MIRA INFORM REPORT

Report Date :

30.04.2007

IDENTIFICATION DETAILS

Name :	IVP LIMITED

Registered Office :	Shashikant N. Redij Marg, Ghorupdeo, Mumbai - 400 033, Maharashtra, India

Country :	India

Financials (as on) :	31.03.2006

Date of Incorporation :	05.07.1929

Com. Reg. No.:	001503

CIN No.: [Company Identification No.]	L74999MH1929PLC001503

TAN No.: [Tax Deduction & Collection Account No.]	MUM104866B

PAN No.: [Permanent Account No.]	AAAC10992A

Legal Form :	Subject is a public limited liability company. The company's shares are listed on the Stock Exchanges

Line of Business :	Manufacturing of Vanaspati and Vegetable Oils, Spark Plugs, Foundry Chemicals, Advanced Ceramics, etc.

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 2000000

Status :	Satisfactory

Payment Behaviour :	Regualr

Litigation :	Clear

Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payment are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions

LOCATIONS

Registered Office :	Shashikant N. Redij Marg, Ghorupdeo, Mumbai - 400 033.
Tel No:	91-22-2371 9631 - 34
Fax No:	91-22-2373 9064
E-mail:	allana@vsnl.com
Website:	http://www.ivpindia.com

Factory 1 :	Shashikant N. Redij Marg, Ghorupdeo, Mumbai - 400 033. Golmuri, Jamshedpur - 831 003. 37-B, Adityapur Industrial Area, Jamshedpur - 831 019. 28-B, Kumbalagudu, 1st Phase, KIADB Industrial Area, Bangalore - 560 074. A-7/2, MIDC Area, Chikalthana, Aurangabad - 431 210. D-19/D-20, MIDC Area, Tarapur, Thane - 401 506.

Divisional sales offices :	Ahmedabad, Bangalore, Mumbai, Calcutta, Chandigarh, Kochi, Coimbatore, Jamshedpur, Chennai, New Delhi and Secunderabad

Representative offices at :	Asansol, Gurgaon, Hubli, Indore, Nagpur and Pune

DIRECTORS

Name :	Mr. A.R.J. Allana
Designation :	Chairman

Name :	Mr. A.B.K. Dubash
Designation :	Director

Name :	Mr. T. Vijayaraghavan
Designation :	Director

Name :	Mr. B. Mallik
Designation :	Director
Address :

Name :	Mr. M.S.I. Lakdawala
Designation :	Director

Name :	Mr. S.N. Bhatri
Designation :	Director

Name :	Mr. S.B. Jijina
Designation :	Director

Name :	Mr. Faisal F. Allana
Designation :	Director

Name :	Mr. Shiraz A.R. Allana
Designation :	Director

Name :	Mr. T.K. Gowrishankar
Designation :	Director

Name :	Mr. R.R. Kumar
Designation :	Director

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares	Percentage of Holding
Promoters	7693237	74.50
Banks, Financial Insitutions, Insurance companies and Mutual Fund	675776	6.54
Public	1957250	18.96
Total	10326263	100

BUSINESS DETAILS

Line of Business :

Manufacturing of Vanaspati and Vegetable Oils, Spark Plugs, Foundry Chemicals, Advanced Ceramics, etc.

Products :

Product Descriptions	ITC Code
Refined Bleached Deoderised Palmolein	151190.00
Vanaspati	151620.09
Phenol Formaldehyde Resins	390940.03

Agencies Held :

Ø QIT-FER et Titane GmbH, Germany

Ø Simac Limited, UK

Ø Chemetall GmbH, Germany

Ø Feldmuhle, Germany

Ø Feldmuhle Imcc Ceramiche Techniche, Italy

Exports :

Products :

:castor oil and its derivatives. Soybean and Sunflower Extractions. Coffee. Processed foods including Marine products. Onions,Foundry chemicals and industrial Ceramic Products

Countries :

USA, UK, West Germany, Italy, France and other countries such as Poland, Czechoslovakia, Romania, Malaysia, UAE, and Saudi Arabia.

