MIRA INFORM REPORT

Report Date :

15.01.2011

IDENTIFICATION DETAILS

Name :	IFB INDUSTRIES LIMITED
Formerly Known As :	INDIAN FINE BLANKS LIMITED
Registered Office :	14, Taratolla Road, Kolkata – 700 088, West Bengal.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.09.1974
Com. Reg. No.:	21-29637
CIN No.: [Company Identification No.]	L51109WB1974PLC029637
TAN No.: [Tax Deduction & Collection Account No.]	CALI00026F / BLRI01281A
Legal Form :	Public Limited Liability company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturers and Marketers of Press Tools and Dies

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 6200000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears to be some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	14, Taratolla Road, Kolkata – 700 088, West Bengal, India
Tel. No.:	91-33-30489285 / 30489299 / 24014917-23 / 30489230
Fax No.:	91-33-24014182 / 24014579
E-Mail :	ifbi_corporate@ifbglobal.com ifb@cal2.vsnl.net.in
Website :	http://www.ifbindustries.com
Corporate Office :	Plot No. IND-5, Sector – I, East Kolkata Township, Kolkata – 700 107, West Bengal, India
Tel. No.:	91-33-24428286 / 87 / 89 / 90 / 91 / 39849524
Fax No.:	91-33-24427779 / 1003 / 39849676
E-Mail :	ifbi_legal@ifbglobal.com
Factory 1 :	JL-71, P O Bishnupur, Gangarampur, West Bengal, India
Factory 2 :	62, 64 and 66, Corlim Industrial Estate, Corlim, Ilhas, Goa – 403 110, India
Factory 3 :	E-3, New Industrial Area II, Mandideep – 462 046, Bhopal, Dist. Raisen – 462 046, Madhya Pradesh, India
Factory 4 :	16/17, Visveswariah Industrial Estate, Whitefield Road, Bangalore – 560 048, Karnataka, India
Factory 5 :	L-1, Verna Electronic City, Verna, Salcete – 403 722, Goa, India
Tel. No.	91-832-2783303-05 / 07
Fax No.	91-832-2783306
E-Mail :	verna/ifb@ifbglobal.com
Factory 6 :	14, Taratolla Road, Kolkata - 700 088, West Bengal, India

DIRECTORS

AS ON : 30.07.2010

Name :	Mr. Bijon Nag
Designation :	Executive Chairman
Name :	Mr. Bikramjit Nag
Designation :	Executive Chairman and Managing Director
Name :	Mr. Rathindra Nath Mitra
Designation :	Director
Name :	Mr. Somen Bal
Designation :	Director
Name :	Mr. Radharaman Bhattacharya
Designation :	Director
Date of Birth/Age :	Mr. R Muralidhar
Qualification :	Director
Date of Birth/Age :	Mr. K M Unnikrishnan
Qualification :	Director

KEY EXECUTIVES

AS ON : 30.07.2010

Name :	Mr. G Ray Chowdhury
Designation :	Company Secretary
Audit Committee:
Name :	Dr. Rathindra Nath Mitra
Designation :	Chirman
Name :	Mr. Radharaman Bhattacharya
Designation :	Member
Name :	Mr. Somen Bal
Designation :	Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON : 30.07.2010

Names of Shareholders	No. of Shares	Percentage of Holding
1. Promoters Group	25,373,199	73.01
2. Mutual Funds and Unit Trust of India	39,663	0.11
3 Banks, Financial Institutions & Insurance Companies	78,918	0.23
4. Foreign Institutional Investors	1,037,256	2.98
5. Bodies Corporate	2,585,154	7.44
6. NRIs/OCBs	722,005	2.08
7. In transit in Depository System	78,020	0.22
8. General Public	4,840,831	13.93
Total :	34,755,046	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Marketers of Press Tools and Dies.

