CRISIL rating

On 27th. April, 2010, CRISIL has assigned its ratings of 'AA' for Long Term,
'FAA+' for Fixed Deposits, 'AA' for Subordinated Debt, 'AA' for Bank
borrowings and reaffirmed its rating of 'P1+'on short term debt programme
of the company. The ratings reflect the company's strong market position in
the pre-owned commercial vehicle finance segment, healthy capitalization,
stable asset quality, and healthy earning profile

 Assets under Management :

Total Assets under Management as on 31st March, 2010 increased by

25.11% to Rs. 29,126 crores as compared to Rs. 23,281 crores as on
31st March, 2009.

Balance sheet
  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Sources of funds
Owner's fund
Equity share capital 225.54 203.54 203.16 184.18 150.56
Share application
7.62 45.53 42.48 20.00 38.57
money
Preference share
- - - - -
capital
Reserves & surplus 3,609.22 2,067.57 1,570.72 882.23 649.77
Loan funds
Secured loans 15,172.48 16,774.59 11,553.90 6,338.91 3,743.04
Unsecured loans 3,287.43 3,346.72 3,232.45 2,399.53 653.05
Total 22,302.29 22,437.95 16,602.71 9,824.85 5,234.98
   Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Uses of funds
Fixed assets
Gross block 97.62 240.50 210.09 182.39 183.66
Less : revaluation
- - - - -
reserve
Less : accumulated
51.18 106.24 67.44 54.79 52.17
depreciation
Net block 46.45 134.27 142.64 127.60 131.49
Capital work-in-
- - - 39.87 25.73
progress
Investments 1,856.02 30.63 15.80 224.57 9.15
Net current assets
Current assets, loans
25,044.42 24,849.66 18,119.11 10,447.13 6,052.69
& advances
Less : current
liabilities & 4,681.68 2,576.61 1,674.85 1,014.45 984.49
provisions
Total net current
20,362.75 22,273.06 16,444.27 9,432.67 5,068.20
assets
Miscellaneous
37.09 - - 0.14 0.41
expenses not written
Total 22,302.29 22,437.95 16,602.71 9,824.85 5,234.98
Notes:
Book value of
unquoted 1,818.64 649.53 1,378.45 9.84 0.49
investments
Market value of
40.61 5.35 9.14 214.48 9.35
quoted investments
Contingent 8.85 13.66 57.57 101.29 75.94
   Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
liabilities
Number of equity 2255.18 2035.12 2031.35 1841.59 1505.41
sharesoutstanding
(Lacs)

Profit loss account

Mar '
  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
06
Income
Operating income 4,402.83 3,692.43 2,451.96 1,409.52 903.85
Expenses
Material consumed - 6.87 2.58 - -
Manufacturing
12.47 10.37 7.15 5.05 3.24
expenses 
Personnel expenses 225.08 200.54 125.19 71.87 47.03
Selling expenses 59.09 88.41 66.80 51.14 64.20
Adminstrative expenses 611.47 484.51 351.90 262.72 151.77
Expenses capitalised - - - - -
Cost of sales 908.11 790.69 553.62 390.78 266.25
Operating profit 3,494.72 2,901.74 1,898.34 1,018.73 637.60
Other recurring income 78.06 33.55 34.91 5.06 4.17
Adjusted PBDIT 3,572.78 2,935.29 1,933.25 1,023.79 641.77
Financial expenses 2,246.79 1,977.67 1,296.62 723.92 415.06
Depreciation  14.96 34.81 37.06 12.82 9.79
Other write offs 4.99 - 0.14 0.27 0.39
Adjusted PBT 1,306.04 922.82 599.44 286.77 216.53
 Mar '
  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
06
Tax charges  451.47 308.23 216.01 98.83 74.53
Adjusted PAT 854.57 614.59 383.43 187.95 142.00
Non recurring items 18.55 -2.18 6.40 -0.52 -0.36
Other non cash
- - - - -0.18
adjustments
Reported net profit 873.12 612.40 389.83 187.43 141.46
Earnigs before
1,456.21 887.26 512.32 240.66 210.36
appropriation
Equity dividend 136.01 101.86 102.96 54.32 48.31
Preference dividend - - - - 4.24
Dividend tax 22.77 17.31 17.50 8.71 7.37
Retained earnings 1,297.44 768.09 391.86 177.62 150.45