MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	MOHINDRA FASTENERS LIMITED	Principal Name 1	Mr. Deepak Arneja
Status	Moderate	Principal Name 2	Mr. Ravinder Mohan Juneja
		Registration #	55-064215
Street Address	304, Gupta Arcade, Inder Eclave, Delhi - Rohtak Road, New Delhi – 110087, India
Established Date	10.01.1995	SIC Code	--
Telephone#	91-11 25272093, 25284052, 46200400,	Business Style 1	Manufacturer
Fax #	91- 11 25282667	Business Style 2	Exporter
Homepage	Not Available	Product Name 1	hot forged fasteners
# of employees	Not Available	Product Name 2	precision machined components
Paid up capital	Rs.53,568,000/-	Product Name 3	Automotive and Industrial applications.
Shareholders	Mutual Funds 0.37% Bodies corporate 16.16% Directors or relatives of directors 55.08% Other top fifty shareholders 22.28% Others 6.11%	Banking	Karnataka Bank Limited
Public Limited Corp.	Yes	Business Period	17 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	B (31)
Related Company
Relation	Country	Company Name	CEO
Associate	India	Evergreen Consultants Private Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	239,868,000	Current Liabilities	256,308,000
Inventories	276,319,000	Long-term Liabilities	279,628,000
Fixed Assets	250,624,000	Other Liabilities	46,738,000
Deferred Assets	0,000	Total Liabilities	582,674,000
Invest& other Assets	11,605,000	Retained Earnings	142,174,000
		Net Worth	195,742,000
Total Assets	778,416,000	Total Liab. & Equity	778,416,000
Total Assets (Previous Year)	712,916,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	733,102,000	Net Profit	21,454,000
Sales(Previous yr)	605,726,000	Net Profit(Prev.yr)	20,239,000

MIRA INFORM REPORT

Report Date :

04.12.2012

IDENTIFICATION DETAILS

Name :	MOHINDRA FASTENERS LIMITED

Registered Office :	304, Gupta Arcade, Inder Eclave, Delhi - Rohtak Road, New Delhi – 110087

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	10.01.1995

Com. Reg. No.:	55-064215

Capital Investment/ Paid-up Capital:	Rs.53.568 Millions

CIN No.: [Company Identification No.]	L74899DL1995PLC064215

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturer and Exporter of cold and hot forged fasteners, and precision machined components for Automotive and Industrial applications.

No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 783000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Exist

Comments :	Subject is promoted by Arneja and Juneja Family. It is an established company having moderate track. There appears huge external borrowings recorded by the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. Note: Subject is not traded on BSE in the last 30 days.

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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB (Fund Based limits)
Rating Explanation	Moderate risk of default
Date	March 2012

Rating Agency Name	ICRA
Rating	A4 (Non Fund Based limits)
Rating Explanation	Minimal degree of safety and very high credit risk
Date	March 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	304, Gupta Arcade, Inder Eclave, Delhi - Rohtak Road, New Delhi – 110087, India
Tel. No.:	91-11 25272093, 25284052, 46200400,
Fax No.:	91- 11 25282667
E-Mail :	cs@mohindra.asia Fasteners@Mohindra.asia

Plant :	60th K.M. Stone, Delhi – Rohtak Road, Kharawar Rohtak – 124 001, Haryana, INDIA
Tel. No.:	91-1262 305030/ 305040
Fax No.:	91- 1262 305042
E-Mail :	Info@Mohindra.asia

Marketing Representative Bangalore :	Post Box No. 5170, 113-B, 2nd Floor, Infantry Road Bangalore – 560 001, Karnataka, INDIA
Tel. No.:	91 80 25592808/25592220
Fax No.:	91 80 25596451
E-Mail :	nedserve@bgl.vsnl.net.in

Marketing Representative Chennai:	C-3, Kothi Apartments, 46, College Road, Nungambakkam Chennai – 600 006, Tamil Nadu, INDIA
Tel. No.:	91 44 28228492/ 98840 17095
E-Mail :	centaur1@vsnl.com aayaar@gmail.com

Marketing Representative Haridwar :	Bhajorama Bhawan, Bhajorama Marg, Shivpura, Kankhal Haridwar – 249 408, Uttaranchal, INDIA
Tel. No.:	91 1334 245377
Fax No.:	91 1334 240634
E-Mail :	mm_assosiates100@rediffmail.com

DIRECTORS

As on 16.09.2011

Name :

Mr. Deepak Arneja

Designation :

