MIRA INFORM REPORT

Report Date :

19.05.2012

IDENTIFICATION DETAILS

Name :	MAHINDRA HINODAY INDUSTRIES LIMITED (w.e.f. 18.11.2010)

Formerly Known As :	MAHINDRA CASTINGS PRIVATE LIMITED

Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai- 400018, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	30.08.2007

Com. Reg. No.:	11-173636

Capital Investment / Paid-up Capital :	Rs.430.167 Millions

CIN No.: [Company Identification No.]	U27100MH2007PLC173636

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Magnets and Iron Casting.

No. of Employees :	2000 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 5800000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a part of Mahindra and Mahindra Group, India. It is a well established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of strong holding, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office/ Factory :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai- 400018, Maharashtra, India
Tel. No.:	91-20-27120811/27128592/24905632
Fax No.:	91-20-27128592
E-Mail :	chinchore@anish@hinoday.com
Website :	http://www.hinoday.com
Area :	8 acres
Location :	Leased

Factory:	Gat No. 318, Gaon Urse, Taluka Maval, Pune-410506, Maharashtra, India
Tel No.:	91-2114-237061

Correspondence Address:	Bhosari Industrial Estate, Pune-411026, Maharashtra, India

DIRECTORS

As on 28.07.2011

Name :

Mr. Hemant Hansraj Luthra

Designation :

Chairman

Address :

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

Date of Birth/Age :

18.04.1949

Date of Appointment :

30.08.2007

Din No.:

00231420

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	27/03/2002	27/03/2002	16/06/2008	Active	NO
2	L45200MH1999PLC118949	MAHINDRA LIFESPACE DEVELOPERS LIMITED	Director	6/5/2002	6/5/2002	30/01/2009	Active	NO
3	U74999MH1995PLC093447	TECPRO ASHTECH LIMITED	Director	7/5/2002	7/5/2002	17/01/2007	Amalgamated	NO
4	L24117PN1982PLC028040	MAHINDRA COMPOSITES LIMITED	Director	3/6/2002	3/6/2002	-	Active	NO
5	U52190MH1954PLC019908	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED	Director	10/6/2002	10/6/2002	17/01/2007	Active	NO
6	U30007MH1994PLC081637	MAHINDRA SONA LIMITED	Director	18/06/2002	18/06/2002	-	Active	NO
7	L99999MH1962PLC012542	MAHINDRA UGINE STEEL COMPANY LIMITED	Director	30/07/2002	30/07/2002	-	Active	NO
8	U72400MH1995PLC091404	MAHINDRA ENGINEERING SERVICES LIMITED	Director	10/8/2004	10/8/2004	-	Active	NO
9	L27100MH1999PLC121285	MAHINDRA FORGINGS LIMITED	Director	24/03/2005	24/03/2005	-	Active	NO
10	U63040MH1994PLC079098	MAHINDRA NAVISTAR AUTOMOTIVES LIMITED	Director	14/07/2006	11/1/2006	-	Active	NO
11	U72200MH2000PTC173332	PLEXION TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Amalgamated	NO
12	U29299MH1963PLC019745	MAHINDRA HINODAY INDUSTRIES LIMITED	Nominee director	6/1/2007	6/1/2007	-	Amalgamated	NO
13	U29130MH2004PTC168150	MAHINDRA GEARS AND TRANSMISSIONS PRIVATE LIMITED	Director	16/07/2007	18/01/2007	-	Active	NO
14	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25/07/2008	30/08/2007	-	Active	NO
15	U35914MH2007PTC169753	MAHINDRA NAVISTAR ENGINES PRIVATE LIMITED	Director	31/07/2008	4/2/2008	-	Active	NO
16	U63033MH2008PTC179520	MAHINDRA AEROSPACE PRIVATE LIMITED	Director	26/09/2008	28/02/2008	-	Active	NO
17	U35122MH2011PTC212744	MAHINDRA AEROSTRUCTURES PRIVATE LIMITED	Director	11/8/2011	10/5/2011	-	Active	NO

Name :

Mr. Rajan Somnath Wadhera

Designation :

Director

Address :

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

Date of Birth/Age :

10.07.1956

Date of Appointment :

30.08.2007

Din No.:

00416429

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U34100MH2005PTC153702	MAHINDRA AUTOMOBILE DISTRIBUTOR PRIVATE LIMITED	Nominee director	30/09/2005	30/09/2005	22/07/2008	Active	NO
2	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25/07/2008	30/08/2007	-	Active	NO
3	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	22/07/2010	28/04/2010	-	Active	NO
4	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	17/09/2010	26/05/2010	-	Active	NO
5	U45400DL2011PTC222351	R V TOWERS PRIVATE LIMITED	Additional director	27/10/2011	27/10/2011	-	Active	NO

Name :

Mr. Zhooben Dossabhoy Bhiwandiwala

Designation :

Director

Address :

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

Date of Birth/Age :

09.12.1959

Date of Appointment :

22.01.2008

Din No.:

00110373

Other Directorship

S.No.	CIN	NAME OF THE COMPANY	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1988PTC046152	ALBERTVILLE EXPORTS PRIVATE LIMITED	Director	8/2/1988	8/2/1988	-	Dormant	NO
2	U22120MH1948PTC009314	THE INDIAN AND EASTERN ENGINEER COMPANY PRIVATE LIMITED	Additional director	10/8/2009	20/01/1992	-	Active	NO
3	U74140MH1992PLC066606	MAHINDRA AND MAHINDRA CONTECH LIMITED	Director	22/02/1993	22/02/1993	27/05/2008	Active	NO
4	U74140MH1982PTC026770	PRUDENTIAL MANAGEMENT AND SERVICES PRIVATE LIMITED	Director	12/1/1998	12/1/1998	5/5/2010	Active	NO
5	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	17/02/2000	17/02/2000	-	Active	NO
6	U74999MH1999PTC121254	MW COM (INDIA)PRIVATE LIMITED	Director	6/10/2003	6/10/2003	29/03/2010	Active	NO
7	U30007MH1991PLC064368	BRISTLECONE INDIA LIMITED	Director	5/8/2004	5/8/2004	5/6/2008	Active	NO
8	L27100MH1999PLC121285	MAHINDRA FORGINGS LIMITED	Director	19/05/2006	28/04/2006	-	Active	NO
9	U18101MH1995PLC095482	NBS INTERNATIONAL LIMITED	Director	28/09/2007	15/11/2006	29/10/2008	Active	NO
10	U67120MH2007PLC168985	MAHINDRA STOKES HOLDING COMPANY LIMITED	Director	24/09/2007	21/03/2007	-	Amalgamated	NO
11	U52190MH1954PLC019908	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED	Director	25/09/2008	27/08/2007	-	Active	NO
12	U52190MH2007PTC173762	MAHINDRA RETAIL PRIVATE LIMITED	Director	20/08/2008	3/9/2007	-	Active	NO
13	U74999MH1995PLC093447	TECPRO ASHTECH LIMITED	Additional director	5/11/2007	5/11/2007	5/1/2008	Amalgamated	NO
14	U29130MH2004PTC168150	MAHINDRA GEARS AND TRANSMISSIONS PRIVATE LIMITED	Director	22/07/2008	24/12/2007	-	Active	NO
15	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25/07/2008	22/01/2008	-	Active	NO
16	U29299MH1963PLC019745	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	6/5/2008	22/01/2008	-	Amalgamated	NO
17	U63032MH2008PTC186581	MAHINDRA OCEAN BLUE MARINE PRIVATE LIMITED	Director	25/09/2009	9/9/2008	-	Active	NO
18	U67110MH2008PLC188837	RETAIL INITIATIVE HOLDINGS LIMITED	Director	11/12/2009	11/12/2008	16/08/2011	Active	NO
19	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	12/8/2009	12/12/2008	-	Active	NO
20	U73100MH1995PTC124707	OWENS-CORNING (INDIA) PRIVATE LIMITED	Director	26/09/2009	1/4/2009	24/11/2010	Active	NO

Name :

Mr. Sanjay Narendra Arte

Designation :

Director

Address :

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

Date of Birth/Age :

05.12.1958

Date of Appointment :

22.01.2008

Din No.:

01000716

Other Directorship

S.No.	CIN	NAME OF THE COMPANY	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U99999MH1989PTC052116	GALA PRECISION TECHNOLOGY PRIVATE LIMITED	Director	15/07/2005	15/07/2005	1/6/2009	Active	NO
2	U74999MH1993PTC172842	RDC CONCRETE(INDIA)PRIVATE LIMITED	Director	29/09/2005	29/09/2005	28/05/2010	Active	NO
3	U92120MH2005PTC156817	CITY SOUND AND MUSIC PRIVATE LIMITED	Director	19/10/2005	19/10/2005	-	Amalgamated	NO
4	U26921KL2002PTC015427	NEPTUNE READYMIX CONCRETE PRIVATE LIMITED	Director	27/07/2006	27/07/2006	26/05/2010	Active	NO
5	L85110KA1984PLC006116	DISA INDIA LIMITED	Director	2/11/2006	2/11/2006	-	Active	NO
6	U74140MH2006PTC164125	IVF ADVISORS PRIVATE LIMITED	Director	19/06/2007	19/06/2007	-	Active	NO
7	U28993AP1999PTC033188	ROBO SILICON PRIVATE LIMITED	Director	26/12/2007	26/12/2007	-	Active	NO
8	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25/07/2008	22/01/2008	-	Active	NO
9	U85110PN1996PLC104292	PRERANA HOSPITAL LIMITED	Director	29/09/2009	8/11/2008	-	Active	NO
10	U85110KL2008PTC021703	DM HEALTHCARE PRIVATE LIMITED	Director	14/12/2008	14/12/2008	-	Active	NO
11	U51909DL1984PTC017765	UEM INDIA PRIVATE LIMITED	Director	30/09/2011	15/06/2011	-	Active	NO

Name :

Mr. Vikram Rajkumar Nirula

Designation :

Director

Address :

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

Date of Birth/Age :

28.08.1972

Date of Appointment :

22.01.2008

Din No.:

01655115

Other Directorship

S.No.	CIN	NAME OF THE COMPANY	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U64200MH1999PTC137729	MUSIC BROADCAST PRIVATE LIMITED	Director	30/09/2005	2/3/2005	-	Active	NO
2	U63040MH2006PTC165956	V-LINK TRAVEL SOLUTIONS PRIVATE LIMITED	Director	30/09/2008	29/11/2007	-	Active	NO
3	U63040MH2006PTC165959	MERU CAB COMPANY PRIVATE LIMITED	Director	30/09/2008	29/11/2007	-	Active	NO
4	U63040MH2006PTC165955	V-LINK FLEET SOLUTIONS PRIVATE LIMITED	Director	30/09/2008	29/11/2007	-	Active	NO
5	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25/07/2008	22/01/2008	-	Active	NO
6	U72900KA2000PTC027290	ATRIA CONVERGENCE TECHNOLOGIES PRIVATE LIMITED	Director	21/06/2008	21/06/2008	-	Active	NO
7	U29268MH2009PTC190522	GALA PRECISION ENGINEERING PRIVATE LIMITED	Director	23/02/2009	23/02/2009	16/09/2009	Active	NO
8	U51909DL1984PTC017765	UEM INDIA PRIVATE LIMITED	Director	30/09/2010	30/07/2010	-	Active	NO

Name :

Mr. Ajit Prabhakar Lele

Designation :

Managing Director

Address :

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

Date of Birth/Age :

04.09.1950

Date of Appointment :

29.01.2009

Din No.:

00194831

Other Directorship

S.No.	CIN	NAME OF THE COMPANY	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29299MH1963PLC019745	MAHINDRA HINODAY INDUSTRIES LIMITED	Managing director	1/1/2009	1/1/2009	-	Amalgamated	NO
2	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	1/4/2012	29/01/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.07.2011

Names of Shareholders		No. of Shares
Mahindra and Mahindra Limited, India		27940052
IVF Trustee Company Private Limited, India		15044640
Gopal Shriram Pujari		150
Shantaram Arvind Kulkarni		225
A.N. Janardanan Nair		150
Govind Shankar Gulavani		150
Prakash Vijay Singhal		150
Gangadhar Ravindra Gurjar		2250
Bhaskar Sudheer Tilloo		15000
Keshav Shrikant Kulkarni		300
Mudhukar Arvind Saraf		2250
Ajit Prabhakar Lele		2250
Pandurang Dileep Kulkarni		300
V. Ranganathan		300
K. Gangadharan		2250

As on 28.07.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Magnets and Iron Casting.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Ceramic Magnets and Ferrite Cores	850500
Calcined Ferrite Powder with Blinders	382300
Ductile (SG) Iron Automotive Casting	732500

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

[In Qty.]