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Vanaspati	Tonnes	100 per day	30,000	3,305
Vegetable Oils	Tonnes	Not applicable	110,000	5,043
Minor Chemicals	Tonnes	450	450	47
Plasticisers	Tonnes	1,200	1,500	1,880
Foundry Chemicals	Tonnes	25,500	21,900	8,495
Spark Plugs	Tonnes	12,000,000	2,250,000
Industrial Ceramics	Tonnes	500	500
High Alumina Powder	Tonnes	500	500
By-products-Others	Tonnes

GENERAL INFORMATION

No. of Employees :

About 500

Bankers :

Bank of India, Mumbai.

Union Bank of India, Mumbai.

Bombay Mercantile Co-operative

Bank Limited, Mumbai.

Vijaya Bank, Mumbai.

State Bank of India

Facilities :

Secured Loan	As on 31.03.2006 (Rs. in Millions
Cash credits and demand loans Secured by: (i) hypothecation of stocks and book debts ; (ii) a second charge on all tangible movable plant and machinery, both present and future, of the company's factories at Mumbai, Aurangabad, Tarapur, Bangalore, Adityapur and Golmuri; and (iii) an equitable mortgage by deposit of title deeds of certain immovable properties comprising land, buildings, fixed plant and machinery, other structures, fixtures, both present and future, at the company's factory at Mumbai.	10.214
Bank overdraft secured by way of a lien on bank's fixed deposit of Rs. 5.000 Millions (2004-2005 Rs. 227.500 Millions)	1.201
Unsecured Loan	As on 31.03.2006 (Rs. in Millions
FIXED DEPOSITS : (Includes repayable within a year Rs. 28.360 Millions; 2004-2005 Rs. 62.704Millions)	59.460
Interest accrued & due	1.349
SHORT TERM LOANS
From SICOM Limited
MIDC Special Capital Incentive loan (repayable within a year Rs. Nil ; 2004-2005 Rs. 0.004 Millions)	--
Interest-free sales tax loan by way of deferral of sales tax liablity (repayable within a year Rs. Nil; 2004-2005 Rs. 0.091Millions	1.867
Bank overdraft in the ordinary course of business	0.037


Banking Relations :	Satisfactory

Auditors :
Name :	A.F. Ferguson & Co Chartered Accountant.
Address :	Mumbai

Collaborators :	Ø Feldmuhele Aktiengesellschaft, West Germany - For Technical Ceramics Ø Magnetti Marelli s.p.a., Italy - Spark Plugs Ø London & Scandinavian Metallurgical Company Limited, UK - For continuous casting products, ingots casting products and ladle casting products Ø Cerasiv GmbH, West Germany - For manufacturing of faucet discs and seal rings

Associates/Subsidiaries :	Ø Allanasons Limited Allana House, Allana Road, Colaba, Mumbai - 400 001 Tel. No. 91-22-287 4455 Fax No. 91-22-204 4821 E Mail : allana@vsnl.com Ø Frigorifico Allana Limited Ø Allana Frozen foods Limited Ø Allana Coffee Limited Ø Allana Investment & Trading Company Limited Ø Joosabbhoy A. Allana Ø Allana Cold Storage Limited Ø Frigerio Conserva Allana Limited Ø Indagro Foods Limited Ø Zam Zam Fisheries Private Limited Ø Allana Pharmachem Limited Ø Allana Oil Mills Limited Ø Anjaneya Cold Storage Limited
	Ø

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
24500000	Equity shares	Rs.10/- each	Rs.245.000 Millions
500000	Preference Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10326263	Equity Shares	Rs.10/- each	Rs.103.262 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		103.262	103.262	103.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		403.463	478.450	490.000
4] (Accumulated Losses)		0.000	0.000	0.00
NETWORTH		506.725	581.712	593.300
LOAN FUNDS
1] Secured Loans		11.417	70.685	175.100
2] Unsecured Loans		62.715	105.799	110.600
TOTAL BORROWING		74.132	176.484	285.700
DEFERRED TAX LIABILITIES		33.425	36.646	0.000

TOTAL		614.282	794.842	897.000

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		187.072	193.526	208.500
Capital work-in-progress		18.527	17.733	21.000

