MIRA INFORM REPORT

Report Date :

13.06.2012

IDENTIFICATION DETAILS

Name :	TULSI CASTINGS AND MACHINING LIMITED (w.e.f. 08.10.2009)
Formerly Known As :	TULSI FOUNDRIES LIMITED
Registered Office :	58/1, Ganesh Krupa, Mughbat Lane, Thakurdwar Road, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.12.2004
Com. Reg. No.:	11-149952
Capital Investment / Paid-up Capital :	Rs.169.168 Millions
IEC No.:	0304083879
CIN No.: [Company Identification No.]	U27100MH2004PLC149952
PAN No.: [Permanent Account No.]	AACCT1637R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Ductile Iron Casting.
No. of Employees :	315 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2300000
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

INFORMATION PARTED BY

Name :	Mr. Abhay
Designation :	Export Manager
Contact No.:	91-9619890910

LOCATIONS

Registered Office :	58/1, Ganesh Krupa, Mughbat Lane, Thakurdwar Road, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23807122
Mobile No.:	91-9619890910 [Mr. Abhay]
Fax No.:	91-22-23807121
E-Mail :	info@tcml.co.in tulasifoundaries@rediffmail.com
Website :	www.tcml.co.in
Location :	Owned
Corporate Office :	Aidun Building, ‘A’ Block, 1^st Floor, Room No.3, 1^st Dhobi Talao Lane, Opposite Metro Cinema, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-40833333
Fax No.:	91-22-40833346
Location :	Owned
Factory :	Plot No. Tulsi E-2, MIDC Kupwad Block, Sangli – 416436, Maharashtra, India
Tel. No.:	91-233-2645543/ 44/ 45
Fax No.:	91-233-2645522
Location :	Owned

DIRECTORS

AS ON 24.09.2011

Name :

Mr. Bhavarlal Mangilal Jain

Designation :

Managing Director

Address :

1006, 10^th Floor, Shankar Sheth Palace, B Wing, Tardeo Road, Nana Chowk, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

03.07.1956

Qualification :

Graduate

Date of Appointment :

10.12.2004

DIN No.:

00495970

Other Directorships:

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	U51909DD1996PLC003108	METAL LINK ALLOYS LIMITED	Director	19/02/1996	19/02/1996	-	Active	NO
2	U27100MH2004PLC149952	TULSI CASTINGS AND MACHINING LIMITED	Managing director	7/2/2011	10/12/2004	-	Active	NO
3	U27300MH1977NPL019956	BOMBAY NON-FERROUS METALS ASSOCIATION LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
4	U51909MH2008PTC178853	MUKTI TRADE PRIVATE LIMITED	Director	28/02/2011	13/02/2008	-	Active	NO
5	U51109DD2005PTC004676	BAGHBAAN DISTRIBUTORS PRIVATE LIMITED	Director	27/03/2008	27/03/2008	-	Active	NO
6	U14200MH2008PTC180877	KARNAWAT ASSOCIATES PRIVATE LIMITED	Director	7/4/2008	7/4/2008	-	Active	NO
7	U45200DD2010PTC004680	KARNAWAT INFRASTRUCTURES PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO
8	U01122DD2010PTC004681	DHRUV AGRICULTURES PRIVATE LIMITED	Director	1/2/2010	1/2/2010	-	Active	NO
9	U70102MH2010PLC205558	SHRI SHRAMAN DEVELOPERS LIMITED	Director	17/07/2010	17/07/2010	-	Active	NO
10	U01403MH2010PTC205572	ATMA AGRICULTURE PRIVATE LIMITED	Director	19/07/2010	19/07/2010	-	Active	NO
11	U45200MH2010PLC205738	ACHARYA TULSI BUILDCON LIMITED	Director	21/07/2010	21/07/2010	-	Active	NO
12	U45201DD2010PTC004688	LA PEARL REALTECH PRIVATE LIMITED	Director	8/12/2010	8/12/2010	27/12/2010	Active	NO
13	U45200GJ2010PTC063291	ECSTACY DEVELOPERS PRIVATE LIMITED	Director	20/12/2010	20/12/2010	-	Active	NO
14	U45400MH2010PTC211234	MBR REALTECH PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
15	U45200GJ2010PTC063322	DHRUVI INFRACOM PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
16	U27109GJ2010PLC063357	KARNAWAT ALLOYS AND CASTINGS LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
17	U27300GJ2011PTC063466	KARNAWAT SMELTING PRIVATE LIMITED	Director	3/1/2011	3/1/2011	-	Active	NO
18	U27310DD2011PLC004696	KARNAWAT METAL INDUSTRIES LIMITED	Director	24/06/2011	24/06/2011	-	Active	NO
19	U65921WB1994PTC138792	SALONI HIRE PURCHASE PVT LTD	Director	27/04/2012	27/04/2012	-	Active	NO
20	U51109WB2007PTC115697	MADHUVAN TRADELINK PRIVATE LIMITED	Director	27/04/2012	27/04/2012	-	Active	NO