Managing Director

Address :

C-1/21, Second Floor, Model Town –III, Delhi -110009, India

Date of Birth/Age :

14.07.1970

Date of Appointment

14.07.2010

Din No.:

00006112

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899DL1995PLC064215	MOHINDRA FASTENERS LIMITED	Managing director	14/07/2010	10/01/1995	-	Active	NO
2	U27100DL2007PLC164928	MOHINDRA STAINLESS LIMITED	Director	19/06/2007	19/06/2007	12/08/2008	Active	NO

Name :

Mr. Ravinder Mohan Juneja

Designation :

Managing Director

Address :

1189/23, DLF Colony, Rohtak – 124001, Haryana, India

Date of Birth/Age :

11.09.1951

Date of Appointment :

01.01.2007

Din No.:

00006496

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899DL1995PLC064215	MOHINDRA FASTENERS LIMITED	Managing director	01/01/2007	10/01/1995	-	Active	NO
2	U27100DL2007PLC164928	MOHINDRA STAINLESS LIMITED	Director	19/06/2007	19/06/2007	12/08/2008	Active	NO

Name :

Mr. Ghanshyam Dass Soni

Designation :

Director

Address :

11096, Dori Walan, East Park Road, Karol Bagh – 110005, India

Date of Birth/Age :

12.03.1947

Date of Appointment :

24.03.2009

Din No.:

00006866

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1987PTC029785	SONI PUBLICATIONS PRIVATE LIMITED	Director	16/11/1987	16/11/1987	-	Active	NO
2	U74899DL1995PTC074705	SUMU FINANCIAL SERVICES PRIVATE LIMITED	Director	24/06/1997	24/06/1997	-	Active	NO
3	L74899DL1995PLC064215	MOHINDRA FASTENERS LIMITED	Director	24/03/2009	02/03/1998	-	Active	NO

Name :

Mr. Jatinder Pal Singh Narang

Designation :

Director

Address :

A – 135, New Friends Colony, New Delhi – 110065, India

Date of Birth/Age :

31.05.1953

Date of Appointment :

24.03.2009

Din No.:

00007332

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24102UP1952PLC002457	KANPUR DELHI GOODS CARRIERS LIMITED	Whole-time director	06/10/1972	06/10/1972	-	Active	NO
2	U34101UP1959PTC002747	KANPUR DELHI TRANSPORT PRIVATE LIMITED	Whole-time director	21/06/1979	21/06/1979	-	Active	NO
3	L74899DL1995PLC064215	MOHINDRA FASTENERS LIMITED	Director	24/03/2009	04/08/1995	-	Active	NO
4	U51909DL2005PTC132852	HARJAS IMPEX PRIVATE LIMITED	Director	10/02/2005	10/02/2005	-	Active	NO
5	U18101DL2005PTC133838	J P FASHION WEAR PRIVATE LIMITED	Director	10/03/2005	10/03/2005	-	Active	NO
6	U74899DL1989PTC036048	SURI IMPEX PRIVATE LIMITED	Director	01/06/2005	01/06/2005	18/01/2007	Active	NO
7	U72200DL2005PTC134023	GAGAN SOFTWARE PRIVATE LIMITED	Director	13/08/2007	13/08/2007	-	Active	NO
8	U72200DL2001PTC113220	ATC INFOTECH PRIVATE LIMITED	Director	04/01/2008	04/01/2008	03/06/2009	Active	NO

Name :

Mr. Sudhir Arneja

Designation :

Whole Time Director

Address :

C-1/21, Ground Floor, Model Town –III, Delhi -110009, India

Date of Birth/Age :

01.08.1955

Date of Appointment :

01.10.2009

Din No.:

00007589

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1989PTC036169	MOHINDRA SALES PRIVATE LIMITED	Director	19/05/1989	19/05/1989	-	Active	NO
2	U74899DL1995PTC074705	SUMU FINANCIAL SERVICES PRIVATE LIMITED	Director	18/12/1995	18/12/1995	27/11/2008	Active	NO
3	L74899DL1995PLC064215	MOHINDRA FASTENERS LIMITED	Whole-time director	01/10/2009	25/07/2009	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Neha Gera
Designation :	Secretary
Address :	157, D-14, Sector -7 Rohini, New Delhi – 110085, India
Date of Birth/Age :	02.10.1986
Date of Appointment :	01.02.2011
Pan No.:	ASGPG8845H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.09.2011

SHARE HOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 16.09.2011

Category		Percentage

Mutual Funds		0.37
Bodies corporate		16.16
Directors or relatives of directors		55.08
Other top fifty shareholders		22.28
Others		6.11

Total		100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of cold and hot forged fasteners, and precision machined components for Automotive and Industrial applications.

