MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	MAHINDRA HINODAY INDUSTRIES LIMITED (w.e.f. 18.11.2010)
Formerly Known As :	MAHINDRA CASTINGS LIMITED MAHINDRA CASTINGS PRIVATE LIMITED
Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai- 400 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.08.2007
Com. Reg. No.:	11-173636
Capital Investment / Paid-up Capital :	Rs. 330.167 Millions
CIN No.: [Company Identification No.]	U27100MH2007PLC173636
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Magnets, Serrites and Foundries.

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 4700000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of Mahindra and Mahindra Group, India. It is a well established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of strong holding, 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Ibrahim
Designation :	Finance Executive
Date :	10.11.2011

LOCATIONS

Registered Office/ Factory :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai- 400 018, Maharashtra, India
Tel. No.:	91-20-27120811/27128592
Fax No.:	91-2027128592
E-Mail :	chinchore@anish@hinoday.com
Website :	http://www.hinoday.com
Area :	8 acres
Location :	Leased
Factory:	Gat no. 318, Gaon Urse, Taluka Maval, Pune, Maharashtra, India
Correspondence Address:	Bhosari Industrial Estate, Pune-411026, Maharashtra, India

DIRECTORS

AS ON 28.07.2011

Name :

Mr. Hemant Hans Raj Luthra

Designation :

Chairman

Address :

Breach Candy Garden, Flat No.6, 2^nd Floor, 68 Bhulabhai Desai Road, Opposite Amarsons, Mumbai – 400026, India

Date of Birth/Age :

18.04.1949

Date of Appointment :

30.08.2007

Din No.:

00231420

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	27-03-02	27-03-02	16-06-08	Active	NO
2	L45200MH1999PLC118949	MAHINDRA LIFESPACE DEVELOPERS LIMITED	Director	06-05-02	06-05-02	30-01-09	Active	NO
3	U74999MH1995PLC093447	TECPRO ASHTECH LIMITED	Director	07-05-02	07-05-02	17-01-07	Amalgamated	NO
4	L24117PN1982PLC028040	MAHINDRA COMPOSITES LIMITED	Director	03-06-02	03-06-02	-	Active	NO
5	U31200MH1954PLC019908	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED	Director	10-06-02	10-06-02	17-01-07	Active	NO
6	U30007MH1994PLC081637	MAHINDRA SONA LIMITED	Director	18-06-02	18-06-02	-	Active	NO
7	L99999MH1962PLC012542	MAHINDRA UGINE STEEL COMPANY LIMITED	Director	30-07-02	30-07-02	-	Active	NO
8	U72400MH1995PLC091404	MAHINDRA ENGINEERING SERVICES LIMITED	Director	10-08-04	10-08-04	-	Active	NO
9	L27100MH1999PLC121285	MAHINDRA FORGINGS LIMITED	Director	24-03-05	24-03-05	-	Active	NO
10	U63040MH1994PLC079098	MAHINDRA NAVISTAR AUTOMOTIVES LIMITED	Director	14-07-06	11-01-06	-	Active	NO
11	U72200MH2000PTC173332	PLEXION TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	16-02-06	16-02-06	-	Amalgamated	NO
12	U29299MH1963PLC019745	MAHINDRA HINODAY INDUSTRIES LIMITED	Nominee director	06-01-07	06-01-07	-	Amalgamated	NO
13	U29130MH2004PTC168150	MAHINDRA GEARS AND TRANSMISSIONS PRIVATE LIMITED	Director	16-07-07	18-01-07	-	Active	NO
14	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25-07-08	30-08-07	-	Active	NO
15	U35914MH2007PTC169753	MAHINDRA NAVISTAR ENGINES PRIVATE LIMITED	Director	31-07-08	04-02-08	-	Active	NO
16	U63033MH2008PTC179520	MAHINDRA AEROSPACE PRIVATE LIMITED	Director	26-09-08	28-02-08	-	Active	NO
17	U35122MH2011PTC212744	MAHINDRA AEROSTRUCTURES PRIVATE LIMITED	Director	11-08-11	10-05-11	-	Active	NO

Name :

Mr. Rajan Somnath Wadhera

Designation :

Director

Address :

1203, Oberai Gardens, ‘C’ Wing, Thakur Village, Kandivali (East), Mumbai-400 101, Maharashtra, India

Date of Birth/Age :

10.07.1956

Date of Appointment :