Name :

Mr. Rajmal Mangilal Jain

Designation :

Director

Address :

Flat No.401, 4^th Floor, Shree Ram Apartments, Zaoba Wadi, Thakurdwar, Ghas Wadi, Mumbai – 400 002, Maharashtra, India

Date of Birth/Age :

02.08.1970

Qualification :

Graduate

Date of Appointment :

10.12.2004

DIN No.:

00495949

Other Directorships:

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	Company/ LLP Status	Defaulting status
1	U51909DD1996PLC003108	METAL LINK ALLOYS LIMITED	Managing director	1/8/2011	19/02/1996	Active	NO
2	U27100MH2004PLC149952	TULSI CASTINGS AND MACHINING LIMITED	Director	10/12/2004	10/12/2004	Active	NO
3	U51909MH2008PTC178853	MUKTI TRADE PRIVATE LIMITED	Director	28/02/2011	13/02/2008	Active	NO
4	U51109DD2005PTC004676	BAGHBAAN DISTRIBUTORS PRIVATE LIMITED	Director	27/03/2008	27/03/2008	Active	NO
5	U14200MH2008PTC180877	KARNAWAT ASSOCIATES PRIVATE LIMITED	Director	7/4/2008	7/4/2008	Active	NO
6	U45200DD2010PTC004680	KARNAWAT INFRASTRUCTURES PRIVATE LIMITED	Director	28/01/2010	28/01/2010	Active	NO
7	U01122DD2010PTC004681	DHRUV AGRICULTURES PRIVATE LIMITED	Director	1/2/2010	1/2/2010	Active	NO
8	U45201DD2010PTC004688	LA PEARL REALTECH PRIVATE LIMITED	Director	8/12/2010	8/12/2010	Active	NO
9	U45200GJ2010PTC063291	ECSTACY DEVELOPERS PRIVATE LIMITED	Director	20/12/2010	20/12/2010	Active	NO
10	U45400MH2010PTC211234	MBR REALTECH PRIVATE LIMITED	Director	22/12/2010	22/12/2010	Active	NO
11	U45200GJ2010PTC063322	DHRUVI INFRACOM PRIVATE LIMITED	Director	22/12/2010	22/12/2010	Active	NO
12	U27109GJ2010PLC063357	KARNAWAT ALLOYS AND CASTINGS LIMITED	Director	23/12/2010	23/12/2010	Active	NO
13	U27300GJ2011PTC063466	KARNAWAT SMELTING PRIVATE LIMITED	Director	3/1/2011	3/1/2011	Active	NO
14	U27310DD2011PLC004696	KARNAWAT METAL INDUSTRIES LIMITED	Director	24/06/2011	24/06/2011	Active	NO
15	U65921WB1994PTC138792	SALONI HIRE PURCHASE PVT LTD	Director	27/04/2012	27/04/2012	Active	NO
16	U51109WB2007PTC115697	MADHUVAN TRADELINK PRIVATE LIMITED	Director	27/04/2012	27/04/2012	Active	NO

Name :

Mr. Hemant Yeshwant Bhat

Designation :

Director

Address :

2/C-22, Wind Cliff Society, Jeevan Bima Nagar, Borivali (West), Mumbai – 400 103, Maharashtra, India