Products :

Item Code No. (ITC Code)	Product Description
4501100	Washing Machine
7089900	Fine Blanked Components
4622900	Machine Tools
5169000	Microwave Oven

PRODUCTION STATUS [AS ON : 30.07.2010]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Press Tools and Dies	Rs.’000 Nos.	6000 85	6000 85	8588 23
Fine Blanked Components (Heavier)	MT	3500	3500	7410
Fine Blanked Components (Auto Products)	MT	450	450	769
Heat Treated and Phosphated Components	MT	450	450	769
Motors	Nos.	NA	100000	150541
Home Appliances	Nos.	400000	225000	196588

GENERAL INFORMATION

No. of Employees :	986
Bankers :	· State Bank of India · Bank of Maharashtra · United Bank of India · State Bank of Mysore · Allahabad Bank · Canara Bank · State Bank of Bikaner & Jaipur · Chinatrust Commercial Bank
Facilities :	--

Banking Relations :	---
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Associates/Subsidiaries :	· IFB Agro Industries Limited · Autoliv IFB India Private Limited (part of the year) · Travel Systems Private Limited · CPL Projects Limited · IFB Finance Limited · IFB Securities Limited · IFB Venture Capital Finance Limited · Elisha Investments Private Limited · European Fine Blanking Limited, U.K. · Crestwood Enterprises Limited · New Star Traders Limited · Gate Pacific Pte. Limited · Sebastopol Corporation N.V. · Hanway Stationery Limited · Hanway Limited
Investment Company :	IFB Automotive Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
65000000	Equity Share	Rs.10/- Each	Rs.650.000 millions
30000000	Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.300.000 millions
Total			Rs. 950.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34755046	Equity Share (Of the above equity shares 2950760 equity shares were allotted as fully paid up by way of bonus shares by capitalization of Share Premium)	Rs.10/- Each	Rs. 347.550 Millions
	Add : Forfeited shares		Rs. 7.625 Millions
Total			Rs. 355.175 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		355.175	456.259	340.359
2] Share Application Money		0.000	0.255	0.000
3] Reserves & Surplus		2383.643	2207.148	1785.352
4] (Accumulated Losses)		(1201.069)	(1541.614)	(4752.547)
NETWORTH		1537.749	1122.048	(2626.836)
LOAN FUNDS
1] Secured Loans		0.000	0.000	3378.723
2] Unsecured Loans		0.000	4.706	66.233
TOTAL BORROWING		0.000	4.706	3444.956
DEFERRED TAX LIABILITIES		37.483	0.000	0.000
TOTAL		1575.232	1126.754	818.120
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		754.745	702.345	701.988
Capital work-in-progress		144.911	18.325	8.108
INVESTMENT		106.424	0.002	0.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	853.318	625.489	627.850
	Sundry Debtors	279.825	200.988	238.715
	Cash & Bank Balances	365.444	429.092	261.269
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	399.271	172.228	194.382
Total Current Assets		1897.858	1427.797	1322.216
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	838.734	684.670	1130.611
	Current Liabilities	258.234	231.809
	Provisions	231.738	105.236	83.583
Total Current Liabilities		1328.706	1021.715	1214.194
Net Current Assets		569.152	406.082	108.022
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1575.232	1126.754	818.120

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	5080.867	4206.717	4035.901
		Sales of services	259.182	224.999	190.266
		Other Income	228.732	136.487	141.016
		TOTAL (A)	5568.781	4568.203	4367.183
Less	EXPENSES
		Raw materials and finished goods	3068.852	2625.745	2140.963
		Employees' remuneration and benefits	507.314	394.212	316.028
		Operating and administration expenses	1328.099	1090.573	1674.897
		Extraordinary items: gain on interest waiver	0.000	(2780.824)	(233.800)
		TOTAL (B)	4904.265	1329.706	3898.088
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		664.516	3238.497	469.095
Less	FINANCIAL EXPENSES (D)		2.574	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		661.942	3238.497	469.095
Less/ Add	DEPRECIATION/ AMORTISATION (F)		86.815	75.639	84.451
	PROFIT BEFORE TAX (E-F) (G)		575.127	3162.858	384.644
Less	TAX (I)		37.483	12.081	11.181
	PROFIT AFTER TAX (G-I) (J)		537.644	3150.777	373.463
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1541.614)	(4752.547)	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	--	60.156	NA
		Dividend	(37.099)	0.000	NA
		Transfer to capital redemption reserve	(160.000)	--	NA
	BALANCE CARRIED TO THE B/S		(1201.069)	(1541.614)	(4752.547)
	EARNINGS IN FOREIGN CURRENCY		4.508	16.222	23.209
	IMPORTS
		Raw Materials	628.077	520.952	454.615
		Stores & Spares	0.365	1.282	2.832
		Trading Goods	619.435	412.443	251.317
		Capital Goods	127.635	12.138	0.779
	TOTAL IMPORTS		1375.512	946.815	709.543
	Earnings Per Share (Rs.)		16.87	165.94	--