30.08.2007

Din No.:

00416429

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U34100MH2005PTC153702	MAHINDRA AUTOMOBILE DISTRIBUTOR PRIVATE LIMITED	Nominee director	30-09-05	30-09-05	22-07-08	Active	NO
2	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25-07-08	30-08-07	-	Active	NO
3	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	22-07-10	28-04-10	-	Active	NO
4	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	17-09-10	26-05-10	-	Active	NO
5	U45400DL2011PTC222351	R V TOWERS PRIVATE LIMITED	Additional director	27-10-11	27-10-11	-	Active	NO

Name :

Mr. Zhooben Dossabhoy Bhiwandiwala

Designation :

Director

Address :

S-13, Cusrow Baug, Shahid Bhagat Singh Road, Colaba, Mumbai – 400039, Maharashtra, India

Date of Birth/Age :

09.12.1959

Date of Appointment :

22.01.2008

Din No.:

00110373

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1988PTC046152	ALBERTVILLE EXPORTS PRIVATE LIMITED	Director	08-02-88	08-02-88	-	Dormant	NO
2	U22120MH1948PTC009314	THE INDIAN AND EASTERN ENGINEER COMPANY PRIVATE LIMITED	Additional director	10-08-09	20-01-92	-	Active	NO
3	U74140MH1992PLC066606	MAHINDRA AND MAHINDRA CONTECH LIMITED	Director	22-02-93	22-02-93	27-05-08	Active	NO
4	U74140MH1982PTC026770	PRUDENTIAL MANAGEMENT AND SERVICES PRIVATE LIMITED	Director	12-01-98	12-01-98	05-05-10	Active	NO
5	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	17-02-00	17-02-00	-	Active	NO
6	U74999MH1999PTC121254	MW COM (INDIA)PRIVATE LIMITED	Director	06-10-03	06-10-03	29-03-10	Active	NO
7	U30007MH1991PLC064368	BRISTLECONE INDIA LIMITED	Director	05-08-04	05-08-04	05-06-08	Active	NO
8	L27100MH1999PLC121285	MAHINDRA FORGINGS LIMITED	Director	19-05-06	28-04-06	-	Active	NO
9	U18101MH1995PLC095482	NBS INTERNATIONAL LIMITED	Director	28-09-07	15-11-06	29-10-08	Active	NO
10	U67120MH2007PLC168985	MAHINDRA STOKES HOLDING COMPANY LIMITED	Director	24-09-07	21-03-07	-	Amalgamated	NO
11	U31200MH1954PLC019908	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED	Director	25-09-08	27-08-07	-	Active	NO
12	U52190MH2007PTC173762	MAHINDRA RETAIL PRIVATE LIMITED	Director	20-08-08	03-09-07	-	Active	NO
13	U74999MH1995PLC093447	TECPRO ASHTECH LIMITED	Additional director	05-11-07	05-11-07	05-01-08	Amalgamated	NO
14	U29130MH2004PTC168150	MAHINDRA GEARS AND TRANSMISSIONS PRIVATE LIMITED	Director	22-07-08	24-12-07	-	Active	NO
15	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25-07-08	22-01-08	-	Active	NO
16	U29299MH1963PLC019745	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	06-05-08	22-01-08	-	Amalgamated	NO
17	U63032MH2008PTC186581	MAHINDRA OCEAN BLUE MARINE PRIVATE LIMITED	Director	25-09-09	09-09-08	-	Active	NO
18	U67110MH2008PLC188837	RETAIL INITIATIVE HOLDINGS LIMITED	Director	11-12-09	11-12-08	16-08-11	Active	NO
19	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	12-08-09	12-12-08	-	Active	NO
20	U73100MH1995PTC124707	OWENS-CORNING (INDIA) PRIVATE LIMITED	Director	26-09-09	01-04-09	24-11-10	Active	NO
21	U63000MH2007PLC173466	MAHINDRA LOGISTICS LIMITED	Director	11-08-09	28-04-09	-	Active	NO
22	U29268MH2009PTC190702	DEFENCE LAND SYSTEMS INDIA PRIVATE LIMITED	Director	26-04-10	29-04-09	27-04-10	Active	NO
23	U27100MH2009PLC193205	MAHINDRA ELECTRICAL STEEL LIMITED	Director	29-09-10	10-06-09	-	Active	NO
24	U92190MH2008PLC178894	MUMBAI MANTRA MEDIA LIMITED	Director	30-09-10	29-03-10	-	Active	NO
25	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Director	22-07-10	29-04-10	-	Active	NO
26	U65993MH2007PLC175649	MAHINDRA HOLDINGS LIMITED	Director	29-08-11	18-07-11	-	Active	NO
27	U55100DL2011PTC222498	EKATRA HOSPITALITY VENTURES PRIVATE LIMITED	Director	18-07-11	18-07-11	-	Active	NO

