MIRA INFORM REPORT

Report Date :

18.06.2011

IDENTIFICATION DETAILS

Name :	IVP LIMITED
Registered Office :	Shashikant Narayan Redij Marg, Ghorupdeo, Cotton Green, Mumbai - 400 033, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.07.1929
Com. Reg. No.:	11-001503
Capital Investment / Paid-up Capital :	Rs.103.263 Millions
CIN No.: [Company Identification No.]	L74999MH1929PLC001503
TAN No.: [Tax Deduction & Collection Account No.]	MUM104866B
PAN No.: [Permanent Account No.]	AAAC10992A
Legal Form :	A public limited liability company. The company's shares are listed on the Stock Exchanges
Line of Business :	Manufacturer and Exporter of Foundry Chemicals, Castings, and Allied products
No. of Employees :	About 500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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 – 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/ Factory :	Shashikant Narayan Redij Marg, Ghorupdeo, Cotton Green, Mumbai - 400 033, Maharashtra, India
Tel No:	91-22-23723399 / 23719631 / 2 / 3 / 4
Fax No:	91-22-2373 9064/ 23723399
E-mail:	allana@vsnl.com siddique.lakdawala@ivpindia.com milkdawala@allana.com info@ivpindia.com
Website:	http://www.ivpindia.com
Corporate Office :	Sidhwa House, Third Floor, N.A Sawant Marg, Sasoon Dock, Colaba, Mumbai-400005, Maharashtra, India
Tel. No.:	91-22-65254222/ 65777256 / 22023200 / 22826100 / 22852800
Fax No.:	91-22-22821649/ 22875703
E-Mail :	info@ivpinida.com
Factory 1 :	Shashikant Narayan Redij Marg, Ghorupdeo, Cotton Green, Mumbai - 400 033, Maharashtra, India
Factory 2 :	Golmuri, Jamshedpur - 831 003, India
Factory 3 :	28-B, Kumbalagudu, 1st Phase, KIADB Industrial Area, Bangalore - 560 074, Karnataka, India
Factory 4 :	D-19/D-20, MIDC Area, Tarapur, Thane - 401 506, Maharashtra, India
Divisional sales offices :	· Ahmadabad · Bangalore · Mumbai · Calcutta · Chandigarh · Kochi · Coimbatore · Jamshedpur · Chennai · New Delhi · Secunderabad
Representative offices at :	· Asansol · Gurgaon · Hubli · Indore · Nagpur · Pune

DIRECTORS

AS ON 31.03.2010

Name :	Mr. Shiraz A.R.J. Allana
Designation :	Chairman and Managing Director
Name :	Mr. M.S.I. Lakdawala
Designation :	Whole Time Director
Name :	Mr. S.N. Bhatri (upto 15.07.2009)
Designation :	Director
Name :	Mr. S.B. Jijina
Designation :	Director
Name :	Mr. T.K. Gowrishankar
Designation :	Director
Name :	Mr. R.R. Kumar
Designation :	Director
Name :	Mr. Amin Hi. Manekia (From 15.7.2009)
Designation :	Director

KEY EXECUTIVES

Name :	Mr. M S I Lakdawala
Designation :	Company Secretary
Name :	Mr. Deendayal Vyas
Designation :	President (FCD)
Qualification :	BE Mettallurgy
Date of Appointment :	16.02.2008
Last Employment Held:	Gargi Huttenes Albertus Private Limited ( More than 20 years)

MAJOR SHAREHOLDERS

AS ON 01.06.2010

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	6,003,984	58.14
Sub Total	6,003,984	58.14
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	1,286,593	12.46
Sub Total	1,286,593	12.46
Total shareholding of Promoter and Promoter Group (A)	7,290,577	70.60
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	350	-
Financial Institutions / Banks	3,065	0.03
Central Government / State Government(s)	35,505	0.34
Insurance Companies	234,911	2.27
Sub Total	273,831	2.65
(2) Non-Institutions
Bodies Corporate	262,490	2.24
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1,411,863	13.67
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1,118,502	10.83
Sub Total	2,761,855	26.75
Total Public shareholding (B)	3,035,686	29.40
Total (A)+(B)	10,326,263	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	----	----
Total (A)+(B)+(C)	10,326,263	----

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Foundry Chemicals, Castings, and Allied products

Products :

Product Descriptions	ITC Code
Refined Bleached Deoderised Palmolein	151190.00
Vanaspati	151620.09
Phenol Formaldehyde Resins	390940.03
Alkyd Resin	390750.00
Refractory Resin	390940.09

· Binders

· Coatings

· Innoculants and Fluxes

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

· Czechoslovaki

· Romania

· Malaysia

· UAE

· Saudi Arabia.