INVESTMENT		0.543	1.808	7.400
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	157.194	773.621	970.300
	Sundry Debtors	224.861	265.940	209.800
	Cash & Bank Balances	51.892	384.463	521.200
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	52.654	81.531	229.900
Total Current Assets		486.601	1505.555	1931.200
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	61.490	894.440	1259.300
	Provisions	16.971	29.340	29.800
Total Current Liabilities		78.461	923.780	1289.100
Net Current Assets		408.140	581.775	642.100

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		614.828	794.842	897.000

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		1370.261	2111.643	3507.500
Other Income		7.447	40.363	123.100
Stock Adjustment				533.300
Total Income		1377.708	2152.006	4163.900

Profit/(Loss) Before Tax		(67.200)	20.900	94.300
Provision for Taxation		(5.000)	4.700	28.200
Profit/(Loss) After Tax		(61.700)	16.200	66.100

Earnings in Foreign Currency :
	Export Earnings	1.566	1.545	0.000
	Commission Earnings	0.000	0.051	0.000
	Other Earnings	0.001	0.025	0.000
Total Earnings		1.567	1.621	0.000

Imports :
	Raw Materials	85.604	220.868	0.000
	Stores & Spares	0.274	0.251	0.000
	Capital Goods	105.073	584.638	0.000
	Others	0.000	0.000	0.000
Total Imports		190.951	805.757	0.000

Expenditures :
	Cost of Goods Sold
	Manufacturing Expenses	1427.496	2120.587
	Raw Materials	0.000	0.000	3682.500
	Excise Duty	0.000	0.000	97.600
	Power & Fuel Cost	0.000	0.000	63.900
	Other Manufacturing Expenses	0.000	0.000	42.700
	Employee Cost	0.000	0.000	66.600
	Selling and Administration Expenses	0.000	0.000	41.300
	Miscellaneous Expenses	0.000	0.000	31.000
	Interest	2.029	0.000	0.000
	Depreciation & Amortization	16.955	17.189	0.000
	Other Expenditure	1.522	1.720	0.000
Total Expenditure		1448.002	2139.496	4025.6

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2006	30.09.2006	31.12.2006
Type	1st Qtr	2nd Qtr	3rd Qtr
Sales Turnover	150.200	136.600	119.200
Other Income	00.400	04.200	00.900
Total Income	150.600	140.800	120.100
Total Expenditure	198.800	138.400	122.000
Operating Profit	-48.200	02.400	-01.900
Interest	00.500	00.600	00.200
Gross Profit	-48.700	01.800	-02.100
Depreciation	03.800	03.900	03.900
Tax	00.200	00.100	00.100
Reported PAT	-52.900	-01.900	-05.600

200606 Quarter 1 --------------- Notes: 1. The above results were taken on record by the Board of Directors at their meeting held on 31st July, 2006. The Statutory auditors of the Company have carried out a limited reveiw of the above financial results. 2. In the Audited accounts for the year ended 31st March, 2006, the Auditors have referred to the following in their Audit Report; 'We are unable to express an opinion on the provision that may be necessary with regard to: (i) Recovery of overdue debts of Rs.9,340,257 and (ii) an item of capital work in progress of Rs.14,077,977 and the consequential loss that may arise thereon' Provision has not been made for these, as in the opinion of the Directors, these are good & have equivalent value on realisation in the ordinay course of business'. 3. The Company has discontinued its manufacturing activities under Vegetable Oil Segment and Plasticizer division situated at Reay Road and has provided for legal duties to employees. No provision for impairment of assets of th aforesaid segment and division has been made, as in the opinion of the management these assets taken as a whole will realise atleast the value at which they appear in the books in aggregate. 4. Status of investors grievances for the quarter ended 30th June, 2006: Pending as at 01.04.2006-None, Received during the quarter-2, Disposed during the quarter-2, Unresolved as at 30.06.2006-None. 5. Previous period figures have been regrouped/recast, wherever necessary.