Name :

Mr. Sanjay Narendrakumar Arte

Designation :

Director

Address :

501, Ashoka-1, 15^th road, Khar (West), Mumbai-400 052, Maharashtra, India

Date of Birth/Age :

05.12.1958

Date of Appointment :

22.01.2008

Din No.:

01000716

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U99999MH1989PTC052116	GALA PRECISION TECHNOLOGY PRIVATE LIMITED	Director	15-07-05	15-07-05	01-06-09	Active	NO
2	U74999MH1993PTC172842	RDC CONCRETE (INDIA) PRIVATE LIMITED	Director	29-09-05	29-09-05	28-05-10	Active	NO
3	U92120MH2005PTC156817	CITY SOUND AND MUSIC PRIVATE LIMITED	Director	19-10-05	19-10-05	-	Active	YES
4	U26921KL2002PTC015427	NEPTUNE READYMIX CONCRETE PRIVATE LIMITED	Director	27-07-06	27-07-06	26-05-10	Active	NO
5	L85110KA1984PLC006116	DISA INDIA LIMITED	Director	02-11-06	02-11-06	-	Active	NO
6	U74140MH2006PTC164125	IVF ADVISORS PRIVATE LIMITED	Director	19-06-07	19-06-07	-	Active	NO
7	U28993AP1999PTC033188	ROBO SILICON PRIVATE LIMITED	Director	26-12-07	26-12-07	-	Active	NO
8	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25-07-08	22-01-08	-	Active	NO
9	U85110PN1996PLC104292	PRERANA HOSPITAL LIMITED	Director	29-09-09	08-11-08	-	Active	NO
10	U85110KL2008PTC021703	DM HEALTHCARE PRIVATE LIMITED	Director	14-12-08	14-12-08	-	Active	NO
11	U51909DL1984PTC017765	UEM INDIA PRIVATE LIMITED	Additional director	15-06-11	15-06-11	-	Active	NO

Name :

Mr. Vikram Nirula

Designation :

Director

Address :

704, Gypsy Rose, Shastri Nagar, Ajmera Complex, Andheri (West), Mumbai-400 053, Maharashtra, India

Date of Birth/Age :

28.08.1972

Date of Appointment :

22.01.2008

Din No.:

01655115

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U64200MH1999PTC137729	MUSIC BROADCAST PRIVATE LIMITED	Director	30-09-05	02-03-05	-	Active	NO
2	U63040MH2006PTC165956	V-LINK TRAVEL SOLUTIONS PRIVATE LIMITED	Director	30-09-08	29-11-07	-	Active	NO
3	U63040MH2006PTC165959	MERU CAB COMPANY PRIVATE LIMITED.	Director	30-09-08	29-11-07	-	Active	NO
4	U63040MH2006PTC165955	V-LINK FLEET SOLUTIONS PRIVATE LIMITED	Director	30-09-08	29-11-07	-	Active	NO
5	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25-07-08	22-01-08	-	Active	NO
6	U72900KA2000PTC027290	ATRIA CONVERGENCE TECHNOLOGIES PRIVATE LIMITED	Director	21-06-08	21-06-08	-	Active	NO
7	U29268MH2009PTC190522	GALA PRECISION ENGINEERING PRIVATE LIMITED	Director	23-02-09	23-02-09	16-09-09	Active	NO
8	U51909DL1984PTC017765	UEM INDIA Private Limited	Director	30-09-10	30-07-10	-	Active	NO

Name :

Mr. Ajit Prabhakar Lele

Designation :

Managing Director

Address :

Building ‘L, ‘ Flat No. 11, Suyog Nagar, Co-Operative, Behind Shivaji Housing Society, Pune-411016, Maharashtra, India

Date of Birth/Age :

04.09.1950

Date of Appointment :

29.01.2009

Din No.:

00194831

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29299MH1963PLC019745	MAHINDRA HINODAY INDUSTRIES LIMITED	Managing director	01-01-09	01-01-09	Amalgamated	NO
2	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	29-09-09	29-01-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Ibrahim
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.07.2011