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
High Tensil Fasteners	MT	NA	12000.000	6203.34

Installed Capacity, being a technical matter is taken on the basis of certificate of the management.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Karnataka Bank Limited, West Patel Nagar Branch, New Delhi - 110008, Delhi, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans banks secured	64.434	83.322
Foreign currency loans banks secured	14.230	14.367
Working capital loans banks secured	142.096	144.306
Loans taken for vehicles secured	11.669	7.756
	232.429	249.751

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans banks unsecured	12.589	22.029
Loans directors unsecured	4.000	5.100
Other debt unsecured	30.610	15.157
	47.199	42.286


Banking Relations :	--

Auditors :
Name :	GSK & ASSOCIATES Chartered Accountant
Address :	8, Ist Floor, Rani Jhansi Road, Motia Khan Industrial Area, New Delhi – 110055, India
Pan No.:	AADFG5824B

Associates :	· Evergreen Consultants Private Limited · Mohindra Sales Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

6500000	Equity Shares	Rs.10/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5356800	Equity Shares	Rs.10/- each	Rs.53.568 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		53.568	53.568	53.568
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		142.174	125.389	108.272
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		195.742	178.957	161.840
LOAN FUNDS
1] Secured Loans		232.429	249.751	256.832
2] Unsecured Loans		47.199	42.286	4.400
TOTAL BORROWING		279.628	292.037	261.232
DEFERRED TAX LIABILITIES		29.912	24.873	22.837

TOTAL		505.282	495.867	445.909

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		250.624	271.696	262.164
Capital work-in-progress		11.468	0.000	1.001

INVESTMENT		0.137	0.137	0.137
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	276.319	228.587	159.150
	Sundry Debtors	151.894	142.474	148.965
	Cash & Bank Balances	23.218	16.988	14.317
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	64.756	53.034	58.592
Total Current Assets		516.187	441.083	381.024
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	236.384	179.620	160.249
	Other Current Liabilities	19.924	25.616	22.907
	Provisions	16.826	11.813	15.261
Total Current Liabilities		273.134	217.049	198.417
Net Current Assets		243.053	224.034	182.607

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		505.282	495.867	445.909

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	733.102	605.726
		Other Income	22.664	4.177
		TOTAL (A)	755.766	609.903	656.936

Less	EXPENSES
		Consumption materials changes inventories	358.021	278.717
		Manufacturing service costs	135.429	101.159
		Employee related expenses	81.833	65.241
		Administrative selling other expenses	73.997	64.845
		TOTAL (B)	649.280	509.962	550.462

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		106.486	99.941	106.474

Less	FINANCIAL EXPENSES (D)		38.288	37.008	36.072

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		68.189	62.933	70.402

Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.459	32.163	35.662

	PROFIT BEFORE TAX (E-F) (G)		38.739	30.770	34.740

Less	TAX (H)		17.285	10.531	12.985

	PROFIT AFTER TAX (G-H) (I)		21.454	20.239	21.755

	Add/less adjustment for previous year		0.000	0.000	(0.124)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		105.005	88.888	72.017

Less	APPROPRIATIONS
		Transfer to General Reserve		1.000	1.000
		Dividend	5.669	2.678	3.214
		Tax on Dividend		0.444	0.546
	BALANCE CARRIED TO THE B/S		120.790	105.005	88.888

	EARNINGS IN FOREIGN CURRENCY		315.944	268.274	375.745

	IMPORTS
		Plant & Machinery	10.741	28.753	9.253
		Raw Material	116.646	66.264	112.144
		Consumable Stores	1.614	9.491	1.775
		Packing Material	4.908	1.274	2.310
		Tool & Dies	4.529	2.428	1.442
	TOTAL IMPORTS		138.438	108.210	126.924

	Earnings Per Share (Rs.)		4.02	3.74	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.84	3.32	3.32

Net Profit Margin (PBT/Sales)	(%)	5.28	5.08	NA

Return on Total Assets (PBT/Total Assets}	(%)	5.05	4.32	5.40

Return on Investment (ROI) (PBT/Networth)		0.20	0.17	0.21

Debt Equity Ratio (Total Liability/Networth)		2.82	2.84	2.84

Current Ratio (Current Asset/Current Liability)		1.89	2.03	1.92

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	Yes
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	No
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

LITIGATION DETAILS

CASE DETAILS

IN TH.E HIGH COURT OF DELHI AT NEW DELHI

10.