200609 Quarter 2 --------------- Notes Expenditure Includes (Increase) / Decrease in Stock in Trade Rs (4.60) million Consumption of Raw Materials Rs 97.10 million Staff Cost Rs 14.90 million Other Expenditure Rs 31.00 million Tax Includes Provision for Deferred Tax Rs (0.30) million Fringe Benefit Tax Rs 0.10 million EPS is Basic & Diluted Status of Investor Complaints for the quarter ended September 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 01 Complaints disposed off during the quarter 01 Complaints unresolved at the end of the quarter Nil 1. The above results were taken on record by the Board of Directors at their meeting held on October 27, 2006. The Statutory Auditors of the Company have carried out a limited review of above financial results. 2. In the Audited accounts for the year ended March 31, 2006, the Auditors have referred to the following in their Audit Report: We are unable to express an opinion on the provision that may be necessary with regard to: (i) Recovery of overdue debts of Rs 9340257 and (ii) an item of capital work-in-progress of Rs 14,077,977 and the consequential loss may arise thereon. Provision has not been made for these, as in the opinion of the Directors, these are good and have equivalent value on realisation in the ordinary course of business. 3. The Company has discontinued in the previous quarter, its manufacturing activities under Vegetables Oil Segment and Plasticizer division situated at Reay Road and has Provided Rs 45 million for legal dues to employees. No provision for impairment of assets of the aforesaid segment and division has been made as in the opinion of the management these assets taken as a whole will realise at least the value at which they appear in the books in aggregate. 4. Previous period figures have been regrouped / recast wherever necessary.

200612 Quarter 3 --------------- Notes Expenditure Includes (Increase) / Decrease in Stock in Trade Rs (3.90) million Consumption of Raw Materials Rs 89.00 million Staff Cost Rs 11.00 million Other Expenditure Rs 25.90 million Tax Includes Provision for Deferred Tax Rs (0.50) million Fringe Benefit Tax Rs 0.10 million EPS is Basic & Diluted Status of Investor Complaints for the quarter ended December 31, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 01 Complaints disposed off during the quarter 01 Complaints unresolved at the end of the quarter Nil 1. The above results were taken on record by the Board of Directors at their meeting held on January 31, 2007. The Statutory Auditors of the Company have carried out a limited review of above financial results. 2. In the Audited accounts for the year ended March 31, 2006, the Auditors have referred to the following in their Audit Report: ' We are unable to express an opinion on the provision that may be necessary with regard to: (i) Recovery of overdue debts of Rs 9340257 and (ii) an item of capital work-in-progress of Rs 14,077,977 and the consequential loss may arise thereon'. Provision has not been made for these, as in the opinion of the Directors, these are good and have equivalent value on realisation in the ordinary course of business'. 3. The Company has discontinued from June 2006, its manufacturing activities under Vegetables Oil Segment and Plasticizer division situated at Reay Road and has Provided Rs 45 million for legal dues to employees. No provision for impairment of assets of the aforesaid segment and division has been made as in the opinion of the management these assets taken as a whole will realise at least the value at which they appear in the books in aggregate. 4. Contingent liability not provided for during the quarter, the Company has received demand for revised rent from Bombay Port Trust, aggregating Rs 2.276 million, which is disputed by the Company. 5. Previous period figures have been regrouped / recast wherever necessary.

KEY RATIOS

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Debt-Equity Ratio	0.24	0.41	0.37
Long Term Debt-Equity Ratio	0.16	0.35	0.37
Current Ratio	1.72	1.48	1.47
TURNOVER RATIOS
Fixed Assets	3.53	5.42	8.75
Inventory	3.12	2.52	4.12
Debtors	5.92	9.22	16.26
Interest Cover Ratio	1.86	1.42	4.29
Operating Profit Margin(%)	(1.95)	2.15	3.96
Profit Before Interest And Tax Margin(%)	(3.01)	1.44	3.51
Cash Profit Margin(%)	(3.1)	1.16	2.34
Adjusted Net Profit Margin(%)	(4.24)	0.45	1.88
Return On Capital Employed(%)	(6.82)	4.01	16.68
Return On Net Worth(%)	(11.96)	1.78	12.27

STOCK PRICES

Face Value	Rs.10.00
High	Rs.25.30
Low	Rs.25.30

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE FOR THE YEAR :

During the year the Company achieved a turnover of Rs. 1380.000 Millions, as against Rs 2240.000 Millions during the year 2004-05. The low turnover was due to lower volume of sales on account of unfavorable market

conditions.

There is a Net Loss of Rs. 61.700 Millions for the year as compared to a Profit of Rs.16.200 Milliosn in the previous year.

