MIRA INFORM REPORT

Report Date :

27.06.2011

IDENTIFICATION DETAILS

Name :	TULSI CASTINGS AND MACHINING LIMITED (w.e.f. 08.10.2009)

Formerly Known As :	TULSI FOUNDRIES LIMITED

Registered Office :	58/1, Ganesh Krupa, Mughbat Lane, Thakurdwar Road, Mumbai – 400 004, Maharashtra

Country :	India

Financials (as on) :	31.03.2011 (Provisional)

Date of Incorporation :	10.12.2004

Com. Reg. No.:	11-149952

Capital Investment / Paid-up Capital :	Rs.169.168 millions

IEC No.:	0304083879

CIN No.: [Company Identification No.]	U27100MH2004PLC149952

PAN No.: [Permanent Account No.]	AACCT1637R

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	The Company is engaged in manufacture of Ductile Iron Castings.

No. of Employees :	Approximately 315 (In office – 15, In factory – 300)

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

Comments :	Subject seems to be an established company in its field. Trade relations are reported as fair. No valuation report has been provided by the subject claiming that the net block of fixed is higher in comparison to the proposal amount. No complaints have been heard from indirect or market sources. It would be advisable to take adequate securities while dealings with the subject.

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

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

LOCATIONS

Registered Office :	58/1, Ganesh Krupa, Mughbat Lane, Thakurdwar Road, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-23807122
Fax No.:	91-22-23807121
E-Mail :	info@tcml.co.in tulasifoundaries@rediffmail.com
Website :	www.tcml.co.in

Corporate Office :	Aidun Building, ‘A’ Block, 1^st Floor, Room No.3, 1^st Dhobi Talao Lane, Opposite Metro Cinema, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-40833333
Fax No.:	91-22-40833346
Location :	Owned

Factory :	Plot No. Tulsi E-2, MIDC Kupwad Block, Sangli – 416 436, Maharashtra, India
Tel. No.:	91-233-26945543/ 44/ 45
Fax No.:	91-233-2645522
Location :	Owned

DIRECTORS

As on 07.08.2010

Name :	Mr. Bhavarlal Mangilal Jain
Designation :	Managing Director
Address :	1006, 10^th Floor, Shankar Sheth Palace, B Wing, Tardeo Road, Nana Chowk, Mumbai – 400 007, Maharashtra, India
Date of Birth/Age :	03.07.1956
Qualification :	Graduate
Experience :	30 Years
Date of Appointment :	10.12.2004
DIN No.:	00495970

Name :	Mr. Rajmal Mangilal Jain
Designation :	Director
Address :	Flat No.401, 4^th Floor, Shree Ram Apartments, Zaoba Wadi, Thakurdwar, Ghas Wadi, Mumbai – 400 002, Maharashtra, India
Date of Birth/Age :	02.08.1970
Qualification :	Graduate
Experience :	20 Years
Date of Appointment :	10.12.2004
DIN No.:	00495949

Name :	Mr. Deepak Fatehlal Jain
Designation :	Director
Address :	Manik Apartment, 5^th Floor, Room No. 503, Near Bharat Gas, Dhanukarwadi, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Date of Birth/Age :	01.04.1987
Date of Appointment :	26.09.2009
DIN No.:	02802404

Name :	Mr. Hemant Yeshwant Bhat
Designation :	Director
Address :	2/C-22, Wind Cliff Society, Jeevan Bima Nagar, Borivali (West), Mumbai – 400 103, Maharashtra, India
Date of Birth/Age :	20.11.1947
Date of Appointment :	06.01.2011
DIN No.:	02033397

Name :	Mr. Dayashanker Jamiatrai Prithiani
Designation :	Director
Address :	310, Ashirwad, 2 B, Off J.P. Road, Versova, Andheri (West), Mumbai – 400 061, Maharashtra, India
Date of Birth/Age :	15.04.1950
Date of Appointment :	20.04.2011
DIN No.:	03506367

KEY EXECUTIVES

Name :	Mr. Deepak F. Jain
Designation :	Secretary
Address :	Flat No 11, 1^st Floor, Geetanjali CHS, Plot H8, Sector-14, CBD Belapur, Navi Mumbai, Mumbai – 400 614, Maharashtra, India
Date of Appointment :	23.11.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.08.2010

Names of Shareholders	No. of Shares	Percentage of Holding
Bhavarlal Mangilal Jain	686250	4.18
Rajmal Mangilal Jain	1472250	8.96
Mangilal Jain	1380125	8.40
Pushpadevi Bhavarlal Jain	1611350	9.81
Kanchan R. Jain	1264500	7.70
Metal Link Alloys Limited	1840000	11.20
Seema Mukesh Jain	12500	0.08
Nisha Jain	12500	0.08
Mukti Trade Private Limited, India	1205075	7.33
Anand Jain	1020000	6.21
Kailashchandra P. Parmar	12500	0.08
Subhashchandra P. Parmar	12500	0.08
Vikash Fatehlal Jain	18750	0.11
Deepak Fatehlal Jain	18750	0.11
Baghbaan Distributors Private Limited	3587500	21.83
M/s Bhavarlal Mangilal Jain	1500000	9.13
Abhay Ramsagar Tiwari	100	0.00
Ajay M. Tripathi	100	0.00
Anant K. Gangale	100	0.00
Arvind S. Yadav	100	0.00
Ashokan Achuthan	100	0.00
Bhavesh Sohanlal Soni	100	0.00
Chandrakala Yogesh Malvankar	100	0.00
Dinesh Shantilal Jain	100	0.00
K.N. Ramkrishnan	100	0.00
Mahadu H. Nimse	100	0.00
Naresh S. Sharma	100	0.00
Nirmal S. Sharma	100	0.00
Ranjit Parihar	100	0.00
Shyalal C. Kumvat	100	0.00
Blazer Venture Private Limited	80000	0.49
Fairmiunt Ventures Private Limited	32000	0.19
Nextgen Infotel Private Limited	64000	0.39
Microchip Infotel Private Limited	40000	0.24
Matrix Systel Private Limited	80000	0.49
Octopus Infotel Private Limited	40000	0.24
Seagreen Realtors Private Limited	80000	0.49
Royalblue Realtors Private Limited	40000	0.24
Grafton Merchant Private Limited	40000	0.24
Jai Ambey Cassettes Private Limited	40000	0.24
Olive Overseas Private Limited (Real Gold)	24000	0.15
Albright Electrical Private Limited	40000	0.24
Chandramukhi Vanijya Private Limited	40000	0.24
Devsh Impex Private Limited	28000	0.18
Ross Impex Private Limited	28000	0.17
Alka Diamond Industries Limited	20000	0.12
Kush Hindustan Enterprises Limited	20000	0.12
Nakshatra Business Private Limited (Hema Tra)	20000	0.12
Triangular Infocom Limited (Lexus)	20000	0.12
	16431950	100.00

As on 31.03.2011

Names of Allottees

No. of Shares

Mukti Trade Private Limited, India

484800

484800

As on 07.08.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]
Bodies corporate		20.00
Directors or relatives of directors		80.00
Total		100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in manufacture of Ductile Iron Castings.

Products :	v Brake Systems for Passenger Car: Calipers, Twin Calipers, Carriers v Heavy Vehicle Brake Systems v Drive Shafts for Passenger Car: Companion Flanges, End Yokes, Flange Yokes v Compressors: Crank Shafts v Steering Gears for Heavy Vehicles v Ductile Iron Casting v S. G. Iron v Nodular Iron Casting v Automotive Components v Automotive Parts v Iron Foundries v Brake Components v Axel Components v Other Products: Housing Covers, Body Castings, OPVL Blocks, Front Wheel Hubs, etc.

Terms :
Selling :	L/C and Credit (90 to 120 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars				2009-2010 M. Tons
Licensed and Installed Capacity				23952
Utilised Capacity				17618

GENERAL INFORMATION

Customers :

Others (Tier 2 manufacturer or to manufacturers)

v Bosch Chasis System India Limited

v ZF Steering Gear Limited

v Spicer India Limited

v Wagner Trident

v Emersen Cliamte

v Fairfield Atlas Limited

v Tengl

v Brembo

v Sona

v Haldex India Limited

v Godrej

v Bonfiglioli

v ArvinMeritor

v Qualitas

v Brembo

v ESP International

v CARRARO

No. of Employees :

Approximately 315 (In office – 15, In factory – 300)

Bankers :

v State Bank of India, Industrial Finance Branch, The Arcade, 2^nd Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India

v State Bank of India, Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

v Axis Bank Limited, Sangli

v Bombay Mercantile Co-Operative Bank Limited, Girgaum Branch, J.S.S. Road, Mumbai – 400 002, Maharashtra, India

v ICICI Bank Limited

v HDFC Bank Limited

Facilities :

(From State Bank of India – Industrial Finance Branch)	Amount (Rs. in millions)
Term Loan (o/s)	541.700
Cash Credit	220.000
LC Facility	120.000
Bank Guarantee	20.000
TL o/s with BMC Bank	28.700

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans and Advances from Bank
Term Loan From:
Bombay Mercantile Co-Operative Bank	28.421	33.149
State Bank of India (All the above are secured by hypothecation of plant and machinery, land and building of the company and guaranteed by the directors)	533.386	355.060
State Bank of India
Cash Credit A/c	225.019	129.335
Buyers Credit	0.780	22.402
Export Packing Credit (Secured by stocks, book-debts and the personal guarantees of directors)	0.000	9.502
Car Loan
ICICI Bank (Against security of Car)	0.030	0.335
HDFC Bank (Against security of Car)	0.608	0.742
Total	788.244	550.525

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	9.932	3.090
From Others (Including I.C.D.’S)	540.243	72.782
Total	550.175	75.872


Banking Relations :	--

Auditors :
Name :	J.C. Upadhyay and Associates Chartered Accountants
Address :	1^st Shanti Sadan, Podar Park, Podar Road, Malad (East), Mumbai – 400 097, Maharashtra, India
Tel. No.:	91-22-28834431
Mobile No.:	91-9833833588
Fax No.:	91-22-28834431
E-Mail :	j.c.upadhyay28@gmail.com jcu@mtnl.net.in

Memberships :	v Confederation of Indian Industry (CII) v Engineering Export Promotion Council of India (EEPC) v Federation of Indian Export Organisations (FIEO) v Automotive component Manufacturers Association (ACMA)

Associates/Subsidiaries :	Metal Link Alloys Limited Address: Aidun Building, ‘A’ Block, 1^st Floor, Room No.3, 1^st Dhobi Talao Lane, Opposite Metro Cinema, Mumbai – 400 002, Maharashtra, India Line of Business: Manufacturing of Copper base Alloy Ingot. Bhavarlal Mangilal Jain and Company Address: Aidun Building, ‘A’ Block, 1^st Floor, Room No.3, 1^st Dhobi Talao Lane, Opposite Metro Cinema, Mumbai – 400 002, Maharashtra, India Line of Business: Trading in Ferrous and Non Ferrous Metal Scrap. Karnawat Associate Private Limited Address: Aidun Building, ‘A’ Block, 1^st Floor, Room No.3, 1^st Dhobi Talao Lane, Opposite Metro Cinema, Mumbai – 400 002, Maharashtra, India Line of Business: Recycling/ Manufacturing of Ferrous and Non Ferrous Reusable Materials Scrap.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16916750	Equity Shares	Rs.10/- each	Rs.169.168 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		169.168	164.320	123.716	83.973
2] Share Application Money		0.000	0.000	0.000	15.000
3] Reserves & Surplus		418.723	232.240	66.409	17.170
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		587.891	396.560	190.125	116.143
LOAN FUNDS
1] Secured Loans		788.244	550.525	276.895	276.527
2] Unsecured Loans		550.175	75.872	53.686	46.448
TOTAL BORROWING		1338.419	626.397	330.581	322.975
DEFERRED TAX LIABILITIES		69.926	29.571	18.992	13.531

TOTAL		1996.236	1052.528	539.698	452.649

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1540.895	468.482	358.394	282.922
Capital work-in-progress		0.000	277.346	1.353	0.169

INVESTMENT		6.715	1.715	1.715	1.715
DEFERRED TAX ASSETS		0.000	0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	255.208	118.969	89.954	81.566
	Sundry Debtors	289.809	230.966	203.091	93.519
	Cash & Bank Balances	10.471	3.898	4.256	6.769
	Other Current Assets	89.950	32.068	16.443	26.548
	Loans & Advances	16.563	70.340	11.047	10.396
Total Current Assets		662.001	456.241	324.791	218.798
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.740	48.577	94.098	27.345
	Other Current Liabilities & Provisions	209.904	103.885	53.184	24.090
Total Current Liabilities		215.644	152.462	147.282	51.435
Net Current Assets		446.357	303.779	177.509	167.363

MISCELLANEOUS EXPENSES		2.269	1.206	0.727	0.480

TOTAL		1996.236	1052.528	539.698	452.649

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
	SALES
		Net Turnover	1306.478	944.729	577.195	351.137
		Other Income	1.684	2.011	4.040	3.861
		TOTAL (A)	1308.162	946.740	581.235	354.998

Less	EXPENSES
		Consumption of Materials	743.412	575.597	364.564	158.439
		Manufacturing Expenses	241.094	183.054	115.257	144.419
		Operating and Other Expenses	54.851	37.167	27.238	20.450
		Variation in Stocks	(46.381)	(9.975)	(23.581)	(28.188)
		Prior Period Items	0.000	0.000	0.000	0.117
		TOTAL (B)	992.976	785.843	483.478	295.237

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		315.186	160.897	97.757	59.761

Less	FINANCIAL EXPENSES (D)		67.939	39.733	41.409	25.572

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		247.247	121.164	56.348	34.186

Less/ Add	DEPRECIATION/ AMORTISATION (F)		49.936	29.673	22.059	9.331

	PROFIT BEFORE TAX (E-F) (G)		197.311	91.491	34.289	24.858

Less	TAX (H)		56.800	25.573	9.794	11.567

	PROFIT AFTER TAX (G-H) (I)		140.594	65.918	24.495	13.291

Less	APPROPRIATIONS
		Proposed Dividend	8.458	4.929	NA	NA
		Additional Tax on Dividend	1.405	0.819	NA	NA
	BALANCE CARRIED TO THE B/S		130.731	60.170	NA	NA

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	22512.500 (Regrouped)	74.098	50.344	35.190
	TOTAL EARNINGS		22512.500	74.098	50.344	35.190

	IMPORTS
		Raw Materials	NA	103.140	93.876	1.768
		Capital Goods	NA	62.693	5.915	52.362
	TOTAL IMPORTS		NA	165.833	99.791	54.130

	Earnings Per Share (Rs.)		8.31	4.44	2.26	2.69

KEY RATIOS

PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	10.75	6.96	4.21	3.74

Net Profit Margin (PBT/Sales)	(%)	15.10	9.68	5.94	7.08

Return on Total Assets (PBT/Total Assets}	(%)	8.96	9.89	5.02	4.95

Return on Investment (ROI) (PBT/Networth)		0.34	0.23	0.18	0.21

Debt Equity Ratio (Total Liability/Networth)		2.64	1.96	2.51	3.22

Current Ratio (Current Asset/Current Liability)		3.07	2.99	2.21	4.25

LOCAL AGENCY FURTHER INFORMATION

HISTORY AND DEVELOPMENT

Subject was originally incorporated as Tulsi Foundries Limited in the year 2004 as limited company being duly registered with Registrar of Company as per The Companies Act, 1956. The name of the company was changed to subject in the year 2009.

The company is engaged in developing, manufacturing, selling and exporting cast and machine Ductile Iron (S.G. Iron) components for engineering industries in general and for Automotive industry in particular. The technical and marketing team of the company continuously engaged in new areas of product which suits to industry to increase the market share of the company.

The present promoters are the first generation entrepreneurs and possess Ferrous and Non-Ferrous Industry. The promoters have significant knowledge in metal and metal related products. The Company is run and managed by qualified professionals having required experience under the overall guidance of the Chairman and MD.

With the kind support and timely financial assistance in the form of sanction of respective term loans under their expansion program they are successful in implantation and installation of a new Koyo High Pressure Moulding Line to increase the production capacity to 24,000 MT p.a. Further, the company is at final stage of implementing its new expansion project to increase present capacity from 24,000 MT p.a. to 48,000 MT p.a. with installation of DISA High Pressure Vertical Moulding Line, Online Shotblasting Machine, Inductotherm make Tri Track Furnace ‘and Tundish Pouring System, etc. The company has also been sanctioned additional power of 6 MW, making the total sanctioned power load to 10 MW.

The company is having its registered office and corporate office at Mumbai. The manufacturing facility of the company situated at Sangli with sophisticated and automatic Plant and Machinery. In view of market demand and to become major player in the market the company has developed an in-house well equipped machine shop in the factory. The company is planned further expansion for installation of new machineries to increase the production capacity and venture in to new products to cater the market demand.

The company belongs to foundry industry and engaged in manufacturing and supply of components for automotive and engineering industry. Generally, the foundry industry get machining done from outsiders on job work basis. They are amongst few in the industry having casting and machining facility at their unit and provide both the facility to all the customers i.e. they provide one shop assistance to their entire customer. This was the main reason they are able to sale their components/engineering goods at casting stage i.e. they does not have to depend on outsiders for machining.

KEY PERSONS IN THE ORGANISATION

Mr. B. M. Jain – CMD

Mr. B. M. Jain is aged 54 years and Commerce Graduate, having more than 30 years of rich experience in from sourcing of raw materials to sales. His expert knowledge and excellent entrepreneurial leadership skill bring values to the affairs of the company.

He is very social by nature and having good reputation in the society. He is holding post of president in Jain Community in Mumbai. His social network resulted in company’s major share in the metal market.

He is a well established technocrat entrepreneur having successfully track record in diverse business of steel industry and wide spread connectivity in higher business echelons both in domestic as well as international markets.

He is also having membership of Bombay Metal Exchange and holding position as Vice President with Bombay Non-Ferrous Metal Association. He is also committee member at National Council of Indian Institute if Foundrymen and DIA.

He is having very co-ordinal relations in domestic as well as international market together with vast knowledge of market trend, demand and supply, customer experience, etc. He has traveled world wide for sourcing of new products and market opportunities in various countries such as Middle East, Far East, Europe, Australia, etc.

Mr. R. M. Jain — Director

He is aged about 40 years and Graduate from Commerce. He is actively involved in the business from his college going days under the supervision of his elder brother. He is having experience for more than 20 years in the industry. He looks after entire financial operation of the company.

He is also responsible for mobilization of funds in efficient and cheaper rate to have good profitability and strengthen their position in the market.

He attributes the success of teamwork and entrepreneurial spirit of the company. He personally heads the think-tanks which address the conceptual bases of the company.

He is also having excellent knowledge of excise, sales tax, income tax and dealing with Government department for various approvals.

The company is doing business successfully since it has been took over by present promoters and thereafter with continuous expansion coupled with sourcing of new products resulted in to substantial increase in market share. The Financials for past three years are as under:

(Rs. in millions)

		FY1011		FY0910			FY0809
FY0708
	Provisional		Audited		Audited		Audited
Sales (Gross)	1413.400		1009.800		623.800		383.900
Other Income	1.700		2.000		4.000		3.900
PBT	197.300		91.500		34.300		24.900
PAT	140.400		65.100		24.500		13.300
Share Capital	169.200		164.300		123.700		99.000
Reserve and Surplus		585.700		232.200		66.400		17.200
Net Block of Fixed Assets		1540.900		745.800		358.400		282.900
Term Loan (o/s)		561.800		355.100		131.800		126.600

INDUSTRY SCENARIO

Cast metal products are found in 90 percent of manufactured goods and equipment. From critical components for aircraft and automobiles to home appliances and surgical equipment, cast metal products are integral to the global economy and their way of life. The U.S. metal casting industry is the world’s largest supplier of castings, shipping cast products valued at over $18 billion annually and directly employing 225,000 people. Metal casting companies are often at the heart of the economy in the communities where they reside. Of the 2,950 metal casting establishments located throughout the United States, over 80 percent are small businesses.

Features of Global Casting Industry:

v A globally competitive and environmentally responsible industry

v A well-capitalized and profitable industry

v A source of challenging and well-paying careers

v The preferred supplier of engineered, net-shape metal components

v The world’s benchmark for technology and innovation

Global Top 10 casting Producers:

(Production in Mn Tons)

Rank	Country	Last Years Rank	Total Production	Grey Iron	Ductile Iron	Steel	Non Ferrous
1	China	(1)	35.3	17.0	8.7	4.8	4.2
2	India	(4)	7.4	5.05	0.8	0.9	0.7
3	U.S.	(2)	7.4	2.4	2.6	0.7	1.7
4	Japan	(6)	4.4	1.7	1.4	0.2	1.1
5	Russia	(3)	4.2	1.7	1.2	0.7	0.5
6	Germany	(5)	3.9	1.8	1.2	0.2	0.7
7	Brazil	(7)	2.3	1.9	--	0.2	0.2
8	Korea	(10)	2.1	1.0	0.6	0.2	0.3
9	France	(9)	1.74	0.6	0.9	0.006	0.2
10	Italy	(8)	1.67	0.6	0.4	0.006	0.6

The top ten manufacturer’s together account for over 80% of the total fabrication of castings as well as the number of factories all across the world. Since last decade, in most of the countries, the number of foundries have lowered where as the production has risen.

The majority of metal casters are small businesses. They are not positioned to perform the research necessary to remain competitive. Collaborative research partnerships, which bring together industry, universities, and government, are proving vital to conducting the research needed to raise the technology of metal casting products and processes.

Metal casting is one of the most energy-intensive industries. Approximately 55% of energy costs are consumed in melting. Mold making, core making, heat treatment and post-cast operations also use significant energy. Research to improve these operations and reduce melting requirements will help the industry save energy and improve competitiveness.

Metal castings play a critical role in all sectors of the economy. Yet, many of them are not aware of castings, the benefit they provide over alternative-manufactured components, and their role in everyday life. Further, some manufacturers, management and technical professionals do not understand the difference that metal castings can make in their product compared to components made by other techniques. The result is missed market opportunities for metal casters. Many government decision makers and the public at large are not familiar with the casting industry and not aware of its importance to a healthy and vibrant economy.

To remain profitable, maintain a viable number of producers, and expand into new markets, the industry is increasing awareness on the part of manufacturers and the public regarding the value of engineered cast components.

Improving design capabilities in metal casting is critical to the industry’s ability to produce cast products that will be competitive in world markets. Improved design capabilities can enable metal casters to manufacture parts not currently possible with current design constraints, opening new markets for metal casters. Maintaining existing markets and opening new markets is critical to the financial viability of metal casting companies. Improvements in casting design will reduce testing and tryout on the shop floor and replace it with computer-based design and analysis.

The industry is trying to develop additional data arid tools, which are needed to improve casting design methods. This includes alloy properties and performance data as well as the accurate simulation of casting performance based on alloy properties, stress level and solidification integrity. These improvements can increase the value of metal components, reduce component weight, reduce manufacturing leas time an assure product performance. They will assist manufacturers to build better products with less cost and les energy.

Future Outlook

The casting industry has grown largely in response to the demands of the automotive industry. The trend toward relocation of automobile manufacturers production overseas and the demands for greater environmental protection caused serious challenges to the casting industry. Moreover, increasing demand for more lightweight automobiles and conversion to lighter materials is also becoming a key trend in today’s automotive industry.

The casting industry supplies castings not only for the automotive industry but also for a number of other industries including farming and public works machines, machining tools and public services. It is indeed the backbone of many industries. The automotive industry, however, is the primary customer for the casting industry. Demand for automobile castings worldwide is largest in Japan at about 50%, rising to about 40% in other major industrial countries. As world car production is predicted to increase by about 20% by 2010.

This large jump in demand and production is expected principally in Asia, excluding Japan, where the economy is growing rapidly. Thus, the ‘motorisation’ of China and other countries will result in an increase in the global production of castings. On the other hand, the production volume of casting in the US, Europe and Japan may increase to some extent but a large increase is not expected in these regions. There is no doubt however that the global casting industry will continue to rely on the automotive industry, the biggest consumer of castings, for its success.

Compared with other products such as cars, electrical appliances and machining tools, the movement of castings across borders is remarkably low. In major industrial countries, cross-border trade of castings has not changed significantly. This is partially because the statistics do not include the unit after machining or assembling. Although the statistics on assembled or machined components are important to measure the impact of global trade on the casting industry. In any case, since close collaboration between users and casting manufacturers is very important, casting production is usually located near the customers’ plants. Moreover, since the volume and weight of castings is very large, transportation costs are high and therefore offset the merits of cross-border trade. A large increase in global trade of castings is not anticipated for several years.

The largest recipient was the car and light truck sector at 3l%. Others included construction, mining and oil fields at 6%, pipes and fittings l5%, pumps and compressors 3%, municipal 3%, railways 6%, agricultural machinery 4%, valves 5%, internal combustion engines 5%.

India’s casting industry holds opportunities, challenges, India’s metal casting industry is poised to become one of the top-three casting producing nations in the world. The key is establishing the infrastructure to support it.

Now the largest producer of metal castings worldwide, India has increased its casting production by more than 100% since 2002. No other large casting producer matches that growth during that time frame. The expansion stems from India’s large and rapidly growing economy, which has the potential to raise its income per capita to 35 times current levels over the next 40 years.

India benefits from low labor costs, a large population with strong domestic demand, and financially strong companies with revenues to invest in metal casting. However, the country’s infrastructure lags behind the rest of India’s development. The Indian Government has estimated the need of $500 billion in infrastructure development in the next five years if GDP growth targets are to be achieved. Private economists have indicated the government’s estimate is low and calculate the need as closer to $1-1.5 trillion of infrastructure investment needed over the next five years.

According to Goldman Sachs, in 2050, India is expected to have one of the three largest economies (by GDP) in the world, along with China (first) and the US. (second), and be an order of magnitude larger than Japan, which ranks fourth. Estimates put the current size of the Indian economy at $1 trillion, with GDP growth rates around 7.5 to 8.5%, second only to China. Part of that growth will be attributed to the rise of manufacturing in India.

FY 08-09 has been a turbulent year. The sub-prime crises that erupted in the US and Western Europe impacted the global financial system, resulting in a significant cut-back in investment flows and the viability of funds. FYO9IO is the year of steady growth wherein casting sector have seen steady growth and huge demand for its products and export is on the rise/higher side due to lower pricing of as compared to international market.

The Casting Industry predictably also faced pressure on their margin from cost increase in raw materials; power and cocking coal, but for the most part these increases were absorbed by the market through price increases of casting products.

The demand for casting in the developing world like India will continue to be an important engine of growth. It will be the anchor material for construction, infrastructure, automobiles and consumer durables. China, India, USA and Brazil will be countries where internal demand to meet infrastructure and construction needs will continue to grow substantially in the year ahead.

India is unique positioned to become a major self-sufficient, low-cost casting manufacturing nation: Today, India annually produces less than it consumed, which is the main force behind growth of casting industry in India.

It is broadly recognized that over the years India has fallen behind its Asian neighbors in keeping pace with investment in infrastructure. The necessity of infrastructure development is also one of the important factors for growth of casting industry in India.

The economy of India, measured in USD exchange rate terms, is the fourth largest in the world, with GDP of USD 1.50 trillion in 2007. The Indian economy continued the high rate of growth for the third year in succession. The last three financial years in India saw growth rate of 9.4%, 9.6% and 8.7% (2007-08).

FUTURE PROSPECTS OF THE COMPNY

v Wider product basket

v Recent boom in automotive industry

v One shop assistance i.e. casting and machining products

v Continuous supply chain of the casting and machining products in the market

v Major market share

v Large capital base company will attract overseas buyers to supply products as cheaper rate with bulk quantity.

v Due to large capital base promoter can dictate the terms in domestic market for sales side.

v Reputation of the family in the market can be encashed in terms of sales as well as purchases at lower price.

FUTURE PLANS

The company is very optimistic towards forward integration to have wider the product basket under one roof to cater the major share of market and achieve the leader position amongst other manufacturers and businessmen. The promoters of the company belongs to reputed business houses and are well experienced to become leader with one shop assistance in steel industry.

Promoters have taken over captioned company as a sick company from SICOM. Since, its take over promoters have incurred substantial amount in capex with support of bank i.e. sanctioned term loans. The expansion program is done in piecemeal i.e. at various times for the reasons as under:

v to avoid disturbance in continuous production;

v as per market trend and requirement;

v improve the quality;

v increase capacity as per market demand;

v infusion of capital at one stroke;

v various Government approvals; etc

The above were resulted in to various term loans sanctioned with bank at different occasions.

As informed above, the company is very optimistic about having wider product basket to tap the major market share with support of its technical and marketing team who are continuously engaged in sourcing of new products. Further, company would like to have sanction Line of Credit to the tune of Rs.200.000 millions for installation of various machinery at Machining Shop, which will be part of expansion program. This will resulted in to wider product basket without any delay.

The company has achieved sales turnover of Rs.1040.000 millions during FY 1011 till 31.01.2011 against the estimated sales of Rs.1200.000 millions for the year. The company is very much optimistic about taping of its target sales of Rs.2000.000 millions with in a period of one year, which can be possible only when sufficient liquidity/availability of credit facility to the company in terms of sanction of requested working capital facility because future of Casting Industry in India is very bright due to:

v Consumption is more as compared to production

v Majority of international casting producing countries have less production in compare to its consumption in their country resulted in to cheaper import substitute available from India.

v Being a developing country continuous demand for casting.

THEIR CORE VALUES

Vision and Statement - Subject, the vision is to become the most prominent enterprise by playing a pivotal role in casting and machining products sector.

Mission Statement - Their mission is to serve the industry with quality products and to grow in business consistently through positive relationship with the customers. They aim to achieve complete customer satisfaction through continuous improvement in their services and products’ quality by adopting strong business strategies.

Excellence - They always follow ethical busine3ss practices in a superior manner while striving for continuous improvements.

CUSTOMER SATISFACTION

They are a client oriented company and they make all their efforts to make them totally satisfied. They supply qualitative products for the production process/infrastructure activity and their advanced knowledge and experience in the business helps them supply quality products without any defect. All these factors enable them to make their valuable customers totally satisfied.

PRODUCTS

The company is engaged in manufacturing of cast and machine Ductile Iron (S.G. Iron) components viz. Brake Carrier, Brake Caliper, Housing, Heavy Vehicle Break Part, Companion Flange, Flange Yok, Slack Adjuster, Crack Shafts, Engine Mounting Brackets, etc. With specialised in automotive components. The company is also catering to various other industries like Refrigeration, Air Conditioning, Earth Moving, Electrical, Railways, etc

As stated above, the company is engaged in developing and manufacturing of machine Ductile Iron (S.G. Iron) components for engineering and infrastructure industries in general and for Automotive industry in particular.

QUALITY POLICY

They are committed to satisfy their customers by delivering premium quality products in most effective manner and within scheduled time-period. They are committed for continual up gradation of Quality Management System and for the improvement in their processes, quality, sales and delivery.”

They are committed to furnish superior quality products. For this, they follow a comprehensive work plans to ensure effective quality management. Fo1lowing stringent quality control methodologies, each production or procurement stage is extensive reviewed and monitored. Their quality control process is followed as per the following flowchart:

• Analysis for chemical and physical attributes o’ the raw materials

• Heat treatment and solution annealing

• Vibration test and Tensile test

• Marking

• Final inspection

• Acceptance of Materials for dispatch

CLIENTELE

They have gained a vast global client base due to their consistency in superior quality products and services and vide rage of product as one shop assistance basis. With their quest to offer efficient products and services, they have lodged their name in global markets as a trustworthy supplier. They are serving various clients worldwide with their wide range of products. Their products are supplied to manufacturer, wholesalers, industries, retailers etc.

v Wider product basket as compare to their competitors

v Casting and machining under one roof

INDUSTRY THEY SERVE

Their range of products is used in various automotive, engineering, industrial and infrastructure operations. All these products are offered in various specifications to suit the specific requirements of different industries. They are currently dealing with almost all reputed companies for following industries:

v Automotive;

v Engineering;

v Infrastructure;

v Household items, etc

COMPETITIVE ADVANTAGES

v They are the amongst few manufacturers (whose no. can be counted in fingers) engaged in casting and machining under one roof,

v Wider product basket;

v Strong sourcing capabilities, which facilitate introduction of cheaper and more effective range of products;

v Continuous identification and launch of new products with quality products at competitive price;

v Highly competent, experienced and professional promotion and management team, focused on innovative research and possessing strong regulatory capabilities;

v Strong skills so as to enable in-house product development and supply as per customer demand and specifications and

v Strong marketing platform for pan-India presence.

CREDIT FACILITY

At present the company is enjoying Credit Facilities with State Bank of India, Industrial Finance Branch, Cuff Parade, Mumbai and request the enhancement in Credit Facilities as under:

(Rs. in millions)

Nature of limit Sanctioned	Amount of Limit	Proposed Limit	Remark
Term Loan I (o/s)	1.200	1.200	at existing level
Term Loan II (o/s)	10.600	10.600	at existing level
Term Loan III (o/s)	55.600	55.600	at existing level
Term Loan IV (o/s)	65.700	65.700	at existing level
Term Loan V (o/s)	201.100	201.100	at existing level
Term Loan VI (o/s)	215.000	215.000	at existing level
Term Loan VII (Fresh)	--	200.000	fresh Term Loan

Demand Cash Credit	220.000	750.000	enhancement
(PCFC/FCBRD/PCL/FDN/FDBP)	(35.000)	(100.000)
LC (Inland/Import)	120.000	120.000	at existing level
Bank Guarantee	20.000	20.000	at existing level

Justification for Fresh Term Loan:

As stated above, the company is very optimistic about having wider product basket to tap the major market share with support of its technical and marketing team who are continuously engaged in sourcing of new areas of products suits to the market and customer demand. At present company is having 25 to 30 CMC, VMC, HMC, etc. in machine shop for machining and further in process to have more than 100 such machine to have wider product basket under one roof. This will resulted in to taping major share of market and fulfill the customers need at one stop.

Company would like to have sanction TERM LOAN to the tune of Rs.200.000 millions for installation of various machinery at Machining Shop, which will be part of expansion program. This will resulted in to wider product basket without any delay.

Justification for additional Working Capital Facility

Any trade, working capital facility enjoyed by the company plays a very important role in its growth and development. The said facility is very important for fund management i.e. purchasing at lower rare by availing trade/cash discount and sales at higher rate with good profit margin and attractive sales term. Working Capital management has a key role in business activity so adequate sanction of working capital facility is very much necessary for its long term presence in the market. The reasons for enhancement in working capital are as under:

v Debtors realization period is 120 days the same is accepted by SBI for DP calculation

v Company is entering in to export business with longer usance period

v As their production capacity increased from existing 24000 MT p.a. to 48000 MT p.a. they need to have sufficient stock of raw materials to have a continuous production process and execution of production in time.

v With introduction of in house machining shop the holding level of WIP increased.

v They have to keep finished goods at higher level in terms of size wise, item wise, customer wise, demand wise, etc. to tap the major market share.

v To ensure the supply/import in time resulted in more sales.

v To have sufficient stocks of all types of product to provide 100% customer satisfaction at one shop.

v To enter in to import market at large scale i.e. bulk imports for low price item with best quality and pricing

v With assured liquidity they can take order of supplies to continuous project.

v Availability of liquidity also helps them to have better holding position in the market among competitors.

v Higher profitability i.e. they would make immediate payments to suppliers as they would have availability of sufficient funds against which they would earn handsome cash discount.

v With assured liquidity they will be in better position amongst their competitors as far as holding level is concerned.

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(Rs. in millions)

Particulars
Estimates for the year ended/ending	2012	2013	2014	2015	2016	2017
	Estimated	Projected	Projected	Projected	Projected	Projected
1. Gross Sales
(i) Sales	2168.800	2598.300	3050.800	3423.600	3736.400	3939.500
(ii) Export Sales	44.300	136.800	160.600	180.200	196.700	207.300
(ii) Other Revenue Income	4.400	13.700	16.100	18.000	19.700	20.700
Total	2217.500	2748.700	3227.400	3621.800	3952.700	4167.600

2. Less excise duty	106.100	144.600	177.200	199.900	214.700	227.200

3. Net Sales (1-2)	2111.400	2604.100	3050.200	3421.900	3738.100	3940.400

4. %age rise (+) or fall (-) In net sales as compared to previous year	61.59%	23.34%	17.13%	12.19%	9.24%	5.41%

5. Cost of sales
I) Raw materials (including stores and other items used m the process of manufacture)
(a) Imported	--	--	--	--	--	--
(b) Indigenous	1304.900	1468.700	1644.200	1834.300	2039.400	2141.300
Sub-total (a+b)	1304.900	1468.700	1644.200	1834.300	2039.400	2141.300

% of raw consumption	62%	56%	54%	54%	55%	54%

ii) Other spates
(a) Imported	--	--	--	--	--	--
(b) Indigenous	84.000	94.500	105.800	118.100	131.300	137.800
iii) Power Consumption	131.500	148.000	165.700	184.900	205.600	215.900
iv) Direct labour	20.200	22.700	25.400	28.300	31.500	33.100
v) Repairs & Maintenance	16.800	18.900	21.200	23.600	26.300	27.600
vi) Other manufacturing expenses	33.600	37.800	42.300	47.200	52.500	55.100
Machining Cost	66.700	133.600	156.800	176.000	192.100	202.500
vii) Depreciation	119.400	126.100	126.600	127.000	127.400	127.900

viii) Sub-total (i to vii)	1777.200	2050.300	2288.100	2539.500	2806.000	2941.200

ix) Add Opening Stock-in-process	--	21.800	24.500	27.500	30.600	34.100
Sub-total	1777.200	2072.100	2312.600	2566.900	2836.600	2975.300
x) Less: Closing stocks-in-process	21.800	24.500	27.500	30.600	34.100	35.800
xi) Cost of production	1755.400	2047.600	2285.200	2536.300	2802.600	2939.500
xii) Add: Opening stock of finished goods	124.400	258.400	365.800	365.500	345.200	376.200
Sub-total	1879.800	2306.000	2651.000	2901.800	3147.800	3315.700
xiii) Less: Closing stock of finished goods	258.400	365.800	365.500	345.200	376.200	396.800
xiv) Sub-total (Total cost of Sales)	1621.400	1940.200	2285.500	2556.600	2771.500	2918.900

6. Selling, general and administrative expenses	66.500	90.700	117.200	144.600	173.600	201.400

7. Sub-Total (5+6)	1687.900	2030.900	2402.700	2701.200	2945.100	3120.300

Cost of Sales/Net Sales (%)	76.79	74.50	74.93	74.71	74.14	74.08

8. Operating profit before interest (3-7)	423.500	573.300	647.500	720.700	792.900	820.100

9. i) Interest on Term Loan	94.100	85.400	64.800	44.100	25.400	5.700
ii) Interest on Working Capital	75.000	90.000	90.000	100.000	100.000	100.000

10. Operating profit after interest (8-9)	254.400	397.900	492.700	576.500	667.600	714.400
11. i) Add other non-operating income
(a) Interest & Dividend	2.000	2.100	2.300	2.400	2.600	2.800
(b) Other Income	--	--	--	--	--	--

Sub-Total (Income)	2.000	2.100	2.300	2.400	2.600	2.800

ii) Deduct other non-operating expenses
(a) Preliminary expenses	0.400	0.400	0.400	0.400	0.400	0.100
(b) Other misc. expenses	--	--	--	--	--	--

Sub-Total (Expenses)	0.400	0.400	--	--	--	--

iii) Net of other non-operating income/expenses [net oft 11(i) and 11(ii)j	1.600	1.700	2.300	2.400	2.600	2.800

12. Profit before tax/loss [10+11(iii)]	256.000	399.600	495.000	579.000	670.200	717.200
(% of sales)	12.12	15.34	16.23	16.92	17.93	18.20

13. Provision for taxes	83.100	129.700	160.600	187.900	217.500	232.800
Provision for Deferred Tax	--	--	--	--	--	--

14. Net Profit/Loss (12-13)	172.900	269.900	334.300	391.100	452.700	484.500
15 Net Cash Accrual (14 + 5vi)	292.300	396.000	460.900	518.100	580.100	612.300

16. a) Equity dividend payable	--	--	--	--	--	--
b) Dividend Rate in %	--	--	--	--	--	--
Preference dividend paid	--	--	--	--	--	--

17. Retained profit (15-16a and b)	172.900	269.900	334.300	391.100	452.700	484.500

18. Retained profit/ Net profit	100.00	100.00	100.00	100.00	100.00	100.00

19. EBITDA Margin	54.44	70.11	77.63	85.01	92.30	95.08
EPS

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ANALYSIS OF BALANCE SHEET

(Rs. in millions)

Particulars
Estimates for the year ended/ending	2012	2013	2014	2015	2016	2017
	Estimated	Projected	Projected	Projected	Projected	Projected
CURRENT LIABILITIES

1. Short-Term borrowings from banks (Including bills purchased, discounted & excess borrowings placed on repayment basis)
(i) From Bank	750.000	900.000	900.000	1000.000	1000.000	1000.000
(ii) From Other Bank	--	--	--	--	--	--

Sub-Total (A)	750.000	900.000	900.000	1000.000	1000.000	1000.000

2 Short-Term borrowings from others	--	--	--	--	--	--

3. Creditors as Acceptance against L/C’s	120.000	120.000	120.000	120.000	120.000	120.000

4. Sundry Creditors (Trade)	53.600	60.400	67.600	75.400	83.800	88.000

5. Provision for taxation	83.100	129.700	160.600	187.900	217.500	232.800

6. Dividend payable	--	--	--	--	--	--

7. Other current liabilities & provisions (due within one year)	--	--	--	--	--	--

8. Deposits/Investments of term loan/ DPG’s/ debentures, etc. (due within one year)	144.200	152.000	154.800	161.600	62.000	11.000

9. Other current liabilities (due within one year)	14.500	18.700	21.300	23.800	26.300	27.600

Sub-Total (B)	415.400	480.800	524.300	568.700	509.500	479.400

10. TOTAL CURRENT LIABILITIES (total of 1 to 9)	1165.400	1380.800	1424.300	1568.700	1509.500	1479.400

TERM LIABILITIES
11. Debentures (Not maturing within one year)	--	--	--	--	--	--

12. Preference Shares (redeemable after one year)	--	--	--	--	--	--

13. Term loans (excluding installments payable within one year)	543.900	391.900	237.000	75.400	13.400	2.400

14. Deferred Payment Credits (excluding installments due within one year)	--	--	--	--	--	--

15. Term deposits (repayable after one year)	750.000	575.000	450.000	150.000	--	--

16. Other term liabilities	0.200	--	--	--	--	--

17. TOTAL TERM LIABILITIES (total of 11 to 16)	1294.100	966.900	687.000	225.400	13.400	2.400

18. TOTAL OUTSIDE LIABILITIES (10+17)	2459.500	2347.600	2111.300	1794.100	1523.000	1481.800

NET WORTH
19. (i) Equity Share Capital	169.200	169.200	169.200	169.200	169.200	169.200
(ii) Share Application Money	--	--	--	--	--	--
(iii) Security Premium Account	186.200	186.200	186.200	186.200	186.200	186.200

20. General reserve	--	--	--	--	--	--

21. Deferred Tax reserve	69.900	69.900	69.900	69.900	69.900	69.900

22. Other Reserves	--	--	--	--	--	--

23. Surplus (+) or deficit (-) in Profit & Loss Account	405.500	675.300	1009.700	1400.700	1853.400	2337.900

24. NET WORTH	830.700	1100.600	1434.900	1826.000	2278.700	2763.100

25. TOTAL LIABILITIES (18+24)	3290.200	3448.200	3546.200	3620.100	3801.600	4245.000

CURRENT ASSETS

26. Cash and bank balances	34.600	56.000	51.100	63.800	147.700	83.500

27. Investments (other than long term investments)
i) Liquid Investments	--	--	--	--	--	--
ii) Fixed deposits with banks	30.500	32.600	34.900	37.400	40.000	42.800

28. i) Receivables other than deferred & Exports (including bitts purchased & discounted by banks)	722.900	757.800	889.800	998.500	1089.800	1149.000
ii) Other Receivables (interest subsidy under TUFS)	--	--	--	--	--	--

29. Export receivable (due within one year)	14.800	39.900	46.800	52.600	57.400	60.500

30. Inventory
i) Raw materials (including Stores & other items used in the process of manufacture)	382.300	430.200	481.700	537.400	597.400	627.300
ii) Stock-in-process	21.800	24.500	27.500	30.600	34.100	35.800
iii) Finished Goods	258.400	365.800	365.500	345.200	376.200	396.800

31. Advances to suppliers of raw materials & stores/spares	--	--	--	--	--	--

32. Advance payment of taxes & TDS	95.200	130.500	161.000	191.500	221.000	236.500

33. Other current assets (specify major items)	17.500	25.000	25.000	25.000	25.000	25.000

34. TOTAL CURRENT ASSETS (Total of 26 to 33)	1578.000	1862.500	2083.300	2282.000	2588.600	2657.200

Inventory + Receivables	1385.400	1578.500	1764.400	1911.700	2097.500	2208.900

FIXED ASSETS

35. Gross Block	1930.700	1930.700	1934.900	1937.400	1940.200	1943.000

36. Land & Building, machinery, work-in-progress) Depreciation to date	239.200	365.300	491.800	618.800	746.200	874.100

37. Net Block (35-36)	1691.500	1565.400	1443.100	1318.600	1194.000	1068.900

OTHER NON-CURRENT ASSETS

38. Investments/book debts/advances/deposits which are not current assets
i) a) Investments	6.700	6.700	6.700	6.700	6.700	6.700
b) Others/FCCB money parked abroad	--	--	--	--	--	--
ii) WIP	--	--	--	--	--	500.000
iii) Advances to supplier of capital goods	--	--	--	--	--	--
iv) Others (book Debts more than 6 months, etc)	--	--	--	--	--	--

39. Non-consumable stores & spares	--	--	--	--	--	--

40. Other non-current assets (including dues from directors)	12.200	12.200	12.200	12.200	12.200	12.200

41. TOTAL OTHER NON-CURRENT ASSETS (Total of 38 to 40)	18.900	18.900	18.900	18.900	18.900	518.900

42. Intangible assets (patents, goodwill, preliminary expenses, bad/doubtful debts not provided for, etc.) bad/doubtful debts not	1.800	1.400	1.000	0.500	0.100	0.000
Deferred Tax Reserve	--	--	--	--	--	--

43. TOTAL ASSETS (Total of 34, 37, 41 & 42)	3290.300	3448.200	3546.300	3620.000	3801.600	4245.000

44. TANGIBLE NET WORTH (24-42)	828.900	1099.200	1434.000	1825.500	2278.600	2763.100

45. NET WORKING CAPITAL	412.500	481.700	659.000	713.300	1079.100	1177.700

46. Current Ratio (Items 34/10)	1.35	1.35	1.46	1.45	1.71	1.80

47. Total Outside Liabilities/Tangible Net Worth (18/44)	2.97	2.14	1.47	0.98	0.67	0.54

48. Adjusted TNW	822.200	1092.500	1427.200	1818.800	2271.800	2756.400

49. TOL/Adjusted TNW	2.99	2.15	1.48	0.99	0.67	0.54

ADDITIONAL INFORMATION
(A) Arrears of depreciation	--	--	--	--	--	--
(B) Contingent liabilities
i) Arrears of cumulative dividend	--	--	--	--	--	--
ii) Gratuity liability not provided for	--	--	--	--	--	--
in) Disputed excise/customs/lax liability	--	--	--	--	--	--
iv) Other liabilities not provided for	--	--	--	--	--	--

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COMPARATIVE STATEMENT OF CURRENT ASSESTS AND CURRENT LIABILITIES

(Rs. in millions)

Particulars
Estimates for the year ended/ending	2012	2013	2014	2015	2016	2017
	Estimated	Projected	Projected	Projected	Projected	Projected
A CURRENT ASSETS
1. Raw materials (including stores & others items used in the process of manufacture) in the process of
a) Imported	--	--	--	--	--	--
Months consumption	--	--	--	--	--	--
b) Indigenous:	382.300	430.200	481.700	537.400	597.400	627.300
Months consumption	3.52	3.52	3.52	3.52	3.52	3.52

2. Other consumable spares excluding those included in 1 above
a) Imported	--	--	--	--	--	--
Months’ consumption	--	--	--	--	--	--
b) Indigenous	--	--	--	--	--	--
Months’ consumption	--	--	--	--	--	--

3. Stock-in-process:	21.800	24.500	27.500	30.600	34.100	35.800
Months’ cost of production	0.15	0.14	0.14	0.14	0.15	0.15

4. Finished goods.	258.400	365.800	365.500	345.200	376.200	396.800
Months cost of sales.	1.91	2.26	1.92	1.62	1.63	1.63

5. Receivables other than export & deferred (including bills purchased & discounted by banks)	722.900	757.800	889.800	998.500	1089.800	1149.000
Month’s domestic sales: excluding deferred payment sales	4.11	3.49	3.50	3.50	3.50	3.50

6. Export Receivables	14.800	39.900	46.800	52.600	57.400	60.500
Month’s export sales	4.00	3.50	3.50	3.50	3.50	3.50

7. Advances to suppliers of raw materials & stores/spare	--	--	--	--	--	--

8. Other current assets including cash & Bank balances and deferred receivables due with in one year (specify major items)	177.800	244.100	272.000	317.700	433.700	387.800

9. TOTAL CURRENT ASSETS	1578.000	1862.500	2083.300	2282.000	2588.600	2657.200

B. CURRENT LIABILITIES (Other than bank borrowings for working capital)

10. Creditors for purchase of raw materials, store & consumables	53.600	60.400	67.600	75.400	83.800	88.000
Months purchase	0.49	0.49	0.49	0.49	0.49	0.49

11. Creditors as Acceptance	120.000	120.000	120.000	120.000	120.000	120.000

11. Other liabilities	14.500	18.700	21.300	23.800	26.300	27.600

12. Term Loan payable	144.200	152.000	154.800	161.600	62.000	11.000

Provision for taxation	83.100	129.700	160.600	187.900	217.500	232.800

13. TOTAL	415.400	480.800	524.300	568.700	509.500	479.400

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(Rs. in millions)

Particulars
Estimates for the year ended/ending	2012	2013	2014	2015	2016	2017
	Estimated	Projected	Projected	Projected	Projected	Projected
1. Total Current Assets	1578.000	1862.500	2083.300	2282.000	2588.600	2657.200

2. Other Current liabilities (other than Bank borrowing)	415.400	480.800	524.300	568.700	509.500	479.400

3. Working Capital Gap (WCG) (1-2)	384.500	456.900	512.100	561.700	638.400	655.500

4 Minimum Stipulated net Working Capital i.e. 25% of WCG/25% of total current assets as the case may be depending upon the method of lending being applied. (Export receivables to be excluded under both the methods)	384.500	456.900	512.100	561.700	638.400	655.500

5. Actual/projected net Working Capital	412.500	481.700	659.000	713.300	1079.100	1177.700

6. Item 3 minus item 4	778.000	924.800	1046.900	1151.500	1440.600	1522.200

7. Item 3 minus item 5	750.000	900.000	900.000	1000.000	1000.000	1000.000

8. Maximum permissible bank finance (Item 6 or 7 whichever is lower)	750.000	900.000	900.000	1000.000	1000.000	1000.000

9. Excess borrowings representing shortfall in NWC (Item 4-5)	(28.000)	(24.800)	(146.900)	(151.600)	(440.700)	(522.200)

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CALCULATION OF DSCR

(Rs. in millions)

Particulars
	2012	2013	2014	2015	2016	2017
	Estimated	Projected	Projected	Projected	Projected	Projected
Net Profit	172.900	269.900	334.300	391.100	452.700	484.500

Bank Interest on Term Loan	94.100	85.400	64.800	44.100	25.400	5.700

Depreciation	119.400	126.100	126.600	127.000	127.400	127.900

Total Cash Accruals (A)	386.400	481.400	525.700	562.200	605.500	618.000

Term Obligation
Interest on TL	94.100	85.400	64.800	44.100	25.400	5.700
TL Installment	75.400	144.200	152.000	154.800	161.600	62.000

Total (B)	169.500	229.700	216.800	199.000	187.000	67.600

DSCR (A)/(B)	2.28	2.10	2.42	2.83	3.24	9.14

Average DSCR			3.37

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FUND FLOW STATEMENT

(Rs. in millions)

Particulars
Estimates for the year ended/ending	2012	2013	2014	2015	2016	2017
	Estimated	Projected	Projected	Projected	Projected	Projected
1. SOURCES

a) Net profit (after tax)	172.900	269.900	334.300	391.100	452.700	484.500

b) Depreciation	119.400	126.100	126.600	127.000	127.400	127.900

c) Increase in capital	--	--	--	--	--	--
Capital Subsidy	--	--	--	--	--	--

d) Increase in Term Liabilities (including public deposits)	181.500	--	--	--	--	--

e) Decrease in
i) Fixed Assets	--	--	--	--	--	--
ii) Other non-current assets	--	--	--	--	--	--

f) Others	--	--	--	--	--	--

g) TOTAL (A)	473.800	396.000	460.900	518.100	580.100	612.300

2. USES

a) Net loss	--	--	--	--	--	--

b) Decrease in Term Liabilities (including public deposits)	--	327.200	279.800	461.600	212.000	11.000

c) Increase in
i) Fixed Assets	270.000	--	4.200	2.500	2.800	2.800
ii) Other Non Current Assets	(0.400)	(0.400)	(0.400)	(0.400)	(0.400)	499.900

d) Dividend payments	--	--	--	--	--	--

e) Others	--	--	--	--	--	--

f) TOTAL (B)	269.600	326.800	283.600	463.700	214.400	513.700

3. LONG TERM SURPLUS (+) DEFICIT (-) (A-B)	204.200	69.200	177.300	54.400	365.800	98.700

4. Increase/ decrease in current assets	928.200	284.500	220.800	198.700	306.600	68.600

5. Increase/decrease in current liabilities other than bank borrowings	199.000	65.300	43.500	44.400	(59.100)	(30.200)

6. Increase /decrease in working capital gap	729.200	219.200	177.300	154.300	365.700	98.700

7. Net surplus(+)/ deficit (-) Difference of (3 & 6)	(525.000)	(150.000)	0.000	(99.900)	0.000	(0.100)

8. Increase/ decrease in Bank borrowings	525.000	150.000	--	100.000	--	--

------------------------------------------------------------------------------------------------------------------------------

(Rs. in millions)

Particulars		2012	2013	2014	2015	2016	2017
	%	QTY in MTns	QTY in MTns	QTY in MTns	QTY in MTns	QTY in MTns	QTY in MTns
Installed Capacity
Disa High Pressure Vertical Moulding Line		7200	7200	7200	7200	7200	7200
Koyo High Pressure Vertical Moulding Line		16800	16800	16800	16800	16800	16800
Disa High Pressure Horizontal Moulding Line	New	24000	24000	24000	24000	24000	24000

Total Capacity per annum		48000	48000	48000	48000	48000	48000

Capacity utilisation
Disa High Pressure Vertical Moulding Line		75%	80%	80%	85%	90%	90%
Koyo High Pressure Vertical Moulding Line		75%	80%	80%	85%	90%	90%
Disa High Pressure Horizontal Moulding Line	New	65%	70%	80%	85%	90%	90%

Production
Disa High Pressure Vertical Moulding Line		5400	5775	5760	6120	6480	6480
Koyo High Pressure Vertical Moulding Line		12600	13440	13440	14280	15120	15120
Disa High Pressure Horizontal Moulding Line	New	15600	16800	19200	20400	21600	21600

Total Production p.a.		33600	36015	38400	40800	43200	43200

Raw Materials (considered production loss)	%
CRCA Scrap (considering 5% weight loss)	98.40	33062	35439	37786	40147	42509	42509
Fe Si	0.60	202	216	230	245	259	259
Fe Mn	0.60	202	216	230	245	259	259
Graphite	2.75	924	990	1056	1122	1188	1188
Fr Si Mn	1.25	420	450	480	510	540	540
Copper	0.55	185	198	211	224	238	238
lnnoculant	0.35	118	126	134	143	151	151
Feern Moly	0.25	84	90	96	102	108	108
Tin	0.25	84	90	96	102	108	108
		35280	37815	40320	42840	45360	45360

Stock of Finished Goods
Opening Stock		1208	4555	5954	5646	5077	5277
Add: Productions		33600	36015	38400	40800	43200	43200
		34808	40569	44354	46446	48277	48477
Closing stock		4555	5954	5646	5077	5277	5298
Sales of goods		30254	34615	38708	41369	43000	43178

Stock of Raw Materials
Opening stock of RM - CRCA Scrap		1668	11021	11813	12595	13382	14170
Add: Purchases of - CRCA Scrap		42416	36231	38568	40934	43296	42509
Less: Consumed - CRCA Scrap		33062	35439	37786	40147	42509	42509
Closing stock of RM - CRCA Scrap		11021	11813	12595	13382	14170	14170
		0.00	0.00	0.00	0.00	0.00	0.00

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PERFORMANCE AND FINANCIAL INDICATORS

(Rs. in millions)

Particulars	2012	2013	2014	2015	2016	2017
	Estimated	Projected	Projected	Projected	Projected	Projected
Net Sales	2111.400	2604.100	3050.200	3421.900	3738.100	3940.400
EBITDA	544.400	701.100	776.300	850.100	923.000	950.800
PBT	256.000	399.600	495.000	579.000	670.200	717.200
PBT/Net Sales (%)	12.12	15.34	16.23	16.92	17.93	18.20
PAT	172.900	269.900	334.300	391.100	452.700	484.500
Cash Accruals	292.300	396.000	460.900	518.100	580.100	612.300
PUC	169.200	169.200	169.200	169.200	169.200	169.200
TNW	828.900	1099.200	1434.000	1825.500	2278.600	2763.100
Adjusted TNW	822.200	1092.500	1427.200	1818.800	2271.800	2756.400
TOL/TNW	2.97	2.14	1.47	0.98	0.67	0.54
TOL/Adjusted TNW	2.99	2.15	1.48	0.99	0.67	0.54
Current Ratio	1.35	1.35	1.46	1.45	1.71	1.80

------------------------------------------------------------------------------------------------------------------------------

SUMMARY OF WORKING CAPITAL REQUIREMENTS

(Rs. in millions)

Particulars	2012	2013	2014	2015	2016	2017
	Estimated	Projected	Projected	Projected	Projected	Projected
Net Sales	2111.400	2604.100	3050.200	3421.900	3738.100	3940.400
Total Current Assets --TCA	1578.000	1862.500	2083.300	2282.000	2588.600	2657.200
Other Current Liabilities -- OCL	415.400	480.800	524.300	568.700	509.500	479.400
Working Capital Gap	1162.500	1381.700	1559.000	1713.300	2079.000	2177.800
Net Working Capital	412.500	481.700	659.000	713.300	1079.100	1177.700
Assessed Bank Finance	750.000	900.000	900.000	1000.000	1000.000	1000.000
NWC TO TCA (%)	26.14	25.86	31.63	31.26	41.69	44.32
ABF/TCA (%)	47.53	48.32	43.20	43.82	38.63	37.64
OCL/TCA (%)	26.33	25.81	25.17	24.92	19.68	18.04
Inventory to Net Sales (days)	113	113	103	96	97	97
Receivables to Gross Sales Days	117	99	99	99	99	99
Sundry Creditors to Purchases (Days)	48	45	41	39	36	35

------------------------------------------------------------------------------------------------------------------------------

EFFICIENCY RATIO

(Rs. in millions)

Particulars	2012	2013	2014	2015	2016	2017
	Estimated	Projected	Projected	Projected	Projected	Projected
Net Sales to Total Tangible Assets (Times)	0.64	0.76	0.86	0.95	0.98	0.93
PBT to Total Tangible Asset	0.08	0.12	0.14	0.16	0.18	0.17
Operating Profit to Sales	20.06	22.01	21.23	21.06	21.21	20.81
Bank Finance to Current Asset	47.53	48.32	43.20	43.82	38.63	37.64
Inventory + Receivables to Net Sales (Days)	236	218	208	201	202	202
PBT/Net Sales (%)	12.12	15.34	16.23	16.92	17.93	18.20
PBDIT	54.44	70.11	77.63	85.01	92.30	95.08

------------------------------------------------------------------------------------------------------------------------------

CRA RATIOS

(Rs. in millions)

Particulars	2012	2013	2014	2015	2016	2017
	Estimated	Projected	Projected	Projected	Projected	Projected
Current Ratio	1.35	1.35	1.46	1.45	1.71	1.80
TOL/Adjusted TNW	2.99	2.15	1.48	0.99	0.67	0.54
PAT/Net Sales (%)	8.19	10.36	10.96	11.43	12.11	12.29
PDBIT/Interest (%)	3.22	4.00	5.01	5.90	7.36	9.00
ROCE (PBDIT/T.assets) (%)	16.56	20.34	21.90	23.49	24.28	22.40
Inv/NS + Rec/GS (days)	230	213	202	195	196	196

------------------------------------------------------------------------------------------------------------------------------

SECURITY COVERAGE

(Rs. in millions)

Particulars	2012	2013	2014	2015	2016	2017
	Estimated	Projected	Projected	Projected	Projected	Projected
Net Fixed Assets	1691.500	1565.400	1443.100	1318.600	1194.000	1068.900
Term Loan Outstanding	543.900	391.900	237.000	75.400	13.400	2.400
Security Margin	1147.600	1173.600	1206.000	1243.200	1180.500	1066.400
Security Margin (%)	67.85	74.97	83.58	94.28	98.88	99.77
Security Cover	31.100	39.900	60.900	174.900	889.300	4381.800

------------------------------------------------------------------------------------------------------------------------------

CALCULATION OF D/P WITH BANKS

(Rs. in millions)

Particulars
Estimates for the year ended/ending	2012	2013	2014	2015	2016	2017
	Estimated	Projected	Projected	Projected	Projected	Projected
Closing Stock of Raw Materials	382.300	430.200	481.700	537.400	597.400	627.300
Closing Stock of Work-in-Process	21.800	24.500	27.500	30.600	34.100	35.800
Closing Stock of Finished Goods	258.400	365.800	365.500	345.200	376.200	396.800
	662.500	820.600	874.600	913.200	1007.700	1059.900
Less: L/C Accepted & Trade Creditors	173.600	180.400	187.600	195.400	203.800	208.000
	488.900	640.300	687.100	717.800	803.900	851.900
Less: Margin @ 25%	122.200	160.100	171.800	179.500	201.000	213.000

D/P against Stock (A)	366.700	480.200	515.300	538.400	602.900	638.900

Sundry Debtors for Domestic sale	722.900	757.800	889.800	998.500	1089.800	1149.000
Sundry Debtors for Export Sales	14.800	39.900	46.800	52.600	57.400	60.500
	737.700	797.700	936.600	1051.100	1147.100	1209.500
Less: Margin @ 40%	295.100	319.100	374.700	420.400	458.900	483.800

D/P against Book Debts (B)	442.600	478.600	562.000	630.700	688.300	725.700

Drawing Power against Stock & Book Debts (A+B)	809.300	958.800	1077.300	1169.000	1291.200	1364.600

------------------------------------------------------------------------------------------------------------------------------

NET WORTH STATEMENT AS AT 31.03.2010

MR. BHAVARLAL MANGILAL JAIN

Particulars	Value as per Balance sheet	Net Worth as per Market Value
Particulars	(Rs. in millions)	(Rs. in millions)
Flat at CP Tank	0.328	5.000
Flat at Daman	0.265	0.550
Flat at Naigaon	0.484	3.000
Flat at Royal Palm	0.992	4.000
Flat (SSP)	11.626	60.000
Godown	0.641	4.000
Land at Namana	0.020	5.000
Flat at Sangli	0.550	0.550
MLAL Office Premises	2.500	32.500
Shop at Bhadran House	0.451	6.000
Shop at Uran	0.109	4.000
Land at Sangli	1.692	25.000

Gold Ornaments	0.100	0.100
Loans and Advances	55.665	55.665
Investment in Shares	17.883	17.883
Current Assets	2.331	2.331
Liquid Investments	1.284	1.284
Fixed Deposits	1.943	1.943
Cash and Bank Balance	0.397	0.397

	99.261	229.203
Less: Loans	91.445	91.445

NET WORTH	7.816	137.758

------------------------------------------------------------------------------------------------------------------------------

MR. BHAVARLAL MANGILAL JAIN

ABRIDGED BALANCE SHEET

(Rs. in millions)

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.816
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		7.816
LOAN FUNDS
1] Secured Loans		19.363
2] Unsecured Loans		72.082
TOTAL BORROWING		91.445
DEFERRED TAX LIABILITIES		0.000

TOTAL		99.261

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		19.758
Capital work-in-progress		0.000

INVESTMENT		17.884
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.397
	Other Current Assets	5.557
	Loans & Advances	55.665
Total Current Assets		61.619
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		61.619

MISCELLANEOUS EXPENSES		0.000

TOTAL		99.261

KEY RATIOS

PARTICULARS				31.03.2010
Debt Equity Ratio (Total Liability/Networth)				11.70

Current Ratio (Current Asset/Current Liability)				0.00

------------------------------------------------------------------------------------------------------------------------------

NET WORTH STATEMENT AS AT 31.03.2010

MR. RAJMAL MANGILAL JAIN

Particulars	Value as per Balance sheet	Net Worth as per Market Value
Particulars	(Rs. in millions)	(Rs. in millions)
Flat	0.454	3.000
Flat at Sriram Apartments	0.845	25.000
Flat at Naigaon	0.100	1.500
Flat at Nathdwara	0.020	5.000
Land at Namana	12.962	37.500
Land at Nashik	0.185	2.000
Plot of Land	0.019	15.000
Godown	1.072	4.200
Scooter	0.026	0.026

Loans and Advances	17.448	17.448
Investment in Shares	21.466	21.466
Liquid Investments	0.936	0.936
Fixed Deposits	0.338	0.339
Cash and Bank Balance	1.642	1.642

	57.513	135.057

Less: Loans	42.900	42.900

NET WORTH	14.613	92.157

------------------------------------------------------------------------------------------------------------------------------

MR. RAJMAL MANGILAL JAIN

ABRIDGED BALANCE SHEET

(Rs. in millions)

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.613
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		14.613
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		42.900
TOTAL BORROWING		42.900
DEFERRED TAX LIABILITIES		0.000

TOTAL		57.513

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		15.682
Capital work-in-progress		0.000

INVESTMENT		23.740
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	1.642
	Other Current Assets	0.000
	Loans & Advances	16.449
Total Current Assets		18.091
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		18.091

MISCELLANEOUS EXPENSES		0.000

TOTAL		57.513

KEY RATIOS

PARTICULARS				31.03.2010
Debt Equity Ratio (Total Liability/Networth)				2.94

Current Ratio (Current Asset/Current Liability)				0.00

------------------------------------------------------------------------------------------------------------------------------

FORM 8:

Corporate identity number of the company	U27100MH2004PLC149952
Name of the company	TULSI CASTINGS AND MACHINING LIMITED
Address of the registered office or of the principal place of business in India of the company	58/1, Ganesh Krupa, Mughbat Lane, Thakurdwar Road, Mumbai – 400 004, Maharashtra, India E-Mail: tulasifoundaries@rediffmail.com
This form is for	Modification of charge
Charge identification number of the modified	80022669
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, The Arcade, 2^nd Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India E-Mail: g.kharte@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Deposit for creation of further charge for Term Loan/Overall limit where the initial charge is created by way of mortgage by deposit of Title Deeds dated 11.02.2011.
Date of instrument Creating the charge	11.02.2011
Amount secured by the charge	Rs.986.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per sanctioned terms and conditions Terms of Repayment: As per sanctioned terms and conditions Margin: As per sanctioned terms and conditions Extent and Operation of the charge: As per sanctioned terms and conditions Others: As per sanctioned terms and conditions
Short particulars of the property charged	All that piece and parcel of factory land and building on plot bearing number E-2 in the Sangli-Miraj Industrial Area of MIDC within the village limits of Kupwad, Taluka Miraj in Sangli District adms. 39200 sq. mtrs. or thereabout together with industrial shed adms. 3407 sq. mtrs. of thereabout.
Particulars of the present modification	Now by this modification, first exclusive charge basis over assets created out of fresh term loan of Rs.215.000 millions for the expansion program at E-2, MIDC Kupwad Block, Sangli and equitable mortgage further extended by first pari passu charge over property described in the second schedule of Memorandum of deposit for fresh financial assistance of Rs.215.000 millions granted to the Company.

------------------------------------------------------------------------------------------------------------------------------

FIXED ASSETS:

v Computer and Peripherals

v Factory Building

v Furniture and Fixture

v Land

v Live Stock

v R and D

v Office Building

v Office Equipment

v Pattern and Tooling

v Plant and Machinery Horizontal Line

v Plant and Machinery Machine Shop

v Plant and Machinery Vertical Line

v Vehicles

------------------------------------------------------------------------------------------------------------------------------

WEBSITE DETAILS:

PROFILE:

Subject is one of the manufacturer and exporter of cast and machined Ductile Iron (S.G. Iron) and Grey Iron components viz. Brake Carrier, Brake Caliper, Housing, Heavy vehicle brake parts, Companion Flange, End Yokes, Flange Yokes, Crank Shafts, Hub Ring, Engine mounting brackets, Slack Adjuster, Planatery Carriers, Railway Parts, Oil field pipe joints, Farm Implement parts, Construction Equipment Components etc. with an annual capacity of 30,000 MT. With the specialization in Automotive Components, the company is also catering to various other industries like Refrigeration, Air Conditioning, Earth Moving, Electrical etc.

The promoters of the company have a vast experience of 43 years in Ferrous and Non- Ferrous industry. The efficient and experienced technical team of the company is dedicated to meet the international quality standards and the stringent customer requirements with an optimum production lead time. The company has proven its efficiency by submitting the sample castings in a record time of 30 days.

The strength of subject lies in

Quality Management System ISO 9001:2008 and ISO/TS 16949:2009

Environment Management System ISO 14001:2004

An excellent knowledge base team in Metallurgy and machining of ductile iron castings.

A strong quality management system conforming to TS16949 and ISO 9001: 2000.

Committed to a lean management and TPS culture.

Ability to motivate and harness the capabilities of its human resources.

Develop and nurture a strong vendor base and its commitment to quality, cost, delivery, safety and customer satisfaction.

Speedy and first time right development of castings. Average lead time for new product development is 4 weeks.

Equipped with all the modern manufacturing and quality control facilities.

The plant is located very near to the sea port and financial capital Mumbai. The team at TFL comprises of well experienced metallurgists and engineers to understand and cater to customer requirements. The company is committed to its mission of being a reliable, quality conscious and price friendly player in the industry.

They cater to the following industries

Automotive

Off Highway Vehicles

Agriculture

Textile

Compressors for refrigeration

Marine

Chemical Industries

Earth Moving Equipments

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CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.94
UK Pound	1	Rs.71.89
Euro	1	Rs.64.09

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.

MIRA INFORM REPORT

255.208

289.809

10.471

89.950

16.563

662.001

5.740

209.904

215.644

446.357

10.75

15.10

8.96

0.34

2.64

3.07

Unit