ITA 77012010

THE COMMISSIONER OF INCOME TAX ..... Appellant

Through: Ms. Rashmi Chopra, Adv.

versus

MOHINDRA FASTENERS LTD..... Respondent

Through: None

CORAM

HON'BLE THE CHIEF JUSTICE

HON'BLE MR. JUSTICE MANMOHAN

ORDER

08.07.2010

The present appeal preferred under Section 260A of the Income Tax Act,

1961 is admitted.on the following substantial question of law:

?Whether the correct lawlprocedure would have been to remand the matter for nonverification

instead of setting aside the finding of the Assessing Officer??

Issue notice.

CHIEF JUSTICE

MANMOHAN, J

JULY 08,2010

OPERATIONAL REVIEW

The Company’s sales turnover has increased by 21 % to a figure of Rs. 733.100 Millions. Out of this exports contributed Rs. 325.200 Millions which is close to 44 % of the revenues. The Net Profit before tax (PBT) of the Company is Rs. 38.700 Millions as compared to previous year figures of Rs. 30.700 Millions. The net profit grew by about 26%. The Company has achieved growth both in Exports and Domestic markets. The Company is trying to add more customers in the domestic market.

The effects of global recession which were felt last year, did not have any negative effects in the current year although the European economies of Greece, Portugal, Spain and Italy remain a concern area. The year under review saw positive contributions from foreign exchange fluctuations The Company intends to be a niche player in various market segments and is working hard to achieve the goal.

CURRENT PERFORMANCE

During the current year the prices of steel have gone up leading to marginal increase in cost of production thereby lowering down the profits in short term. In the medium to long term scenario, when they receive price increases from customers, this is likely to have a positive impact. The commissioning of their new Heat Treatment Line is complete and they are ready to accept newer challenges in the market. They have new orders from the Export markets which are at current valuations and this will further consolidate their financials over the year. There seems to be a marked improvement in the ordering pattern done by their overseas customers.

They are happy to inform you that the Company delivered a fairly good performance on quarter to quarter comparison. The first quarter of this year saw a growth of over 38% over the first quarter of the previous year. The Export outstandings in terms of orders available with the Company are substantial and the Indian market is also fairly strong. They strongly believe that they will be able to deliver a robust performance this year.

CONTINGENT LIABILITY NOT PROVIDED FOR:

a) Liabilities on account of foreign letter of credit are Rs.15.230 Millions (Previous year Rs.22.986 Millions) and on account of foreign letter of credit purchase Rs. 10.975 Millions. (Previous Year – NIL )

b) Estimated amount of contract remaining to be executed on capital account are Rs. 11.673 Millions (Previous year Rs. Nil Millions).

c) For the Assessment Year 2005-06, Haryana Tax Tribunal, Chandigarh raised a demand of Rs. 1.573 Millions and the appeal is pending before Haryana Tax Tribunal for the reference to High Court and the amount of Rs.16.44 Millions has been deposited.

For the Assessment Year 2004-05, Haryana Tax Tribunal, Chandigarh raised a demand of Rs. 1.410 Millions and the appeal is pending before Haryana Tax Tribunal for the reference to High Court and the amount of Rs.13.47 Millions has been deposited.

For the assessment year 2003-04, Jt. Excise and Taxation Commissioner Appeal Rohtak raised a demand of Rs. 0.524 Millions and the appeal is pending before the Haryana Tax Tribunal, Chandigarh and amount of Rs. 0.524 Millions has been deposited against the demand.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDING ON 30.06.2009