The observations made by the auditors regarding recovery of overdue debts of Rs. 9,340,257 and an item of

work-in-progress of Rs 14,077,977 have been clarified by the management at Notes 19(a) and (b) of Notes

to Accounts under Schedule "L".

COMPANYS1 FACTORY AT REAY ROAD

As per intimation already sent to Stock Exchanges in May, 2006 , the Company has made an application under Section 25 "0" of the Industrial Disputes Act, 1947 for obtaining permission to close down the manufacturing operations at its factory at S.N.Redij Marg, Ghorupdeo, Mumbai 400 033. Keeping in view the bleak prospects of revival of this industry, your Directors considered it advisable to discontinue the operations which are commercially non viable. This factory mainly manufactured Vanaspati and Refined Oil. As and when Company's application is approved , workers will be paid their legal compensation as per relevant provisions of law.

MANAGEMENT DISCUSSION AND ANALYSIS

The total revenue of the Company for the year under review is Rs.1380.000Millions as compared to Rs.2160.000 Millions in the previous year. The Company has incurred loss of Rs.61.700 Millions as compared to the profit

of Rs.16.200 Millions in the last year. The loss is mainly due to trying and difficult conditions, in the Edible Oil

/ Vanaspati division. This has been the sole reason for depressed and unfavourable bottom line.The Edible Oil / Vanaspati division has always constituted a major contributor to the turnover of the Company. Due to prevailing government policies, the basic raw material to manufacture Edible Oil / Vanaspati is subject to an import duty of around 90% of the GIF value of the goods. However, Vanaspati imported from Sri Lanka or Nepal is duty free. This has crippled the Vanaspati industry. Because of this reason coupled with high labour and other elements of costs, theTnanufacture of Refined Oil / Vanaspati is no longer viable proposition at Reay Road unit. The edible oil unit at Reay Road could process only 5043 M.T. of Edible Oil during the year under review.

The Foundry Chemical division which is the other important business segment of the Company, has shown some improvement in the turnover and it is expected that in the coming years this sector would show improved turnover and profitability as the industries to which it caters have shown healthy growth figures.

The management is fully aware of the present situation and is taking effective steps and striving to reorganize and restructure the business of the Company, so as to ensure a better tomorrow.

The Company has an effective internal audit system which covers all areas of the Company's operations and plays an important role in ensuring a sound internal control system. The management is aware of the importance of internal controls and steps are continuously taken up to upgrade the control systems.

The present Government policy is not conducive / suitable for manufacture and marketing of vanaspati. Frequent changes of policies by the government has currently made manufacturing un-remunerative.The management is taking the steps to reduce the effect of uneconomical operations of the Edible Oil division. This is expected to augur well for the Company in future.

The Company is currently concentrating on the Foundry Chemical and Ceramic divisions which offer a better opportunity in terms of higher sales and profitability. Oil trading business is now a losing proposition and the Company has been compelled to abandon this area of activity.

However, the performance of Foundry Chemical and Ceramic manufacturing divisions also face the threat of local and international competition and fluctuations in prices of petroleum based raw materials which could affect its performance.

The Company's exposure to Foreign Exchange is now limited to the import of certain raw materials. However, adequate cover is taken to provide against exchange rate fluctuations.

Fixed Assets:

Freehold land

Lease land

Buildings

Plant and machinery

Furniture, fitting and Equipments

Vehicles

Incorporated in 1929, IVP is a manufacturer of vanaspati, vegetable oils, plasticisers, spark plugs, foundry chemicals, etc. Initially known as Indian Vegetable Products, it was later taken over by the Atlanta group in 1985, from its owner, Forbes, Forbes and Campbell. Pioneering the manufacture of vanaspati in India in the thirties, the company has diversified and added a host of products in the past several decades. In 1964, the company started the foundry chemicals division.

In 1978, the company diversified into industrial ceramics and spark plugs. It produces hi-alumina ceramic products like spray-dried hi-alumina powder for spark plugs and ceramic industries, hi-alumina thread guides for use in textile machinery and hi-alumina grinding media for the production of refractories, paints, cement and pharmaceuticals. The hi-alumina thread project was undertaken in collaboration with Fedmuhle Akg, Germany. The company also manufactures plasticisers and paints. IVP entered into an agreement with Industrie Magneti Marelli, Milan, Italy, for the production of automotive spark plugs. To improve the efficiency of the steel division, the company has entered into an agreement with London and Scandinavian Metallurgical Company, UK.