Date of Birth/Age :

20.11.1947

Date of Appointment :

06.01.2011

DIN No.:

02033397

Other Directorships:

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	Company/ LLP Status	Defaulting status
1	U27310PN2004PTC019000	AMEYA CASTING PRIVATE LIMITED	Director	11/3/2004	11/3/2004	Active	NO
2	U27100MH2004PLC149952	TULSI CASTINGS AND MACHINING LIMITED	Director	6/1/2011	6/1/2011	Active	NO

Name :

Mr. Dayashanker Jamiatrai Prithiani

Designation :

Director

Address :

310, Ashirwad, 2 B, Off J.P. Road, Versova, Andheri (West), Mumbai – 400 061, Maharashtra, India

Date of Birth/Age :

15.04.1950

Date of Appointment :

20.04.2011

DIN No.:

03506367

Name :

Mr. Abhinav Amar Jain

Designation :

Independent Director

Address :

D-114, Shantivan II, Raheja Township, Malad East, Mumbai-400097, Maharashtra, India

Date of Birth/Age :

28.05.1982

Date of Appointment :

06.01.2011

DIN No.:

02800326

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	U65999MH2009PLC197871	COLUMBUS CORPORATE CONSULTANCY LIMITED	Director	15/12/2009	15/12/2009	-	Active	NO
2	U65990MH1993PTC073835	SURAJ KALYAN INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	25/05/2010	25/05/2010	-	Active	NO
3	U70101RJ1997PTC013152	BITTU-GULLU ESTATES PRIVATE LIMITED	Director	26/05/2010	26/05/2010	-	Converted to LLP and dissolved	NO
4	U27100MH2004PLC149952	TULSI CASTINGS AND MACHINING LIMITED	Director	6/1/2011	6/1/2011	-	Active	NO
5	AAA-5328	BITTU-GULLU ESTATES LLP	-	24/06/2011	24/06/2011	-	Active	NO
6	AAA-5328	BITTU-GULLU ESTATES LLP	-	24/06/2011	24/06/2011	-	Active	NO

Name :

Mr. Subhash Nathuramka

Designation :

Professional Director

Address :

B/602, Silver Sand, Near Building No. 11, Piramal Nagar, Out Goregaon (West), Mumbai-400062, Maharashtra, India

Date of Birth/Age :

17.09.1960

Date of Appointment :

18.07.2011

DIN No.:

03575741

KEY EXECUTIVES

Name :	Ms. Jyotsna Gupta
Designation :	Secretary
Address :	Flat No. 11, I Floor, Geetanjali CHS, Plot H-8, Sector 14, CBD, Belapur, Navi Mumbai-400614, Maharashtra, India
Date of Birth/Age :	20.09.1980
Date of Appointment :	23.11.2009
Pan No.:	AKYPG4656L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2011

Names of Shareholders	No. of Shares
Bhavarlal Mangilal Jain	686250
Rajmal Mangilal Jain	1472250
Mangilal Jain	1380125
Pushpadevi Jain	1611350
Kanchan Rajmal Jain	1264500
Metal Link Alloys Limited, India	1840000
Seema Jain	12500
Nisha Jain	12500
Mukti Trade Private Limited, India	1849875
Anand Jain	1020000
Kailashchandra Parmar	12500
Subhaschandra Parmar	12500
Vikas Jain	18750
Deepak Fatehlal Jain	18750
Baghbaan Distributors Private Limited, India	3587500
Dhruv Agricultures Private Limited, India	616000
Bhavarlal Mangilal Jain	1500000

AS ON 24.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	55.53
Directors or relatives of directors	44.47
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ductile Iron Casting.
Exports :
Products :	Ductile Iron Casting
Countries :	· Germany · France · UK · USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Licensed Capacity	60000 M. Tons
Installed Capacity	48000* M. Tons
Utilised Capacity	20683 M. Tons
Production	20683 MT

NOTE:

1. Installed capacity as certified by the management and relied by the auditors, being a technical matter.

2. Increase in installed capacity from March 2011

GENERAL INFORMATION

Suppliers :

GIB International

Customers :

ESP International

No. of Employees :

315 [Approximately]

Bankers :

v State Bank of India,

Industrial Finance Branch, The Arcade, 2^nd Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India

v State Bank of India,

Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India

v Bombay Mercantile Co-Operative Bank Limited,

Girgaum Branch, J.S.S. Road, Mumbai-400002, Maharashtra, India

v Allahabad Bank,

Industrial Finance Branch, 37, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India

v Bank of Baroda,

Corporate Financial Services Branch, Mantri Court, I Floor, 39, Rambai Ambedkar Road, Pune – 411001, Maharashtra, India

v Axis Bank Limited,

Sangli, Maharashtra, India

v ICICI Bank Limited

v HDFC Bank Limited

Facilities :

Secured Loan	31.03.2011 [Rs. in Millions]	31.03.2010 [Rs. in Millions]
Rupee term loans	561.807	388.209
Working capital loans	225.878	162.316
Total	787.685	550.525
Unsecured Loan	31.03.2011 [Rs. in Millions]	31.03.2010 [Rs. in Millions]
Loans directors	6.380	3.090
Other debts	531.219	72.782
Total	537.599	75.872

Banking Relations :	--
Auditors :
Name :	J.C. Upadhyay and Associates Chartered Accountants
Address :	1^st Shanti Sadan, Podar Park, Podar Road, Malad (East), Mumbai-400097, Maharashtra, India
Tel. No.:	91-22-28834431
Mobile No.:	91-9833833588
Fax No.:	91-22-28834431
E-Mail :	j.c.upadhyay28@gmail.com jcu@mtnl.net.in
Pan No.:	AAAPU2013R
Memberships :	v Confederation of Indian Industry (CII) v Engineering Export Promotion Council of India (EEPC) v Federation of Indian Export Organisations (FIEO) v Automotive Component Manufacturers Association (ACMA)
Associates:	· Metal Link Alloys Limited · Bhavarlal Mangilal Jain and Company · Karnawat Associate Private Limited

CAPITAL STRUCTURE

AS ON 24.09.2011

Authorised Capital : Rs.289.999 Millions

Issued, Subscribed & Paid-up Capital : Rs.213.567 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		169.168	164.320	123.716
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		419.829	232.240	66.409
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		588.997	396.560	190.125
LOAN FUNDS
1] Secured Loans		787.685	550.525	276.895
2] Unsecured Loans		537.599	75.872	53.686
TOTAL BORROWING		1325.284	626.397	330.581
DEFERRED TAX LIABILITIES		70.854	29.571	18.992
TOTAL		1985.135	1052.528	539.698
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1538.640	468.482	358.394
Capital work-in-progress		0.000	277.346	1.353
INVESTMENT		6.635	1.715	1.715
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	212.450	118.969	89.954
	Sundry Debtors	290.987	230.966	203.091
	Cash & Bank Balances	10.486	3.898	4.256
	Other Current Assets	139.042	29.290	16.443
	Loans & Advances	16.413	43.849	11.047
Total Current Assets		669.378	426.972	324.791
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	133.392	74.016
	Other Current Liabilities	22.587	13.884	94.098
	Provisions	74.307	35.293	53.184
Total Current Liabilities		230.286	123.193	147.282
Net Current Assets		439.092	303.779	177.509
MISCELLANEOUS EXPENSES		0.768	1.206	0.727
TOTAL		1985.135	1052.528	539.698