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010
Type	1^st Quarter	2^nd Quarter
Sales Turnover	1315.300	1690.900
Total Expenditure	1185.700	1547.100
PBIDT (Excl OI)	129.600	143.800
Other Income	13.300	5.400
Operating Profit	142.900	149.200
Interest	0.900	1.200
Exceptional Items	0.000	0.000
PBDT	142.000	148.000
Depreciation	21.100	22.300
Profit Before Tax	120.900	125.700
Tax	43.300	38.700
Reported PAT	77.600	87.000
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	77.600	87.000

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.65	68.97	8.55
Net Profit Margin (PBT/Sales)	(%)	11.32	75.19	9.53
Return on Total Assets (PBT/Total Assets}	(%)	21.68	148.48	18.93
Return on Investment (ROI) (PBT/Networth)		0.37	2.81	(0.15)
Debt Equity Ratio (Total Liability/Networth)		0.86	0.91	(1.77)
Current Ratio (Current Asset/Current Liability)		1.43	1.40	1.09

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATION

The Company completed another year of steady performance with strong topline growth and high quality earnings. All business segments posted sound growth in revenues and enhanced their market standing.

Gross Turnover for the year grew by 19.8% to Rs 6076.100 Millions. Net Turnover other than service & other income at Rs 5080.800 Millions grew by 20.8% driven by higher Engineering business which grew by 23.04%and the continuing steady performance by Appliance business which grew by 18.9%. Pretax Profit (other than extra ordinary items) increased by 50.5% to Rs 575.100 Millions. Earning Per share for the year stands at Rs. 168.700 Millions.

MANAGEMENT DISCUSSION AND ANALYSIS

A) Industry Structure & Developments

With market liberalisation, increasing consumerism and the entry of more foreign players, Indian markets are exhibiting revolutionary changes. The Indian consumer is rapidly evolving and is exposing the consumer to a host of new choices by international brands selling their products at competitive prices. According to a study by the Mckinsey Global Institute (MGI), released in May 2007, India's middle class will swell by more than ten times- from 50 million in 2007 to 583 million people by 2025. By 2025, India will also become the 5th largest consumer market, surpassing Germany, moving up from the 12th position it occupied in 2007.

The Indian auto component industry is one of India's sunrise industries with tremendous growth prospects. From a low-key supplier providing components to domestic market alone, the industry has emerged as one of the key auto components centres in Asia and is today seen as a significant player in the global automotive supply chain.

B) Opportunities & Threats

There is scope for growth opportunity of their white goods in the rural market. Over and above their presence in Metros, they are now working on strengthening their distribution system in group 2&3 towns and focusing on marketing programmes for semi-urban markets. According to the Investment Commission of India, India is among the most competitive manufacturers of auto components in the world. India is also becoming a global hub for research and development (R&D). Companies like Daimler Chrysler, Suzuki, Johnson Controls etc have set up development centres in India. Many international autocomponent majors including Delphi, Visteon etc. have set up operations in India. Auto manufacturers including GM, Ford, Toyota, etc. as well as auto component manufacturers have set up International Purchasing Offices (IPOs) in India to source for their global operations. In the changed scenario the opportunity for growth of the Company has increased manifold.

It is fair to say that India is now firmly on a higher growth trajectory. With the accelerated reforms, India is expected to achieve 8 percent growth over the next four to five years.

The greatest opportunity of the Company is its brand equity, product quality, latest technical know how and last but not the least is the trust in Company's products by the valued customers. The Company has built up brand image through close liaison with its valued customers during the past years . The threats facing the Company however are :

• Threats from the competitors in the area of pricing.

• Significant rise in material cost and exchange fluctuation that drastically impacts margins.

• Growth of the Indian economy together with the reduction of import duties makes India increasingly a target market for many MNCs and therefore, competitive pressure on the domestic market will continue to grow. In particular, imports from low labour cost countries will increase and will lead to increase price pressure. Over the last couple of years the MNCs have eaten up the share of other brand owners and have been consolidating their presence in the market. Today consumers are increasingly looking for price competitive and feature led products.

C) Segment wise performance.

The Home Appliance Division has improved its turnover and profitability as compared to last year. The profitability of the division has grown due to growth in volume and value as also reduction in freight cost and material cost. Introduction of new models in washing machine and microwave oven category at competitive prices has enabled good growth.