Magnetic Product Division

(Per Annum)

10000 Tons

5400 Tons

4932

Foundry Division

(Per Annum)

97600 Tons

45000 Tons

35719

GENERAL INFORMATION

No. of Employees :

2000 [Approximately]

Bankers :

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

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks	1037.102(A)	418.300(B)
Rupee term loans others	60.000(C)	70.000(D)
Working capital loans banks	89.357	101.988(E)
Working capital loans others	0.000	80.569(F)
Total	1186.459	670.857
NOTE: (A) Long Term. Repayable within one year Rs.163.800 Millions Previous Year Rs.130.000 Millions (B) Long Term. Repayable within one year Rs.130.000 Millions Previous Year Rs.168.750 Millions (C) Short Term (D) Short Term (E) Rupee Loans (F) Foreign Currency Loans
Unsecured Loan
Rupee term loans	0.000	150.000(A)
Foreign currency loans	0.000	11.494(B)
Other external commercial borrowing	201.772(C)	202.140(D)
Other debs	100.000	100.000
Total	301.772	463.634
NOTE: (A) From Banks: Short Term (B) From Banks: Foreign Currency Loans - Buyers credit (C) SICOM Sales Tax Deferral under Package Scheme of Incentives 1993 (D) SICOM Sales Tax Deferral under Package Scheme of Incentives 1993


Banking Relations :	--

Auditors :
Name :	B K Khare and Company Chartered Accountant
Address :	706/708, Sahrda Chambers, New Marine Lines, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-22000607/ 7318/ 6360/ 56315835/ 36
Fax No.:	91-22-22003476
E-Mail :	info@bkkhareco.com

Holding Company:	Mahindra and Mahindra Limited (L65990MH1945PLC004558)

Fellow Subsidiaries :	· Mahindra SAR Transmission Private Limited · Mahindra Ugine Steel Company Limited · Tech Mahindra Limited · Mahindra Vehicle Manufacturing Limited · Mahindra Eng. Services Limited · Mahindra Eng. and Chemicals Private Limited · Mahindra Logistics Limited (w.e.f. 12th December, 2007) · Mahindra Forgings Limited (w.e.f. 27th December, 2007) · Mahindra First Choice Wheels Limited Earlier known as Automartindia Limited) · Mahindra Navistar Engines Private Limited (formerly known as MIM Engines (India) Private Limited) (w.e.f. 31st January, 2008) · Mahindra Navistar Auto Limited

CAPITAL STRUCTURE

As on 28.07.2011

Authorised Capital : Rs.720.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.465.767 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
57000000	Equity Shares	Rs.10/- each	Rs.570.000 Millions
15000000	Preferences Shares	Rs.10/- each	Rs.150.000 Millions
	Total		Rs.720.000 Millions

Issued, Subscribed & Paid-up Capital :

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

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		430.167	330.167	254.683
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1610.585	1340.954	1031.156
4] (Accumulated Losses)		(569.516)	(495.101)	(416.731)
NETWORTH		1471.236	1176.020	869.108
LOAN FUNDS
1] Secured Loans		1186.459	670.857	958.331
2] Unsecured Loans		301.772	463.634	463.591
TOTAL BORROWING		1488.231	1134.491	1421.922
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		2959.467	2310.511	2291.030

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2273.367	1908.305	1976.513
Capital work-in-progress		307.258	38.668(A)	54.293

INVESTMENT		40.025	40.025	0.025
DEFERREX TAX ASSETS		108.530	135.226	120.790

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	489.939	353.506	337.572
	Sundry Debtors	493.287	445.331	344.897
	Cash & Bank Balances	35.161	22.376	13.986
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	221.628	187.370	219.977
Total Current Assets		1240.015	1008.583	916.432
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	600.805	424.274	305.577
	Other Current Liabilities	194.088	181.928	281.171
	Provisions	214.835	214.094	190.275
Total Current Liabilities		1009.728	820.296	777.023
Net Current Assets		230.287	188.287	139.409

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		2959.467	2310.511	2291.030

NOTE: Includes: Capital work in progress: Ferrite Division: 6430, Ductile Iron Casting Division: 32238

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3751.701	2969.969	2633.318
		Other Income	27.133	23.370
		TOTAL (A)	3778.834	2993.339	2633.318

Less	EXPENSES
		Consumption Materials Changes Inventories	1851.059	1417.393	1643.267
		Administrative Selling Other Expenses	1728.449	1390.035	1283.579
		Prior Period Items	0.000	4.083	3.315
		TOTAL (B)	3579.508	2811.511	2930.161

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		199.326	181.828	(296.843)

Less	FINANCIAL EXPENSES (D)		91.391	133.639	219.566

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		107.935	48.189	(516.409)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		155.653	140.995	131.613

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(47.718)	(92.806)	(648.022)