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1306.478	944.729	577.195
		Other Income	4.611	2.011	4.040
		TOTAL (A)	1311.089	946.740	581.235
Less	EXPENSES
		Consumption Materials Changes Inventories	698.610	565.622
		Manufacturing Service Cost	205.014	162.310	483.478
		Employee Related Expenses	36.716	24.485
		Administrative Selling Other Expenses	48.907	33.425
		TOTAL (B)	989.247	785.842	483.478
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		321.842	160.898	97.757
Less	FINANCIAL EXPENSES (D)		71.683	39.733	41.409
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		250.159	121.165	56.348
Less/ Add	DEPRECIATION/ AMORTISATION (F)		48.274	29.673	22.059
	PROFIT BEFORE TAX (E-F) (G)		201.885	91.492	34.289
Less	TAX (H)		60.185	25.572	9.794
	PROFIT AFTER TAX (G-H) (I)		141.700	65.920	24.495
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		101.835	41.665	NA
	APPROPRIATIONS
		Dividend Tax	1.405	0.819	NA
		Dividend	8.458	4.930	NA
	BALANCE CARRIED TO THE B/S		131.837	60.171	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	60.613	74.098	50.344
	IMPORTS
		Raw Materials	4.139	103.140	93.876
		Capital Goods	28.143	62.693	5.915
	TOTAL IMPORTS		32.282	165.833	99.791
	Earnings Per Share (Rs.)		8.62	4.44	2.26

Expected Sales (2011-12) : Rs.2100.000 Millions.

The above information has been parted by Mr. Abhay.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.80	6.96	4.21
Net Profit Margin (PBT/Sales)	(%)	15.45	9.68	5.94
Return on Total Assets (PBT/Total Assets}	(%)	9.14	10.22	5.02
Return on Investment (ROI) (PBT/Networth)		0.34	0.23	0.18
Debt Equity Ratio (Total Liability/Networth)		2.64	1.89	2.51
Current Ratio (Current Asset/Current Liability)		2.91	3.47	2.21

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
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

EXPANSION OF PROJECT:

To meet the increasing demand of the castings and to cater the requirements of heavy weight castings, Subject management has successfully installed third DISA High Pressure Moulding Line (first Horizontal molding line) in the existing plant along with Online Shotblasting Machine, Inductotherm make Tri Track Furnace and Tundish Pouring System etc. which has become operational from February 2011 onwards. With successful implementation of this state of art machine, the company has increased its annual installed capacity from existing 24000 MT to 48000 MT.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OVERVIEW

Indian Economic is showing positive trend, Metal industry is also looking up. Good opportunities are available in the metal market in India. While the growth of auto industry remains intact, the demand of good quality heavy casting is increasing even in non auto segment. More and more foreign players in auto and engineering sector are setting up their shops here in India creating great opportunity for local players for the spare parts including castings. The Indian Metal Casting (Foundry Industry) is well established. According to the recent World Census of Castings by Modern Castings, USA, India Ranks as 2nd largest casting producer producing estimated 7.4 Million MT of various grades of Castings as per International standards. The various types of castings which are produced are ferrous, non ferrous, Aluminum Alloy, graded cast iron, ductile iron, Steel etc for application in Automobiles, Railways, Pumps Compressors and Valves, Diesel Engines, Cement/Electrical/Textile Machinery, Aero and Sanitary pipes and Fittings etc and Castings for special applications. However, Grey iron castings are the major share approx 70 % of total castings produced. There are approx 4500 units out of which 80% can be classified as Small Scale units and 10% each as Medium and Large Scale units. Approx 500 units are having International Quality Accreditation. The large foundries are modern and globally competitive and are working at nearly full capacity. Most foundries use cupolas using LAM Coke. There is growing awareness about environment and many foundries are switching over to induction furnaces and some units in Agra are changing over to cokeless cupolas. Indian Foundry Industry in the last decade has witnessed robust growth and India now ranks 2nd in the world castings production. There are over 4.5k foundry units in India, employing half a million people directly and indirectly with a combined output of 7.44 mn tpa. The SG Iron casting production shows a steady growth.

BUSINESS OVERVIEW

Subject is a renowned manufacturer, supplier and exporter of ductile iron casting components such as Companion Flanges, End Yokes, Flange Yokes, Differential Housings, Ductile Iron Casting, S. G. Iron, Nodular Iron Casting, Automotive Components, Automotive Parts, Iron Foundries, Brake Components, Axel Components, etc. The Company has a strong quality management system conforming to TS 16949:2002 and ISO 9001:2008 Certification. The company has successfully set- up the new Horizontal Disa High Pressure Molding Line enabling the Company to produce a single casting of upto 80 Kgs. Giving a competitive advantage to capture HCV, Agricultural and earth moving equipment sectors. The new machine is Horizontal Line, with which they will be able to improve the yield of castings by 10 - 15%. It will also result in reduction of cost of production. The total casting capacity of the company is increased to 48000 mt pa.