Names of Shareholders	No. of Shares
Mahindra and Mahindra Limited, India	27940052
IVF Trustee Company Private Limited, India	15044640
Gurjar Ravindra Gangadhar	2250
Tilloo Sudheer Bhaskar	15000
Kulkarni Shrikant Keshav	300
Saraf Arvind Madhukar	2250
Kulkarni Dattatraya Dinkar	300
Phatak Vishnu Mahadeo	300
Gandhi Kanhailalal Dwarkads	300
Lele Ajit Prabhakar	2250
Kulkarni Dileep Pandurang	300
V. Ranganathan	300
Nene Arvind Bhalchandra	300
Sulakhe Ashok Vishwanath	300
Rahane Naresh Vasant	300
K. Gangadharan	2250
Khekale Sharad Raojipant	300
Das Parimal Nibarancha	300

AS ON 21.09.2011

Names of Allottees	No. of Shares
Mahindra and Mahindra Limited, India	2314000
IVF Trustee Company Private Limited, India	1246000
Total	3560000

AS ON 28.07.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.90
Directors or relatives of directors	0.01
Other top fifty shareholders	0.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Magnets, Serrites and Foundries.

Products :

Product Description	Item Code
Ceramic Magnets and Ferrite Cores	850500
Calcined Ferrite Powder with Blinders	382300
Ductile (SG) Iron Automotive Casting	732500

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Magnetic Product Division	(Per Annum)	10000 Tons	5400 Tons	4462
Foundry Division	(Per Annum)	57600 Tons	40000 Tons	--

GENERAL INFORMATION

Bankers :

• Bank of Baroda, Corporate Banking Branch, Mantri Court, Pune-411001, Maharashtra, India
• IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India
• Saraswat Co-Operative Bank Limited, C/2, Kohinoor Estate Housing Society, Plot No.12, Mula Road, Sangamwadi, Pune-411003, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loan from Banks
Long Term (Repayable within one year Rs 130.000 millions Previous Year Rs 168.750 millions)	418.301	524.551
Short Term	70.000	0.000
Working Capital Borrowings
From Banks
Rupee Loan	92.329	379.169
Foreign Currency Loans	80.569	54.611
Total	661.199	958.331
Unsecured Loan
SICOM sales tax deferral under package scheme of incentives 1993	202.140	205.425
Form Banks
Rupees loans short term	150.000	68.166
Foreign currency loans buyers credit	11.494	0.000
Inter corporate deposits	100.000	190.000
Total	463.634	463.591

Banking Relations :	--
Auditors :
Name :	B K Khare and Company Chartered Accountant
Address :	706/708, Sahrda Chambers, New Marine Lines, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-22000607/ 7318/ 6360/ 66315835/ 36
Fax No.:	91-22-22003476
E-Mail :	info@bkkhareco.com
Holding Company:	Mahindra and Mahindra Limited (L65990MH1945PLC004558)
Fellow Subsidiaries	Mahindra SAR Transmission Private Limited Mahindra Ugine Steel Company Limited Tech Mahindra Limited Mahindra Vehicle Manufacturing Limited Mahindra Engineering Services Limited Bristlecone Limited Mahindra Logistics Limited (w.e.f. 12th December, 2007) Mahindra Forgings Limited (w.e.f. 27th December, 2007) Mahindra First Choice Wheels Limited Earlier known as Automartindia Limited) Mahindra Navistar Engines Private Limited (formerly known as MIM Engines (India) Private Limited) (w.e.f. 31st January, 2008) Mahindra Navistar Auto Limited

CAPITAL STRUCTURE

AFTER 28.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
57000000	Equity Shares	Rs.10/- each	Rs. 570.000 Millions
15,000,000	8% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 150.000 Millions
	Total		Rs. 720.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46576717	Equity Shares	Rs.10/- each	Rs. 465.767 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
57000000	Equity Shares	Rs.10/- each	Rs. 570.000 Millions
15,000,000	8% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 150.000 Millions
	Total		Rs. 720.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43016717	Equity Shares	Rs.10/- each	Rs. 430.167 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
57000000	Equity Shares	Rs.10/- each	Rs. 570.000 Millions
15000000	8% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 150.000 Millions
	Total		Rs. 720.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33016717	Equity Shares	Rs.10/- each	Rs. 330.167 Millions