In 1983, IVP made a breakthrough on the export front. Its overseas markets include the US, the UK, Germany, Italy, France, Poland, Czechoslovakia, Malaysia, UAE, Saudi Arabia, etc.

During 2001 the company made a buyback of shares of 1,03,26,263 equity shares of Rs.10/- each at a price not exceeding Rs.22/- per Equity Share.

As Per Web site:

Calendar of milestones

1930

IVP commences operations. Production of hardened cooking fat.

1962

Establishment of Research and Development facilities at the Reay Road Factory.

1964

Beginning of the Foundry Chemicals Division.

1974

Establishment of the Jamshedpur Factory for Foundry Chemicals.

1976

Establishment of Bangalore factory for Foundry Chemicals.

1976

Recognition of Research and Development Unit by the Department Unit by the Department of Science and Technology, Government of India.

1978

Diversification into Industrial Ceramics and Spark plugs with factories at Aurangabad and Hyderabad.

1979

Establishment of a large capacity Tank Farm at the Reay Road factory in Bombay for bulk storage of vegetable Oils.

1983

Establishment of a full fledged, modern factory at Tarapur in Maharshtra, for Foundry, Industrial and Speciality Chemicals.

1983

The management of IVP Ltd., changed from Forbes Forbes Campbell & Co. Ltd. to the House of Allana.

1984

Significant expansion in Foundry Chemical Division - Insulating Sleeves & Fluxes.

1985

A manufacturing unit for chemicals and other products for the metal industry was acquired at Jamshedpur.

1986

Technical collaboration with Feldmuhele Aktiengesellschaft, West Germany, for Technical ceramics.

1987

Collaboration with Magnetti Marelli s.p.a., Italy, for Spark Plugs.

1990

Technical Collaboration with London & Scandinavian Metallurgical Co. Ltd., U.K. for continuos casting products, ingot casting products and ladle casting products.

1991

Collaboration with Cerasiv GmbH. W. Germany for manufacture of faucet discs and seal rings.

1992

Establishment of a full fledged, modern factory at Kumbalagudu in Bangalore for Foundry chemicals. & Fluxes.

Company Profile :

Imagine a company that started out with one pioneering venture... and soon pioneered a host of others. A company that started with food products then diversified into a vast array of fields. A company that has grown over the past 60 years to become a name to be reckoned with in the industry.That company is IVP Limited, an integral and vital part of Allana Group, a company that today is involved in diverse fields like vanaspati and vegetables oils, foundry chemicals, advanced ceramics and spark plugs. Plus various agencies offering products of world renowned manufacturers.

A Widespread Network

It is the widespread network of IVP that knits this company engaged in diverse activities together. With our commitment to fulfil varied customer needs with and efficiency, IVP has a widespread manufacturing and sales network. This comprises of 7 factories, 11 divisional offices and 6 representative offices.
All these are manned by specialised persons offering our clients a gamut of marketing and advisory services.

DIVISIONAL SALES OFFICES AT:

Ahmedabad ,Bangalore, Mumbai, Calcutta, Chandigadh, Cochin, Coimbatore, Jamshedpur, Madras, New Delhi, Secunderabad

MANUFACTURING FACILITIES AT:

Aurangabad, Bangalore, Mumbai, Hyderabad, Jamshedpur, Thane(Maharashtra)

REPRESENTATIVE OFFICES AT:

Asansol, gurgaon, Hubli, Indore, Nagpur, Pune

The agencies held by the company are as under :

Ø QIT-FER et Titane GmbH, Germany

Ø Simac Limited, UK

Ø Chemetall GmbH, Germany

Ø Feldmuhle, Germany

Ø Feldmuhle Imcc Ceramiche Techniche, Italy

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 records 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.40.78
UK Pound	1	Rs.81.34
Euro	1	Rs.55.53

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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

MIRA INFORM REPORT

157.194

224.861

51.892

0.000

52.654

486.601

61.490

16.971

78.461

408.140

Unit