Rs. in Millions

Particulars	3 months Ended
	Unaudited
Net Sales / Income from operations
Local Sales	88.917
Export Sales	81.955
Total Sales	170.872
Other Income	2.712
Total Income	173.584
Expenditure :
Increase / Decrease in Stocks	(0.641)
Consumptions of Raw Material	99.510
Manufacturing Expenses	32.137
Employee Costs	19.253
Depreciation	7.476
Other expenditure	18.031
Total Expenditure	158.248
Profit/ Loss from operations before other income, interest and exceptional items	15.336
Other income	0.322
Profit / Loss before interest and exceptional items	15.658
Interest	8.743
Profit / Loss after interest but before exceptional items	6.915
Exceptional Items	-
Profit / Loss before tax	6.915
Tax Expenses	2.000
Profit / Loss after tax	4.915
Extraordinary items	-
Net Profit / Loss	4.915
Paid- up Equity Share Capital	53.568
Reserve excluding revaluation reserves as per balance sheet of previous year	125.389
Earning per share (EPS)
Basic and diluted EPS before extraordinary items for the period	0.92
Basic and diluted EPS after extraordinary items for the period	0.92
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered
-Number of Shares	NIL
-% of Shares (As a % of the total Shareholding of Promoter and Promoter Group)	NIL
% of Shares (as a % of the total share capital of the Company)	NIL
b) Non Encumbered
- Number of Shares	3892000
-% of Shares (As a % of the total Shareholding of Promoter and Promoter Group)	100
-% of Shares (as a % of the total share capital of the Company)	72.66

Notes

1. The above unaudited have been subjected to limited review by the statutory Auditor, reviewed by the Audit Committee and approved by the board of directors at its meeting on 23rd July, 2011

2. The Board has recommended a Final Dividend @ 7.50% (i.e Rs 0.75 per share) for the financial year 2010-11

to be paid to those shareholders whose names appear in the Register of members on 08.09.2011

3 . The Company is operating only in one segment viz fasteners.

4. Status of Investor complaints for the quarter ended 30.06.2011.

Pending at the beginning- Nil, Received- 4, Disposed off- 4, Pending at the end- Nil

5. Net sales arrived after deducting excise duty.

6. Tax expenses includes current tax.

7. Previous year figures have been re-arranged wherever necessary.

FORM 8

Corporate identity number of the company	L74899DL1995PLC064215
Name of the company	MOHINDRA FASTENERS LIMITED
Address of the registered office or of the principal place of business in India of the company	304, Gupta Arcade, Inder Eclave, Delhi - Rohtak Road, New Delhi – 110087, India Email: ca_pawanchadha@hotmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90036832
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Karnataka Bank Limited, West Patel Nagar Branch, New Delhi - 110008, Delhi, India Email: del.westpatelnagar@ktkbank.com
Nature of instrument creating charge	Hypothecation agreement/ letter of authority - 2.
Date of instrument Creating the charge	15.09.2011
Amount secured by the charge	Rs.160.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction letter dated 05.09.2011 Term of Payment: As per terms of issue. Margin 10% Cash Margin Extent and operation of the charge 100% Others: Renewal of import/ inland Lc (da/dp)/ buyers credit (lc Bills only) with enhanced limit of Rs.160.000 Millions against land and building situated at 60th km stone, Delhi-Rohtak Road, Kharawar, dist Rohtak, Haryana measuring 3.925 acres and land and building situated at 60th km stone, Delhi-Rohtak Road, Gandhra, Dist. Rohtak, Haryana measuring 19000 sq mtrs. other term and conditions as per sanction letter dated 05.09.2011.
Short particulars of the property charged (Including location of the property)	Hypothecation of equipments and other assets to be acquired including hardware and software. Factory Land and Building situated at 60th km stone, Delhi-Rohtak Road, Kharawar, Dist Rohtak, Haryana land measuring 3.925 acres and factory building constructed thereon belonging to the company. Factory Land and Building situated at 60th km stone, Delhi-Rohtak Road, Gandhra, Dist Rohtak, Haryana land measuring 19000 sq mtrs and building constructed thereon belonging to the company Already hypothecated plant and machinery and other fixed assets (excluding computers and vehicles) both present and future. Hypothecation of stocks, advances paid to suppliers, book debts/ export receivables of the company both present and future.
Particulars of the present modification	Renewal of import/ inland lc (da/dp)/ buyers credit (lc bills only) with enhanced limit of Rs.160.000 lacs against land and building situated at 60th km stone, Delhi-Rohtak Road, Kharawar, dist Rohtak, Haryana measuring 3.925 acres and land and building situated at 60th km stone, Delhi-Rohtak Road, Gandhra, Dist. Rohtak, Haryana measuring 19000 sq mtrs. other term and conditions as per sanction letter dated 05.09.2011.

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 hom 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.54.56
UK Pound	1	Rs.87.46
Euro	1	Rs.71.08

INFORMATION DETAILS

Report Prepared by :

BYI

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	4
--LIQUIDITY	1~10	3
--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	YES
--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	YES
--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.

MIRA INFORM REPORT

276.319

151.894

23.218

0.000

64.756

516.187

236.384

19.924

16.826

273.134

243.053

Unit