Less	TAX (H)		26.696	(14.436)	(219.443)

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(74.414)	(78.370)	(428.579)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(495.102)	(416.732)	NA

	BALANCE CARRIED TO THE B/S		(569.516)	(495.102)	NA

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	694.483	559.814	638.178

	IMPORTS
		Raw Materials		76.979	128.681
		Stores & Spares	NA	21.479	32.791
		Capital Goods		34.805	4.771
	TOTAL IMPORTS		NA	133.263	166.243

	Earnings / (Loss) Per Share (Rs.)		(1.73)	(2.37)	(16.87)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(1.97)	(2.62)	(16.27)

Net Profit Margin (PBT/Sales)	(%)	(1.27)	(3.12)	NA

Return on Total Assets (PBT/Total Assets}	(%)	(1.36)	(3.18)	(22.40)

Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.07)	(0.75)

Debt Equity Ratio (Total Liability/Networth)		1.70	1.66	2.53

Current Ratio (Current Asset/Current Liability)		1.23	1.23	1.18

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

PERFORMANCE REVIEW:

During the year, the Company registered an income of Rs. 4033.600 millions as compared to an income of Rs. 3158.500 millions in the previous year registering an increase of 28%. The Directors believed that consistent growth in sales will boost current year's performance.

FOUNDRY DIVISION (FD):

The performance of the division was hampered due to various external and internal factors like rising input cost, breakdowns etc. The matter of upward revision in prices is being discussed with all the customers regularly and the Company is hopeful of resolving the issue. The Company, realizing the need for product mix rationalization, is going slow on new product development.

MAGNETIC PRODUCTS DIVISION (MPD):

Initiatives taken by the Company during the previous year in development of full product lines have yielded positive response from the market. The division was successful in launching Electrode Less Lamps during the year.

Various steps taken for improvement in cost structure of Magnets were continued during the year. The steps included involving early separation scheme, sourcing from China to avoid capacity addition, outsourcing of operations through concept of "Factory in Factory", etc. These are expected to give good results in terms of increased sales with minimum investment.

Auto industry growth in India continued and the Company was successful in meeting the increased demand by improving productivity and taking above initiatives. The improved demand position enabled the Company to seek upward price revision from the Customers. This is a reversal of trend that prevailed during last 7-8 years during which customers were reluctant to consider requests for price revision.

CAPACITY EXPANSION

The first phase of capacity expansion was completed during the year. The commissioning of the third line (NL2) was done in December, 2010 after a delay of two months. The capacity utilization for this new line was quickly raised to 50% by the month of March, 2011 and 100% utilization is expected by June, 2011. The Indian economy and overall market situation improved during the year under review. Delivery pressures continued throughout the year with demands exceeding capacity by 20% to 40%. In view of this, the second phase of expansion of the project has been advanced by four months.

MARKET SCENARIO

Domestic automotive market grew very strongly during the year, creating supply shortages both in Foundry and Magnetic Products Divisions. This growth is expected to continue in future as well. International demand is also indicating good growth.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10279485
Corporate identity number of the company	U27100MH2007PLC173636
Name of the company	Mahindra Hinoday Industries Limited
Address of the registered office or of the principal place of business in India of the company	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai- 400018, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Saraswat Co-operative Bank Limied, C/2, Kohinoor Estate Hosing Society, Plot No. 2, Mula Road, Sangamwadi, Pune-411003, Maharashtra, India
Email	an_tarphe@saraswatbank.com b
Nature of description of the instrument creating or modifying the charge	Joint Deed of Mortgage dated 30th April, 2011.
Date of instrument Creating the charge	30.04.2011
Amount secured by the charge	Rs.100.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest PLR less 3.00% p.a. - 10.50% p.a. with monthly rests. Terms of Repayment 60 months including moratorium period of 18 months from the first disbursement by 41 monthly installments of Rs.2.380 millions each and last installment of Rs.2.420 millions. Margin 20% Extent and Operation of the charge 1st pari passu charge in joint favour of charge holders and each of them severally over the Immovable properties / assets situated at Bhosari Pune and village Urse, Taluka Maval District Pune and all fixed plant and machinery installed / to be installed thereon and related thereto both present and future (excluding the specific properties / assets exclusively mortgaged / charged to SBI) and more specifically stated of the joint deed of mortgage dated 30th April, 2011
Short particulars of the property charged	Immoveable property of the Company situated at MIDC Bhosari Pune and village Urse, