MIRA INFORM REPORT

Report Date :

22.11.2011

IDENTIFICATION DETAILS

Name :	INDIA PISTONS LIMITED
Registered Office :	Huzur Gardens, Sembiam, Chennai-600011, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.07.1949
Com. Reg. No.:	000951
Capital Investment / Paid-up Capital :	Rs.58.000 Millions
CIN No.: [Company Identification No.]	U35999TN1949PLC000951
TAN No.: [Tax Deduction & Collection Account No.]	CHEI00016C
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Manufacturer, Importers and Distributors of Dyes Stuff, Fine Chemicals and Pigments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 3303724
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

LOCATIONS

Registered Office/ Factory :	Huzur Gardens, Sembiam, Chennai-600011, Tamilnadu, India
Tel. No.:	91-44-26729200
Fax No.:	91-44-25375095/26721833
E-Mail :	mukund@indiapistons.com
Website :	www.indiapistons.com
Corporate Office :	24, College Road, Nugambakkam, Chennai - 600 006, Tamilnadu, India.
Factory 1 :	A -4, Industrial Estate, Maraimalai Nagar, Chennai – 603 209, Tamilnadu, India
Tel. No.:	91-44-26729264
Fax No.:	91-44-25375095
Factory 2 :	21/4, III cross, Sudhama Nagar, Bangalore – 560 027, Karnataka, India.
Tel. No.:	91-80-2221717
E-Mail :	bangipl@yahoo.com
Factory 3 :	Ring Blank Unit, Sengandrum Industrial Area, Melrosapuram, Singaperumal Koil – 603 204, India.
Tel. No.:	91-4114-464372 / 64191
Fax No.:	91-4114-64372
Factory 4 :	40-6-30, Next to hotel Khandari Int., Venkateswarapuram P. O., Vijayawada – 520 010, Andhra Pradesh, India.
Tel. No.:	91-866-476484
Fax No.:	91-866-470207
E-Mail :	iplvij@yahoo.com
Branches :	· Kolkata · Raipur · Pune · Mumbai · Ahmedabad · Kanpur · Indore · Jaipur · Jalandhar · New Delhi

DIRECTORS

AS ON 14.09.2011

Name :	Mr. Narayanaswamy Venkataramani
Designation :	Director
Address :	12 Boat Club Road, Chennai, Tamilnadu, India
Date of Birth/Age :	09.12.1939
Date of Appointment :	01.10.1975

Directorship in Other Companies :

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	U35999TN1949PLC000951	INDIA PISTONS LIMITED	Managing director	01/04/2010	01/10/1975	-	Active	NO
2	U35999TN1967PLC005566	AMALGAMATIONS REPCO LIMITED	Director	17/12/1977	17/12/1977	-	Active	NO
3	U50300TN1956PLC000758	GEORGE OAKES LIMITED	Director	09/05/1983	09/05/1983	-	Active	NO
4	U40107TN1981PLC008903	TRANS ENERGY LIMITED	Director	29/10/1984	29/10/1984	-	Active	NO
5	L29130TN1961PLC004466	BIMETAL BEARINGS LIMITED	Director	08/02/1985	08/02/1985	-	Active	NO
6	U32109KA1988PTC009484	ELCO NTTF (INDIA)PRIVATE LIMITED	Director	25/11/1988	25/11/1988	-	Active	NO
7	L28920TN1991PLC020232	IP RINGS LIMITED	Director	30/01/1991	30/01/1991	-	Active	NO
8	U35990TN1985PLC012333	IP PINS & LINERS LIMITED	Director	18/03/1993	18/03/1993	-	Active	NO
9	U29221KA1994PTC015104	NTTF INDUSTRIES Private LIMITED	Director	06/01/1994	06/01/1994	-	Active	NO
10	U51909TN1994PLC026633	IP POWER CYLINDER SYSTEMS LIMITED	Director	27/01/1994	27/01/1994	-	Amalgamated	NO
11	U29130TN1997PTC037909	AMALGAMATIONS VALEO CLUTCH PRIVATE LIMITED	Director	27/06/1997	27/06/1997	-	Active	NO
12	U85110KA1999NPL025461	NETTUR TECHNICAL TRAINING FOUNDATION	Director	13/07/1999	13/07/1999	-	Active	NO
13	L01132TZ1946PLC000180	STANES AMALGAMATED ESTATES LIMITED	Director	28/10/1999	28/10/1999	-	Active	NO
14	U45201TN1950PTC000038	ADYAR PROPERTY HOLDING COMPANY PRIVATE LIMITED	Director	10/11/2000	10/11/2000	-	Active	NO
15	U34107TN2001PTC047925	STANADYNE AMALGAMATIONS PRIVATE LIMITED	Director	26/10/2001	26/10/2001	-	Active	NO
16	U29130TN2007PLC064383	MAHLE IPL LIMITED	Director	04/08/2007	04/08/2007	-	Active	NO
17	U29253TN2010PTC077285	IPL ENGINE COMPONENTS PRIVATE LIMITED	Director	30/08/2011	08/09/2010	-	Active	NO
18	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	13/07/2011	24/09/2010	-	Active	NO
19	U35999TN1938PTC000019	AMALGAMATIONS PRIVATE LIMITED	Director	29/01/2011	29/01/2011	-	Active	NO
20	U65991TN1925PLC002345	SIMPSON AND COMPANY LIMITED	Director	29/01/2011	29/01/2011	-	Active	NO
21	U65991TN1921NPL001337	CHENNAI WILLINGDON CORPORATE FOUNDATION	Director	19/05/2011	19/05/2011	-	Active	NO

Name :	Mr. Anantharamakrishnan Krishnamoorthy
Designation :	Director
Address :	1 Sivasamy Street, Off RK Salaitreet, Chennai-600004, Tamilnadu, India
Date of Birth/Age :	26.09.1937
Date of Appointment :	18.11.1981

Directorship in Other Companies :

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	U35990TN1960PLC004235	SHARDLOW INDIA LIMITED	Director	07/05/1964	07/05/1964	-	Active	NO
2	U22110TN1950PTC000036	ASSOCIATED PRINTERS (MADRAS) PRIVATE LIMITED	Director	28/04/1967	28/04/1967	-	Active	NO
3	U35999TN1967PLC005566	AMALGAMATIONS REPCO LIMITED	Director	08/02/1968	08/02/1968	-	Active	NO
4	L02421TZ1910PLC000221	T STANES AND COMPANY LIMITED	Director	16/09/1968	16/09/1968	-	Active	NO
5	L29130TN1961PLC004466	BIMETAL BEARINGS LIMITED	Managing director	10/05/2010	26/06/1970	-	Active	NO
6	U35999TN1938PTC000019	AMALGAMATIONS PRIVATE LIMITED	Director	25/09/1970	25/09/1970	-	Active	NO
7	U65991TN1925PLC002345	SIMPSON AND COMPANY LIMITED	Managing director	15/06/2011	24/06/1971	-	Active	NO
8	L01132TZ1946PLC000180	STANES AMALGAMATED ESTATES LIMITED	Director	31/12/1973	31/12/1973	-	Active	NO
9	U35999TN1949PLC000951	INDIA PISTONS LIMITED	Director	18/11/1981	18/11/1981	-	Active	NO
10	U29130TN1997PTC037909	AMALGAMATIONS VALEO CLUTCH PRIVATE LIMITED	Director	07/04/1997	07/04/1997	-	Active	NO
11	U22121TN1925PTC000003	ASSOCIATED PUBLISHERS (MADRAS) PRIVATE LIMITED	Director	24/09/1998	24/09/1998	-	Active	NO
12	U15491TZ2000PLC009309	STANES MJF TEAS LIMITED	Director	24/04/2000	24/04/2000	-	Active	NO
13	U34300TN2001PTC048109	BBL DAIDO PRIVATE LIMITED	Director	17/04/2002	17/04/2002	-	Active	NO
14	U29130TN2007PLC064383	MAHLE IPL LIMITED	Director	04/08/2007	04/08/2007	07/02/2008	Active	NO
15	U28939TN1914PLC000008	ADDISON & CO. LIMITED	Director	29/01/2011	29/01/2011	-	Active	NO

Name :	Mr. Ramamurthy Mahadevan
Designation :	Director
Address :	918 VIAvenue Anna Nagar, Chennai-600040, Tamilnadu, India
Date of Birth/Age :	05.02.1943
Date of Appointment :	05.10.1998

Directorship in Other Companies :

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	U35990TN1985PLC012333	IP PINS & LINERS LIMITED	Director	30/10/1985	30/10/1985	-	Active	NO
2	U51909TN1994PLC026633	IP POWER CYLINDER SYSTEMS LIMITED	Director	27/01/1994	27/01/1994	-	Amalgamated	NO
3	L28920TN1991PLC020232	IP RINGS LIMITED	Director	14/07/1995	14/07/1995	-	Active	NO
4	U35999TN1949PLC000951	INDIA PISTONS LIMITED	Whole-time director	20/12/2009	05/10/1998	-	Active	NO
5	U34300TN2001PTC048109	BBL DAIDO PRIVATE LIMITED	Director	22/06/2002	22/06/2002	-	Active	NO
6	L29130TN1961PLC004466	BIMETAL BEARINGS LIMITED	Director	16/03/2005	16/03/2005	-	Active	NO
7	U72200TN2006PTC059713	SOLARWINDS INDIA PRIVATE LIMITED	Director	08/10/2007	08/10/2007	10/06/2010	Active	NO
8	U31400TN1955PLC080755	AMCO BATTERIES LIMITED	Director	30/09/2010	26/04/2010	-	Active	NO
9	U29130TN1997PTC037909	AMALGAMATIONS VALEO CLUTCH PRIVATE LIMITED	Director	14/02/2011	14/02/2011	-	Active	NO

Name :	Mr. Anantharamakrishnan Venkataramani
Designation :	Director
Address :	12 Boat Club Road, Chennai, Tamilnadu, India
Date of Birth/Age :	19.03.1968
Date of Appointment :	19.12.2005

Directorship in Other Companies :

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	U35990TN1985PLC012333	IP PINS & LINERS LIMITED	Director	10/07/1999	10/07/1999	-	Active	NO
2	U51909TN1994PLC026633	IP POWER CYLINDER SYSTEMS LIMITED	Director	31/01/2005	31/01/2005	-	Amalgamated	NO
3	U50300TN1956PLC000758	GEORGE OAKES LIMITED	Director	30/11/2005	30/11/2005	-	Active	NO
4	U35999TN1949PLC000951	INDIA PISTONS LIMITED	Whole-time director	19/12/2005	19/12/2005	-	Active	NO
5	U29130TN2007PLC064383	MAHLE IPL LIMITED	Director	01/11/2010	07/02/2008	-	Active	NO
6	L28920TN1991PLC020232	IP RINGS LIMITED	Managing director	01/11/2010	27/10/2010	-	Active	NO

Name :	Mr. Narayanaswamy Gowrishankar
Designation :	Director
Address :	18^th Trust Cross St Mandavelipakkam, Chennai-600028, Tamilnadu, India
Date of Birth/Age :	12.04.1944
Date of Appointment :	23.05.2006

Directorship in Other Companies :

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	L28920TN1991PLC020232	IP RINGS LIMITED	Whole-time director	29/01/2009	29/01/2005	-	Active	NO
2	U35999TN1967PLC005566	AMALGAMATIONS REPCO LIMITED	Director	03/03/2006	03/03/2006	-	Active	NO
3	U35999TN1949PLC000951	INDIA PISTONS LIMITED	Director	23/05/2006	23/05/2006	-	Active	NO

Name :	Mr. Sadagopachari Ramanujachari
Designation :	Director
Address :	32A Cart Track Road, Guindy, Chennai-600032, Tamilnadu, India
Date of Birth/Age :	03.11.1946
Date of Appointment :	19.03.2009

Directorship in Other Companies :

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	U22121TN1925PTC000003	ASSOCIATED PUBLISHERS (MADRAS) PRIVATE LIMITED	Director	24/09/1998	24/09/1998	-	Active	NO
2	L02421TZ1910PLC000221	T STANES AND COMPANY LIMITED	Director	29/11/2005	29/11/2005	-	Active	NO
3	U35999TN1949PLC000951	INDIA PISTONS LIMITED	Director	19/03/2009	19/03/2009	-	Active	NO
4	U31400TN1955PLC080755	AMCO BATTERIES LIMITED	Director	22/09/2011	22/09/2011	-	Active	NO

Name :	Mr. Sridharan Srinivasaraghavan
Designation :	Director
Address :	24 Veeraswamy Street West Mambalam, Chennai-600033, Tamilnadu, India
Date of Birth/Age :	15.12.1950
Date of Appointment :	31.08.2011

Directorship in Other Companies :

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	U50300TN1956PLC000758	GEORGE OAKES LIMITED	Director	11/06/1998	11/06/1998	-	Active	NO
2	U65190TN1938PLC002355	SIMPSON & GENERAL FINANCE COMPANY LIMITED	Director	18/03/2004	18/03/2004	-	Active	NO
3	U28910TN1951PLC003308	WHEEL & PRECISION FORGINGS INDIA LIMITED	Director	06/05/2004	06/05/2004	-	Active	NO
4	U35999TN1949PLC000951	INDIA PISTONS LIMITED	Director appointed in casual vacancy	31/08/2011	31/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. R Mukundan
Designation :	Secretary
Address :	6 Crescent Streeteet, Seeethamma Colony, Chennai-600018, Tamilnadu, India
Date of Birth/Age :	24.09.1953
Date of Appointment :	15.02.2002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.09.2011

Names of Shareholders	No. of Shares
Simpson And Company Limited	5799952
A Krishnamoorthy Simosin And Co., Limited	10
S Srinivasaraghavan Simosin And Co., Limited	10
Amalgamations Private Limited Simosin And Co., Limited	10
N Venkataramani Simosin And Co., Limited	4
S Ramanujachari Simosin And Co., Limited	4
P S Rajamani Simosin And Co., Limited	10
Total	5800000

AS ON 14.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importers and Distributors of Dyes Stuff, Fine Chemicals and Pigments.

Products :

Item Code Number	Product Description
84.09 – 840991.04 & 840991.06	Pistons and Piston Assemblies–parts suitable for use in internal combustion engines
84.09 – 840991.05	Piston rings – parts suitable for use in internal combustion engines
84.09 – 840991.19	Cylinder liners – parts suitable for use in internal combustion engines

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Pistons	2400000	2400000	2262930
Pistons rings	15000000	15000000	14006494
Gudgeon pins	3000000	3000000	2158535
Cylinder liners	450000	700000	--
Cylinder liners – Amalgamated Company	420000	420000	--
Circlips	3500000	3500000	--

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Central Bank of India, Addison’s Building Branch, 803, Anna Salai, Chennai-600002, Tamilnadu, India

· State Bank o India, 64 Greams Road, Chennai-600006, Tamilnadu, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Working Capital Facilities – Central Bank of India	302.260	335.020
Term Loan – From Other Banks	237.084	237.633
Hire Purchase Liability for purchase of Vehicles / Equipments	9.148	9.804
TOTAL	548.492	582.457
UNSECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Public Deposits	46.141	33.290
Short Term Loans from Banks	110.796	118.400
TOTAL	156.937	151.690

Banking Relations :	--
Auditors :
Name :	RGN Price And Co Chartered Accountant
Address :	861 Anna Salai, Chennai-600002, Tamilnadu, India
Holding Company :	· Simosin And Company Limited
	·
Subsidiaries :	· IP Pins And Liners Limited
Fellow subsidiaries :	· Addison And Co. Limited, · Addison Paints and Chemicals Limited, · Amco Batteries Limited · George Oakes Limited, · Simpson and General Finance Limited, · Sri Rama Vilas Services Limited, · Tractors and Farm Equipment Limited, · TAFE Access Limited, · Stanes Motors (South India) Limited, · Stanes Agencies Limited, · Wheel and Precision Forgings India Limited, · Associated Printers (Madras) Private Limited, · Associated Publishers (Madras) Private Limited, · Higginbothams Private Limited, · The Madras Advertising Co. Private Limited, · Speed-a-Way Private Limited, · Bimetal Bearings Limited, · Amalgamations Repco Limited, · Stanes Amalgamated Estates Limited, · Southern Tree Farms Limited, · Shardlow India Limited, · TAFE USA Inc., · T Stanes And Co. Limited, · Wallace Cartwright And Co. Limited, London, · W.J. Groom And Co. Limited, London, · L.M. Van Moppes Diamond Tools Private Limited · Stanes Motor Parts Limited, · BBL Daido Pvt. Limited, · TAL Precision Parts Limited, · TAFE Reach Limited, · TAFE Motors and Tractors Limited · Alpump Limited, · TAFE International Traktor VeTarim Ekipmani Sanayi Ve · Ticaret Limited Sirketi
Associates :	· Amalgamations Valeo Clutch Private Limited, · IP Rings Limited · Stanadyne Amalgamations Private Limited. · The United Nilgiri Tea Estates Company Limited, · Kuduma Fasteners Private Limited · Amco Soft India Limited
	·
Joint Venture :	· Mahle IPL Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
500000	Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.50.000 Millions
	Total		Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5800000	Equity Shares	Rs.10/- each	Rs.58.000 Millions

Equity Shares held by the holding company Simpson And Co. Limited and its nominees

(Of the above 18,00,000 shares were issued for cash and the remaining 40,00,000 shares were allotted as fully paid bonus shares by capitalisation of reserves)

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		58.000	58.000	58.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		767.931	655.823	788.245
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		825.931	713.823	846.245
LOAN FUNDS
1] Secured Loans		548.492	582.458	494.220
2] Unsecured Loans		156.937	151.690	306.001
TOTAL BORROWING		705.429	734.148	800.221
DEFERRED TAX LIABILITIES		42.143	56.563	70.092
TOTAL		1573.503	1504.534	1716.558
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		644.316	641.565	616.596
Capital work-in-progress		52.050	22.378	42.928
INVESTMENT		290.343	316.455	524.393
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	302.546	282.599	414.213
	Sundry Debtors	390.027	376.770	468.337
	Cash & Bank Balances	69.281	55.801	32.255
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	285.255	221.216	232.078
Total Current Assets		1047.109	936.386	1146.883
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	190.805	145.746	298.535
	Other Current Liabilities	115.664	136.103	167.356
	Provisions	153.846	130.401	148.351
Total Current Liabilities		460.315	412.250	614.242
Net Current Assets		586.794	524.136	532.641
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1573.503	1504.534	1716.558

