-14, representing a cumulative decline of 7.0%.

The decline in the OE sales of the domestic four-wheeler industry was of the order of Rs.1650.000 Million to the growth of two-wheeler industry and actions taken to strengthen aftermarket and export businesses, this decline was partially off-set by increasing the sales in these segments.

The company has taken many initiatives during this financial year to build its order book and position itself better for the coming years:

OE Business:

The Company has taken a number of significant steps in developing a new range of Gear Reduction Starters and Internal Fan Alternators, which have been well received in the Commercial Vehicle and Passenger Vehicle segments. We have recently won significant new businesses for these products with our major customers, which include Tata Motors, Mahindra, Hyundai, Renault Nissan, Maruti, and Honda. With the expected recovery of the industry, we hope to see higher level of sales in the new year.

Two Wheeler Business:

The company continues to enjoy a strong momentum in the two wheeler industry with significant market share at TVS Motors, Honda and Hero Motors. We expect this segment to continue to sustain its growth rate. During the past year, the company has won significant business at a new customer, Mahindra and Mahindra.

Export Business:

During the current year, there was a new organizational focus on exports with a new business unit formed to focus on the export market. With the renewed focus on exports, the company has established new customers in both the OE and aftermarket segment. In addition to our traditional products, we are looking to expand our range in the export market to other electromechanical products. During the past financial year the company has won new business with its existing customers and also developed new customers in the aftermarket and all-terrain vehicle segments. Consequent to these actions, our exports are expected to significantly increase from Rs.170 crores reported in 2013-14.

Aftermarket Business:

Significant marketing and brand building efforts in the aftermarket were undertaken to grow the aftermarket business. In the coming years we will be introducing more products under the Lucas-TVS brand to drive the company’s growth and profits. Extra efforts have been undertaken to contact electricians through Lucas Indian Service and we expect this field effort to pay dividends in the coming years.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Public deposits	78.010	81.660
Short-term borrowings
Loans repayable on demand	2509.748	2503.648
Total	2587.758	2585.308

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90296630	07/10/2014 *	335,000,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, 155 ANNA SALAI, CHENNAI, Tamilnadu - 600002, INDIA	C35350081
2	90298157	14/09/2001	400,000,000.00	UTI BANK LIMITED	MAKER TOWERS 'F'; 13TH FLOOR, CUFFE PARADE; COLABA, MUMBAI, Maharashtra - 40005, INDIA	-
3	90297073	24/05/2001 *	16,700,000.00	INDIAN BANK	INDUSTRIAL FINANCE BRANCH, M. M. D. A. TOWERS; EG  MORE, CHENNAI, Tamilnadu - 600008, INDIA	-
4	90298025	31/12/1992	20,000,000.00	HONGKONG & SHANGHAI BANKING CORPORATION	30, RAJAJI SAIAI, MADRAS, Tamilnadu - 600001, INDIA	-
5	90297562	10/07/1992	20,000,000.00	THE INDUSTRIAL CREDIT 7 INVESTMENT CORPORATION OF  INDIA LTD.	163, BACKBAY RECLAMATION, BOMBAY, Maharashtra - 4  00020, INDIA	-
6	90297535	05/03/1992 *	30,000,000.00	BANK OF BARODA	INDUSTRIAL FINANCE BRANCH, 252A; 1ST & 2ND FLOOR;  TTK ROAD, MADRAS, Tamilnadu - 600018, INDIA	-

FIXED ASSETS

• Land
• Land – Leasehold
• Building
• Plant and Machinery
• Electrical Equipment
• Furniture and Office Equipment
• Vehicles
• Technical Knowhow owned
• Technical Knowhow acquired

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.64.96
UK Pound	1	Rs.99.54
Euro	1	Rs.71.64

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	DIV
Report Prepared by :	SUD

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	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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		80

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.