PRODUCTION STATUS [As on 31.03.2010]

Particulars	Unit	Licensed Capacity	Installed Capacity
Vanaspati	Tonnes	100 per day	30,000
Minor Chemicals	Tonnes	450	450
Plasticisers	Tonnes	1,200	1,500
Foundry Chemicals	Tonnes	25,500	21,900

GENERAL INFORMATION

No. of Employees :	About 500 (Approximately)
Bankers :	Union Bank of India, Mumbai. Vijaya Bank, Mumbai.
Facilities :	--

Banking Relations :	Satisfactory
Auditors :
Name :	B.S. Mehta and Company Chartered Accountant
Address :	Mumbai
Collaborators :	Ø Feldmuhele Aktiengesellschaft, West Germany - For Technical Ceramics Ø Magnetti Marelli s.p.a., Italy - Spark Plugs Ø London and 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 and 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

CAPITAL STRUCTURE

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity shares	Rs.10/- each	Rs.5.000 Millions
24500000	Preference Shares	Rs.10/- each	Rs.245.000 Millions
	Total		Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10326263	Equity Shares	Rs.10/- each	Rs.103.263 Millions

Note:

Of the above, 9615538 shares are allotted as fully paid-up by way of bonus shares by capitalization of general reserve and share premium account.

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		103.263	103.263	103.263
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		331.891	361.185	361.632
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		435.154	464.448	464.895
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		14.146	24.089	24.980
TOTAL		449.300	488.537	489.875
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		145.045	149.516	156.949
Capital work-in-progress		5.729	0.670	0.733
INVESTMENT		0.284	0.284	0.284
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	111.041	71.558	107.978
	Sundry Debtors	332.399	239.235	214.435
	Cash & Bank Balances	24.505	61.730	29.280
	Other Current Assets	13.376	21.004	20.471
	Loans & Advances	30.504	12.894	25.905
Total Current Assets		511.825	406.421	398.069
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	107.331	42.684	45.477
	Current Liabilities	90.595	10.436	6.153
	Provisions	15.657	15.234	14.530
Total Current Liabilities		213.583	68.354	66.160
Net Current Assets		298.242	338.067	331.909
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		449.300	488.537	489.875

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	773.565	638.965	557.452
		Other Income	3.860	9.582	20.275
		TOTAL (A)	777.425	648.547	577.727
Less	EXPENSES
		Manufacturing and Other Expenses	720.745	624.853	544.970
		Exceptional Item	71.508	0.000	[14.132]
		TOTAL (B)	792.253	624.853	530.838
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(14.828)	23.694	46.889
Less	FINANCIAL EXPENSES (D)		(0.236)	[1.269]	[0.088]
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(14.592)	24.963	46.977
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.264	10.255	12.873
	PROFIT BEFORE TAX (E-F) (G)		(24.856)	14.708	34.104
Less	TAX (I)		(8.682)	2.559	[2.579]
	PROFIT AFTER TAX (G-I) (J)		(16.174)	12.149	36.683
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		24.669	24.602	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	(3.586)	0.000	0.000
		Dividend	10.326	10.326	10.326
		Tax on Dividend	1.755	1.755	1.755
	BALANCE CARRIED TO THE B/S		0.000	24.670	24.602
	EARNINGS IN FOREIGN CURRENCY		21.895	0.565	0.535
	IMPORTS
		Raw Materials	134.630	91.223	81.209
	TOTAL IMPORTS		134.630	91.223	81.209
	Earnings Per Share (Rs.)		(1.57)	1.18	3.55

.

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Sales Turnover	251.900	325.800	361.600	362.200
Total Expenditure	237.800	304.700	336.100	339.100
PBIDT (Excl OI)	14.100	21.100	25.500	23.100
Other Income	0.000	0.000	0.000	0.000
Operating Profit	14.100	21.100	25.500	23.100
Interest	(32.500)	0.400	1.300	1.100
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	(18.400)	20.700	24.200	22.000
Depreciation	2.600	2.700	2.700	2.800
Profit Before Tax	(21.000)	18.000	21.500	19.200
Tax	0.500	(0.300)	1.800	3.800
Reported PAT	(21.000)	18.300	19.700	(15.400)
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	(21.500)	(18.300)	19.700	(15.400)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(2.08)	1.87	6.35
Net Profit Margin (PBT/Sales)	(%)	(3.21)	2.30	6.12
Return on Total Assets (PBT/Total Assets}	(%)	(3.78)	2.65	8.56
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.03	0.07
Debt Equity Ratio (Total Liability/Networth)		0.49	0.15	0.14
Current Ratio (Current Asset/Current Liability)		2.40	5.95	6.02

LOCAL AGENCY FURTHER INFORMATION

HISTORY:

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 Industries 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.

PERFORMANCE FOR THE YEAR

During the year the Company achieved revenue of Rs.777.400 Millions,(net of Excise Duties) as against Rs 648.500 Millions during the previous year, a healthy growth of 20% despite the continuing effect of last year's recession into the first four months of the year.

The profit after tax but before exceptional item is Rs.55.300 Millions as against Rs.12.200 Millions in the previous year. This figure is after taking into account the standing charges incurred on Company's Reay Road factory (Oils Division) which remained closed during the year However, in view of amount of Rs.71.500 Millions paid to permanent workers of Reay Road factory, as a settlement amount for withdrawal of all pending litigations, the end result is a loss of Rs.16.200 Millions.

The Directors consider this as a one time exceptional situation and are hopeful that the cost incurred on settlement with the workers will be more than made good in the coming years by putting to profitable use the facilities and assets available at the Reay Road factory.

In the facts and circumstances as discussed above, the Directors have recommended dividend @ 10% or Re1 per share after drawing bare minimum amount from the accumulated profits transferred to reserves in the past years and still leaving sufficient amount in the free reserves

MANAGEMENT DISCUSSION AND ANALYSIS 

The gross sales of the Company for the year is Rs.838.400 Millions as compared to Rs.725 Millions in the previous year. The Company has made a profit after tax of Rs.55.300 Millions as compared to Rs.12.200 Millions in the previous year, without taking into account an exceptional item of Rs.71.500 Millions, being the settlement amount for withdrawal of all pending litigations, paid to the Workers of Reay Road factory. This has resulted in a loss of Rs. 16.200 Millions. These figures are however, after taking into account the standing charges of Company's Reay Road factory where operations have remained closed during the year. The management is hopeful of putting the assets of the Reay Road factory to good use.

The Foundry Chemicals Division is now the main business activity of the Company. With concerted management efforts at wider market penetration, cost control, improved realisation, substantial capacity expansion, process improvement etc, this business has shown tremendous growth potential. The management is, therefore, confident that in the coming years this business will show better results.

During the year the Company has also established the acceptability of its Foundry Chemicals and related products in the international markets. Export turnover achieved by the Company, in the very first year of exports, was to the tune of Rs.22 Millions. This is a good beginning and the management is looking towards increasing the Company's presence in the international markets. The management is constantly taking effective steps at reorganizing and restructuring the business of the Company so as to ensure better overall results. The Company is wholeheartedly concentrating on the Foundry Chemicals business, which management believes, offers an opportunity in terms of higher sales and profitability. However, this business also faces the threat of local and international competition, as well as fluctuations in prices of petroleum based raw materials

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

The Company's exposure to foreign exchange is on account of the import of certain raw materials and certain capital goods and export sales and for which adequate cover is taken to provide against exchange rate fluctuations.

Contingent liabilities not provided for in respect of disputed demands :

Particulars	Rs. In Millions [As on 31.03.2010]
Sales tax	118.099
Excise duty / Service tax	10.375
Customs duty	0.672
Mumbai Agricultural Produce Marketing Committee (APMC)	1.798
Electricity / Water charges / Pollution Board	0.221
Mumbai Port Trust	37.566
Claims against the company not acknowledged as debts	2.661

FIXED ASSETS:

· Freehold land

· Leasehold land

· Buildings

· Plant and machinery

· Furniture, fitting and Equipments

· Vehicles

AS PER WEBSITE:

Company Profile:

They introduce Subject, an integral and vital part of the Allana Group, is a leading Manufacturer and Exporter of Foundry Chemicals, Castings, and Allied products, having over Eight decades of Experience in the manufacture and export of a wide range of Foundry Chemicals, Castings and Allied products.