Notes:

(Out of the above 21,440,052 no. of shares are held by holding company -Mahindra and Mahindra Limited of the above 16,437,602 shares are allotted as fully paid up pursuant to a contract without payment being received in cash)

Due to the scheme of amalgamation between Mahindra Hinoday Industries Limited with Mahindra Castings Private Limited the company has bought back 60,100 shares of DGP Employees Welfare Trust after effective date but before the record date. Accordingly, the shares were cancelled with the related investment and effect to share premium account. Similarly, as per the scheme of amalgamation, the company issued fresh 32,025 shares of Rs.10 each at par in the ratio of 3:4 to ex or existing employees against 42,700 shares held by them in erstwhile MHIL Above shares are issued pursuant to the scheme of amalgamation without payment being received in cash.

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		330.167	254.683	253.655
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1340.954	1031.156	1428.110
4] (Accumulated Losses)		(495.101)	(416.731)	0.000
NETWORTH		1176.020	869.108	1681.765
LOAN FUNDS
1] Secured Loans		661.199	958.331	0.000
2] Unsecured Loans		463.634	463.591	0.000
TOTAL BORROWING		1124.833	1421.922	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2300.853	2291.030	1681.765
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1908.305	1976.513	0.000
Capital work-in-progress		38.668	54.293	17.062
INVESTMENT		40.025	0.025	1168.683
DEFERREX TAX ASSETS		135.226	120.790	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	353.506	337.572	0.000
	Sundry Debtors	445.331	344.897	0.000
	Cash & Bank Balances	12.718	13.986	411.265
	Other Current Assets	0.000	0.000	9.258
	Loans & Advances	187.370	219.977	92.744
Total Current Assets		998.925	916.432	513.267
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	424.274	305.577	11.744
	Other Current Liabilities	181.928	281.171	0.809
	Provisions	214.094	190.275	4.694
Total Current Liabilities		820.296	777.023	17.247
Net Current Assets		178.629	139.409	496.020
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2300.853	2291.030	1681.765

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2993.340	2633.318	19.924
		Other Income
		TOTAL (A)	2993.340	2633.318	19.924
Less	EXPENSES
		Consumption Material	1417.393	1643.267
		Manufacturing and Other Expenses	1390.036	1283.579
		Prior Period Adjustment	4.083	3.315
		TOTAL (B)	2811.512	2930.161	3.541
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		181.828	(296.843)	[Including Financial
					Expenses
Less	FINANCIAL EXPENSES (D)		133.639	219.566	And
					Depreciation ]
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.189	(516.409)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		140.995	131.613
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(92.806)	(648.022)	16.383
Less	TAX (H)		(14.436)	(219.443)	4.534
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(78.370)	(428.579)	11.849
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	NA
	BALANCE CARRIED TO THE B/S		(78.370)	(428.579)	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	559.814	638.178	NA
	IMPORTS
		Raw Materials	76.979	128.681	NA
		Stores & Spares	21.479	32.791	NA
		Capital Goods	34.805	4.771	NA
	TOTAL IMPORTS		133.263	166.243	NA
	Earnings / (Loss) Per Share (Rs.)		(2.37)	(1.68)	0.71

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(2.62)	(16.27)	59.47
Return on Total Assets (PBT/Total Assets}	(%)	(3.19)	(22.40)	3.19
Return on Investment (ROI) (PBT/Networth)		(0.07)	(0.75)	0.01
Debt Equity Ratio (Total Liability/Networth)		1.65	2.53	0.01
Current Ratio (Current Asset/Current Liability)		1.22	1.18	29.76

LOCAL AGENCY FURTHER INFORMATION

Performance Review:

During the year, two exceptional debits viz., the pre-operative expenses of the Blocks and Heads Foundry Project of Rs. 40.69 millions and future liability of the Employees' Early Separation Scheme launched during the year of Rs. 49.91 millions were taken to the Profit and Loss account. Before these two debits, both the divisions viz. Foundry Division (FD) and Magnetic Products Division (MPD) of the Company showed remarkable improvement and the Company recorded a marginal PBT of Rs.1.88 millions against a loss of Rs. 644.71 millions in the previous year. This was achieved as a result of various measures taken by the Company, namely:

• Development of more than 200 new casting parts in Foundry Division (FD) with existing and new customers.