Cost reduction has been a major focus area for the plant keeping in mind competition. Cost reduction on plastic tubs, new programmer etc resulted in good savings. Cost reduction has been a major focus area for the plant keeping in mind competition. The company is adopting various cost control measures but a lot more need to be done in the areas of cost control. All their product categories have performed above industry average. To give more focus to Micro wave ovens, dishwasher and dryers independent managers have been given the responsibility for these product categories. The company has entered the commercial laundry equipment business & has launched the same pan India. Sales/ Enquiry of this segment has been very encouraging and the company expects good sales from these two categories going forward. The Company has also entered kitchen appliances and modular kitchen business.

The Engineering Division also recorded outstanding growth in sales and profitability. Operations team took special drive for work simplification and process improvements. Process improvements helped in fatigue reduction and productivity improvement

D) Outlook

The overall economic outlook seems to be favourable for recovery in the global economic environment and the Indian economy is also poised to grow. According to most indications, industrial growth will be over 15% and the GDP growth will be over 8%. The automobile sector led by passenger cars should grow by over 25% and the two-wheeler industry should grow by about 30%.

IFB has invested in its Fine Blanking operations in order to meet the growing demands of the Indian automobile industry. However, they have also de-risked by marketing their fine blanked products to other industries which are also high growth. They are focusing on domestic demand and have built up capacities to meet the same. They will look at exports at a later date as the long working capital cycle is not suitable for us.

They have decided to invest in modernizing their Tool Room to international standards and they will add new fine blanking presses as well as modernize the old ones. This jump in investments will, they hope, ensure doubling of their sales by 31st March, 2012. With the expected GDP growth, they expect Appliances growth in their product categories to be robust and thus they would expect 20%+ sales growth. Their focus would be to improve their service function as well as to invest in technology to improve visibility across the company - they are thus implementing SAP and this will help them to bring down inventory as well as to react faster to market needs apart from bringing about other improvements. Their focus would also be to improve their distribution channel by penetrating deeper into smaller towns.

The other area of focus would be to complete the expansion-cum-modernization of their washing machine factory - they expect the same to be completed by end October'2010. This expansion would ensure state-of-theart new generation washing machines of higher capacities and the excess capacity they would use to market for OEM sales to buyers in Europe, Africa, Asian countries, etc.

They would also like to strengthen their direct sales channel as well as their customer retention programs in order to sell more IFB products to the same customer leading to more business per customer on a recurring basis due to recurring service income via AMC's as well as sale of additives, etc.

Thus for the year they expect more working capital requirements and for that purpose they may use banking facilities from Standard Chartered Bank from time-to-time. However, at this point in time, the company continues to be completely "zero" debt.

OPERATIONAL RISKS

Environmental issue

The company has no pending material environment related issues. Since most of the Company's manufacturing process consist of the assembly of components, the environmental impact from the company's plants are remote.

However, environmental requirements are complex and tend to become more stringent with time & the Company will constantly innovate to keep up with requirements as per law. Product warranty and recalls It has become almost mandatory to incorporate such clause in International contracts. However, the Company has so far not accepted any contract with such draconian clause but in the event the company accepts contracts with such clause, the company is exposed to product liability and warranty clause in the event their product fails to perform as expected. A recall claim or a product liability claim brought against the Company in excess of the Company's coverage may have a material adverse effect on the Company's business.

FIXED ASSETS:

• Freehold Land
• Leasehold Land
• Building
• Plant and Machinery
• Computers
• Furniture and Fixtures
• Motor Vehicles
• Intangible
• Computer Software

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2010

			Rs in Millions	3 Months ended 30^th June 2010	3 Months ended 30^th June 2010
	Particulars
				(Unaudited)	(Unaudited)
1	(a) Net Sales/Income from Operations			1659.000	2947.600
	(b)Other Operating Income			31.900	59.300
	Total			1690.900	3006.900
2	Expenditure
	(a)		Increase/(Decrease) in Stock-in-trade and work in progress	72.500	(221.700)
	(b)		Consumption of raw materials	543.800	1390.600
	©		Purchase of traded Goods	404.100	524.300
	(d)		Employees Cost	136.900	336.000
	(e)		Depreciation	22.300	43.400
	(f )		Other Expenditure	389.800	704.300
	(g)		Total (Any item exceeding 10% of the total Expenditure to be shown separately)	1569.400	2776.900
3			Profit from operation before other income, interest and other exceptional items(1-2)	121.500	230.300
4			Other Income	5.400	18.700
5			profit before interest and exceptional items(3+4)	126.900	248.700
6	Interest			1.200	2.100
7	Profit after interest but before exceptional items(5-6)			125.700	246.600
8	Exceptional Items			--	--
9	Profit(+)/Loss(-) from Ordinary Activities before tax (7-8)			125.700	246.600
10	Tax Expenses			38.700	82.000
11	Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10)			31.200	61.900
12	Extra Ordinary Items			--	--
13	Net Profit(+)/Loss(-) for the period (11+12)			87.000	164.600
14	Paid-up Equity Share Capital Rs.10/ per share			362.100	362.100
15	Reserves excluding revaluation reserves
16		Earning Per Share
(a)		Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		2.45	4.68
(b)		Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		2.45	4.68
17		Public Shareholding
		Number of Shares		10070697	10700697
		Percentage of Shareholding		28.41%	28.41%
18		Promoters and Promoter group
		a) Pledged/Encumbered
		Number of shares		--	--
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		--	--
		Percentage of Shares (as a % of the total share capital of the Company)		--	--
		b) Non-encumbered
		Number of shares		25373199	25373199
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		100%	100%
		Percentage of Shares (as a % of the total share capital of the Company)		71.59%	71.59%