IVP's Foundry Chemicals Division has always dedicated itself to the development and manufacture of a wide range of high quality Foundry Chemicals, to enable Foundries to enhance the Quality of their Castings and improve Productivity levels.

The products have always been manufactured with an aim to enhance Productivity, Quality, Economy, and User friendliness, while not at all compromising on Quality, Consistency and Environment friendliness. To achieve this they manufacture products in an individual, electronically monitored, accurately controlled and tested batches. The Production process and Production equipments meets the environmental regulations.

IVP provides an excellent cultured work environment that is open and congenial to growth as well as learning. Therefore, IVP is driven with commitment by highly qualified, dedicated and technologically innovative people.

Management Profile:

Shiraz Allana, Chairman

Mr. Shiraz A. R. Allana, aged 47 years joined the Board of Directors of the Company on 18th June, 2002. Mr. Shiraz A. R. Allana has pursued Business Management studies at Defiance College, Ohio, USA. He joined the Board of Management of International Foodstuffs Company (IFFCO), United Arab Emirates, in 1980, and presently serves on the Board of several other companies in the IFFCO Group; including Emirates Refining Company Limited, IFFCO Egypt S.A.E. and IFFCO (Malaysia) Sdn. Bhd., all leading companies in their respective regions in the edible oils and fats and oleo chemicals industries. He is also Director of IVP Felda Palm International Private Limited

Amin Manekia, Director

Mr. Amin Manekia, born on 16th June, 1961, is presently a Director on the Board of Industrial Promotion and Development Co.(IPDC), Bangladesh. He has earlier served as a Director of Development Credit Bank of India(DCB) from 2000 to 2008 and has also served in honorary capacity for several institutions of the Aga Khan Development Network(AKDN) largely involving programmes of socio economic upliftment from 1990 to 2005. Mr. Amin H Manekia is a Commerce Graduate from Sydenham College of Comemrce & Economics, Mumbai and a MBA, majoring in Finance and Marketing from Babson College, Wellesly, MA,USA.

S. B. Jijina, Director

Mr. S.B. Jijina, is on the Board of the Company since June 2001. He is an Arts and Law Graduate from the University of Mumbai. He is practicing as an Advocate and Solicitors for last 28 years. He is a Partner of M/s. Mulla & Mulla & Craigie Blunt & Caroe, one of the leading firm of Solicitors and Advocates. He is a Director of General Film Distributors Private Limited, Sodexho India Private Limited and Sodexho Pass Services India Private Limited. He is also a trustee of Garib Zarthostiona Rehetan Fund.

T. K. Gowrishankar, Director

Mr. T.K. Gowrishankar,is on the Board of the Company since May 2003. He is a Commerce Graduate from the University of Madras and a Member of the Institute of Chartered Accountants of India. He had worked as a consultant with M/s. A.F. Ferfuson & Company, Chartered Accountants, and had served with Sandwick Asia Limited as Management Accountant, Wipro Limited as Corporate Vice President Finance and Emirates Industrial and Trading Company Limited as Executive Director. He is a Director of Allanasons Limited, Alagro Trading Limited, Allana Cold Storage Limited, Alna Trading and Exports Limited, Delmon Foods Limited, Allana Holdings Limited, Allana Industries Limited, Viandes Allana International Provate Limited, Soyaco Investments and Trading Private Limited, Sirs Investments and Trading Company Private Limited, Kalwa Cold Storage Private Limited, Phoenicia Travel & Transport Private Limited , and Hornbell Chemicals & Plastics Private Limited ,Allana Imports & Exports Private Limited , IVP Felda Palm International Private Limited

R. R. Kumar, Director

Mr. R.R. Kumar aged about 82 years is a B.A. L.L.B., CAIIB (Part 1). He is a Retired Chairman of Union Bank of India. Mr. Kumar started his banking career with Central Bank of India on 1st February, 1945. After holding various positions including as a Board Member, he became General Manager in 1978. In January 1981 he became the CMD of Union Bank of India and held this position till his retirement on 2nd May, 1984. Mr. Kumar remained active even after his retirement and took up assignment in capacity of Advisor and Committee Member on various banking and financial bodies. He is presently Director of Rolta India Limited , Eastern Medikit Limited , Gobind Glas & Industries Limited , Haldyn Glass Limited , KJMC Financial Services Limited , Uniflex Cables Limited and GTC Industries Limited

M.S.I.Lakdawala, Company Secretary and Whole time Director

Mr. M.S.I.Lakdawala is having working experience of more than 30 years. Being a Commerce Graduate he is a member of the Institute of Chartered Accountants of India, Institute of Cost & Works Accountants of India and Institute of Company Secretaries of India. Mr Lakdawala is also a member of Bombay Chartered Accountant Society and All India Management Association.