FUTURE OUTLOOK

With the recent expansion, the outlook for the company looks very encouraging in the coming years. Subject can grow its non automotive and off the road vehicle business very rapidly. Subject has enough land availability to facilitate its future expansions. India becoming a sourcing hub for automobile major’s Domestic automotive industry witnessing robust growth. Growing environmental concerns in foundries of western countries provides opportunities for sourcing of castings from developing countries like India and China. The company intends to upscale its activities and has been negotiating various properties. The management expects CAGR of over 35 % during next 5 years.

CONTINGENT LIABILITIES:

Sr. No.	Particulars	31.03.2011 (Rs. in millions)
1	Maharashtra State Electricity Distribution Company Limited	15.939
2	Maharashtra Pollution Control Board	0.100
3	SHV Energy Private Limited	0.500
4	Maharashtra State Electricity Board	8.825
	Total	25.364

NOTE:

· Of serial no. 1, 2 and 3 as mentioned above company has given the bank guarantee to the extent mentioned against each item as per normal practice.

· In respect of serial no. 4 as mentioned above company has given an undertaking to MSEB, Sangli to the extent of amount mentioned above. The original demand was raised against M/s. Kulkarni Engineering Associates Ltd. erstwhile owner of the undertaking towards electricity dues of MSEB. In respect to above a suit is lying pending with the hon’ble Supreme Court of India against the order passed by hon’ble Bombay High Court dated 13/12/2002 quashing the circular number 607 dated 19/12/1998 issued by MSEB which otherwise required incoming consumer to pay all the outstanding dues against the outgoing consumer to the Board. The company relies on the order and judgment of the High Court of Bombay and does not expect any liability in this regard.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U27100MH2004PLC149952
Name of the company	TULSI CASTINGS AND MACHINING LIMITED
Address of the registered office or of the principal place of business in India of the company	58/1, Ganesh Krupa, Mughbat Lane, Thakurdwar Road, Mumbai-400004, Maharashtra, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Bank of Baroda, Corporate Financial Services Branch, Mantri Court, I Floor, 39, Rambai Ambedkar Road, Pune-411001, Maharashtra, India
Email	corpun@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Supplemental Composite Hypothecation Agreement executed for Term Loan facilities
Date of instrument Creating the charge	24.01.2012
Amount secured by the charge	Rs.200.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest On Rupee Term Loan- applicable rate is Base rate+ 4.5% i.e. 15.25% pa at present and concessional rate subj to approval from Corp off On FCNR (B) loan- @6 months USD LIBOR + 625 bps with monthly rests Terms of Repayment 59 equal monthly installments of Rs. 3.333 Millions each and one installment of Rs. 3.353 Millions starting from 9 months from the date of 1st Disbursement Margin 37.07% Extent and Operation of the charge Primary- I charge on the fixed assets of the company situated at Plot E-2, MIDC, Kupwad Block, Sangli shared on pari passu with Term Loan lenders Collateral- II charge on entire Current assets (present and future) i.e. stock (RM, WIP BG etc.) and book debts shared on pari passu with WC lenders II charge by way of Equitable mortgage of Flat No. 1006, B-wing, Shankershet palace, Nana Chowk, Grant Road, Mumbai Others Term loan of Rs. 200.000 Millions.
Short particulars of the property charged	Current assets (present and future) i.e. stock and book debts of the company Residential Flat No. 1006, B-Wing, Shankarshet Palace, Nana Chowk, Grant Road- West, Mumbai

FIXED ASSETS:

v Computer and Peripherals

v Factory Building

v Furniture and Fixture

v Land

v Live Stock

v R and D

v Office Building

v Office Equipment

v Pattern and Tooling

v Plant and Machinery Horizontal Line

v Plant and Machinery Machine Shop

v Plant and Machinery Vertical Line

v Vehicles

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.56.05
UK Pound	1	Rs.86.69
Euro	1	Rs.69.98

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
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		49

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.