1 The above unaudited results for the quarter ended 30th June, 2010 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 30th July, 2010. The said results have been subjected to a "Limited Review" by the statutory auditors in terms of the 'Listing Agreements' entered with the stock exchanges.

2 During the quarter ended 30th June 2010, the Company has issued and allotted 688,850 equity shares of Rs 10/- each to its employees under IFB Industries Limited - Employees Stock Purchase Scheme 2008 (ESPS). Consequently ESPS Charge of Rs. 58.800 Millions (Rs. 12.400 Millions in June 2009) being excess of the market price of the shares over the price at which they are issued has been considered in this quarterly results.

3 In terms of the amended Clause 41 of the listing agreement, details of number of investor complaints for the quarter ended 30th June, 2010 are as follows:

Beginning - nil, Received - nil , Disposed off - nil and Pending - nil.

4 Previous period figures have been re-arranged/re-grouped wherever necessary.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2010

Segment Reporting (Rs. in Millions) Total Revenue	3 Months Ended 30^TH September 2010 (Unaudited)	6 Months ended 30^th September 2010 (Unaudited)
Segment Revenue
Home Appliances	1377.700	2381.500
Engineering	313.200	625.400
Others	--	--
Total	1690.900	3006.900
Less: Inter Segment Revenue	--	--
Net Sales / Inc. from. Ops.	1690.900	3006.900
Segment Results – Profit (+) / Loss (-)
Home Appliances	112.000	217.300
Engineering	45.500	71.400
Others	(30.600)	(40.000)
Total	126.900	248.700
Less: Interest	1.200	2.100
other unallocable expenditure net off un-allocable income	--	--
Total Profit Before Tax	125.700	246.600
Capital Employed (segment assets – segment liabilities )
Home Appliances	1174.700	1174.700
Engineering	460.800	460.800
Others	199.900	199.900
Total	1835.400	1835.400

NOTE :

1. The above unaudited results for the quarter and six months ended 30^th September 2010 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 6^th November, 2010. the said results have been subjected to a “ Limited Review” by the statutory auditors in terms of the “ Listing Agreements” entered with the stock exchanges.

2. during the six months ended 30^th September 2010, the company has issued and allotted 688850 equity shares of Rs. 10/- each to its employees under IFB Industries Limited- Employees Stock purchase Scheme 2008 (ESPS). Consequently ESPS Charge of Rs. 58.800 millions (Rs. 12.400 millions in September 2009) being excess of the market price of the shares over the price at which they are issued has been considered in this quarterly results.

3. in terms of the amended clause 41 of the listing agreement, details of number of investor complaints for the quarter ended 30^th September 2010 are as follows :

- beginning – Nil, Received -3, Disposed off -3, and Pending – nil

4. previous period figures have been Regular-arranged/Regular-grouped wherever necessary.

AS PER WEBSITE DETAILS

PROFILE

IFB Industries Limited originally known as Indian Fine Blanks Limited started their operations in India during 1974 in collaboration with Hienrich Schmid AG of Switzerland. The product range includes Fine Blanked components, tools and related machine tools like Straighteners, Decoilers, Strip loaders and others.

The Engineering divisions are located at Kolkata & Bangalore. The Bangalore unit, apart from Fine Blanked components, manufactures motors for White goods as well as Automotive applications

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. 45.30
UK Pound	1	Rs. 71.73
Euro	1	Rs. 54.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		28

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.