• Development of new and innovative product lines in Magnetic Products Division (MPD) with potential to more than double the division sales and triple the EBIDTA over the next few years.

• Reduction in rejections from 11% to 6.5%.

• Organisational change in casting business to focus on business development and lean manufacturing.

Cash Control:

Focused actions on receivables, brought down the ratio in terms of 'number of days sales outstanding' in both the businesses by 28%. Likewise corrective actions on inventory led to no. of days holding coming down for Finished Goods by 50%, Work in Process by 33% and on Raw Materials by 17%. These improvements led to a positive Free Cash Flow for the year.

Blocks and Heads Foundry Project:

Significant new capacities have already come up in the Blocks and Heads space and no capacity constraint is seen in the near future. At the same time significant opportunities are available to grow in the existing SG Iron business. Therefore, this project was shelved and the 'Expenditure Pending Allocation – B and H Project' of Rs. 40.69 million was charged to the Profit and Loss Account for the year.

Market Scenario:

All major sectors, in which the Company is serving, have grown significantly in the year 2009-10 in India. It is expected that financial Year 2010-11 will continue to see good growth in India. However, the International market is still sluggish. Their actions on new products and new customers will ensure good utilization for both their plants.

Future plan of Action:

1. Fire audit and electrical safety audit

2. Target zero water discharge by preparing water tree diagram

3. Target zero powder spillage in powder shops

4. Tree plantation

5. Celebration of important EMS related days of the year to generate awareness and focus of efforts

Form 8

Corporate identity number of the company	U27100MH2007PLC173636
Name of the company	Mahindra Hinoday Industries Limited
Address of the registered office or of the principal place of business in India of the company	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai- 400 018, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Saraswat Co-Operative Bank Limited, C/2, Kohinoor Estate Housing Society, Plot No.12, Mula Road, Sangamwadi, Pune-411003, Maharashtra, India
Nature of instrument creating charge	Joint deed of mortgage dated 30^th April, 2011
Date of instrument Creating the charge	30.04.2011
Amount secured by the charge	Rs. 100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest PLR less3.00% p.a.-10.50%p.a. with monthly rests. Terms of repayment 60 months including moratorium period of 18 months from the first disbursement by 41 monthly installments of Rs. 2.380 millions each and last installment of Rs. 2.420 millions. Margin 20% Extent and operation of the charge 1st pari passu charge in joint favour of charge holders and each of them severally over the Immovable properties / assets situated at Bhosari Pune and village Urse, Taluka Maval District Pune and all fixed plant and machinery installed / to be installed thereon and related thereto both present and future (excluding the specific properties / assets exclusively mortgaged / charged to SBI)
Short particulars of the property charged (Including location of the property)	Immoveable property of the Company situated at MIDC Bhosari Pune and village Urse, Taluka Maval District Pune and more specifically stated in schedule II of the joint deed of mortgage dated 30/04/2011
Charge identification number of the charge to be modified	10279485
Particulars of the present modification	Execution of Joint Deed of Mortgage on 30th April, 2011 for creating 1st Pari Passu Mortgage Security over the properties / assets excluding exclusive charged of the company and described in the second schedule to the referred joint deed of mortgage.

This form is for	Creation of charge
Corporate identity number of the company	U27100MH2007PLC173636
Name of the company	Mahindra Hinoday Industries Limited
Address of the registered office or of the principal place of business in India of the company	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai- 400 018, Mahrashtra, India
Type of charge	Movable Property
Particular of charge holder	IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India
Email	r.krishnamani@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 28th September, 2010.
Date of instrument Creating the charge	28.09.2010
Amount secured by the charge	Rs.700.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BBR (Base rate) + 2% fully floating (Base rate as may be declared by the Bank) Terms of Repayment In 42 equal monthly installments Margin Margin - 23.35% Extent and Operation of the charge The charge operate as continuing security due repayment by the Company to IDBI Bank Limited of Interest, Further Interest, Liquidated dameges, repayment of Loans and all other monies payable in terms of Loan Agreement dated 28/09/2010 entered between IDBI Bank and the Company.
Short particulars of the property charged	Whole of the fixed assets both present and future except those specifically charged to SBI.

Fixed Assets:

• Land Leasehold
• Land Free Hold
• Building
• Plant and Machinery
• Electrical Equipment
• Furniture
• Office Equipment
• Computer
• Vehicles

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.49.78
UK Pound	1	Rs.80.10
Euro	1	Rs.68.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.