Milestones:

1929 - The Company was incorporated on 5th July at Mumbai. The Company Manufacture vegetable oils and vanaspati Margarine, Plastics Minar Chemicals, Foundry, products, Spark Plugs and Industrial Ceramics.

1939 - 1,100 Bonus shares issued in the proportion 1:10.

1947 - 6,050 Bonus shares issued in the proportion 1:2.

1954 - 3,025 Bonus shares issued in the proportion 1:6.

1963 - 3,025 Bonus shares issued in the proportion 1:7.

1966 - 4,840 Bonus shares issued in the proportion 1:5.

1973 - 11,616 Bonus shares issued in the proportion 2:5.

1976 - 10,164 Bonus shares issued in the proportion 1:4.

1979 - Shares subdivided during 1978. 5,08,200 Bonus shares issued in the proportion 1:1.

1982 - 3,38,800 Rights equity shares allotted (Prop. 1:3; Prem. Rs 1.25 per share) on 22.6.82.

1984 - The Company revalued its freehold land, buildings, plant and machinery relating to its Mumbai factory as on 31st December.

1985 - 6,77,600 Bonus Equity shares issued in propn. 1:2 and allotted on 9.4.1985.

1986 - During November the company signed technical collaborationagreement with M/s Feldmuhle Aktiengesells Chaft, (Feldmuhle Akg)West Germany for acquisation of knowhow for the manufacture high alumina, Ceramic, textile thread guides using injection moulding technology. The Company enunciated a modernisation-cum-diversification programme.

- Another project was taken up to set up a new unit at Kumbalagudu near Bangalore to manufacture foundry and other industrialchemicals.

1987 - The Company issued 2,33,540 No. of equity shares of Rs 10 each at a premium of Rs 10 per share as follows: 1,01,640 shares onrights basis to the existing shareholders of the Company in theratio 1:20; 1,20,000 shares to financial institutions (UTI), LIC and GIC) and 11,900 shares to employees/workers. 28,385 additional shares were also issued at a premium of Rs 10 per shares to retain oversubscription and allotted as follows: 25,410 shares to shareholders and 2,975 shares to employees.

- The Company proposed to issue equity shares/convertible debentures upto a maximum of Rs 300.000 Millions on a rights-cum-public basis subject to all necessary approvals.

- The Company proposed to issue 68,84,175 bonus equity shares in proportion 1:1.

- 2,61,925 Bonus Equity shares issued (Prem. Rs. 10 per share) in June 1987.

1988 - (15 months) the Company entered into a collaboration agreement with M/s. Industries Magneti Marelli Sp. A of Italy for manufacture of improved types of spark plugs. Also approval was received for technical collaboration, agreement with M/s London and Scandinavian Metallurgical Co Limited UK for updating its technology in its steel plants.

- It would also enable updating of its ingot casting products such as hot topping tiles, corner pieces etc. and introduce latest products such as Tundish liners, impact pads etc.

1989 - 22,94,725 Bonus Equity shares issued in prop. 1:1.

1991 - The Company had undertaken expansion and modernisation of its industrial ceramics and industrial chemicals division.

- 22,94,725 Bonus Equity share issued in prop. 1:2.

1992 - The Company entered into two technical collaborations for high alumina ceramics with Cerasiv GmbH, Germany, one for the manufacture of high alumina faucet discs, an importsubstitute item and the second for upgrading and increasing the product range of industrial ceramics division.

1996 - 34,42,088 Bonus shares issued in prop. 1:2.

2001 - Mr. S.N. Bhatri has been appointed Director on the board effective from 29th January.

2002-Mr Shiraz Abdul Razak Allana has been appointed as a Director on the Board of IVP Limited wef June 18, 2002.

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. 44.93
UK Pound	1	Rs. 72.42
Euro	1	Rs. 63.62

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		52

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.