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2180.489	2109.671	2621.846
		Other Income	81.777	118.232	57.345
		TOTAL (A)	2262.266	2227.903	2679.191
Less	EXPENSES
		Material Cost	899.516	1192.062	1253.579
		Employees Remuneration and Benefits	346.767	362.844	374.695
		Other Expenses	727.215	618.120	789.877
		TOTAL (B)	1973.498	2173.026	2418.151
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		288.768	54.877	472.619
Less	FINANCIAL EXPENSES (D)		95.090	112.353	103.565
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.678	(57.476)	369.054
Less/ Add	DEPRECIATION/ AMORTISATION (F)		83.743	83.637	111.470
	PROFIT BEFORE TAX (E-F) (G)		109.935	(141.113)	257.584
Less	TAX (I)		(13.856)	(10.229)	45.164
	PROFIT AFTER TAX (G-I) (J)		123.791	(130.884)	212.420
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(108.459)	22.425	97.407
Less	Adjustment of loss of Amalgamated Company		0.000	0.000	73.652
Less	APPROPRIATIONS
		Transfer to General Reserve	(0.770)	0.000	140.000
		Transfer to Capital Redemption Reserve	0.000	0.000	50.000
		Dividend	(8.700)	0.000	20.300
		Tax on Dividend	(1.445)	0.000	3.450
	BALANCE CARRIED TO THE B/S		4.417	(108.459)	22.425
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	187.017	243.177	281.618
	TOTAL EARNINGS		187.017	243.177	281.618
	IMPORTS
		Raw Materials	140.831	261.786	385.161
		Stores & Spares	5.115	3.800	3.805
		Capital Goods	24.980	65.340	113.070
		Others	5.014	2.731	4.686
	TOTAL IMPORTS		175.940	333.657	506.722
	Earnings Per Share (Rs.)		21.34	(22.57)	36.62

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.47	(5.87)	7.92
Net Profit Margin (PBT/Sales)	(%)	5.04	(6.68)	9.82
Return on Total Assets (PBT/Total Assets}	(%)	6.49	(8.94)	21.24
Return on Investment (ROI) (PBT/Networth)		0.13	(0.19)	0.30
Debt Equity Ratio (Total Liability/Networth)		1.41	1.60	1.67
Current Ratio (Current Asset/Current Liability)		2.27	2.27	1.86

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The Automotive Industry which was severely impacted during the previous year as a result of global recession and slow down in economic activity witnessed a strong revival of demand and recovered quickly during 2009/10. Helped by the stimulus package provided by the Government, Passenger Cars and Light Commercial Vehicles segments and the Tractor Industry registered impressive growth.

Following the pickup in activity level in the industry, demand for components in the Domestic Market both in the OEM segment and Aftermarket Sales segment expanded considerably offering components manufacturers higher volumes and better capacity utilisation. Taking advantage of this upswing fully, the company achieved a satisfactory performance with a Sales turnover of Rs 2401.200 millions.

Higher activity levels, stability in Raw material prices, lower interest rates, and its own effective working capital management and sustained cost control measures, enabled the company to achieve a Profit before Tax of Rs 109.900 millions as against a loss of Rs.141.100 millions during the previous year.

The profit level could have been even higher but for the fact that the company had to rely heavily on captive generation due to the power cut imposed by the Tamil Nadu Electricity Board and thereby incur additional cost.

The company, during the year, initiated a series of capital projects to expand its capacity to meet the growing demand.

Form 8:

This form is for	Creation of charge
Charge identification number of the modified	--
Corporate identity number of the company	U35999TN1949PLC000951
Name of the company	India Pistons Limited
Address of the registered office or of the principal place of business in India of the company	Huzur Gardens, Sembiam, Chennai-600011, Tamil Nadu, India
Type of charge	Movable Property
Particular of charge holder	Central Bank Of India, Addison's Building Branch, 803, Anna Salai, Chennai-600002, Tamilnadu, India
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation Dt. 18.04.2011
Date of instrument Creating the charge	18.04.2011
Amount secured by the charge	Rs.300.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate + 1.25 % Terms of Repayment Repayable in 16 Quarterly instalments from each tranche after 1 year moratorium period. Margin To be mutually agreed between the Company and the Bank Extent and Operation of the charge First charge by way of Hypothecation of Machineries to be bought out of the said Loan Others NIL
Short particulars of the property charged	First Charge on the Specific Machineries to be purchased out of the proposed loan

FIXED ASSETS:

• Land (freehold and leasehold)
• Buildings
• Plant and machinery
• Electrical installation
• Furniture and fittings
• Vehicles
• Research And Development Product Development Cost

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.51.71
UK Pound	1	Rs.81.42
Euro	1	Rs.69.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.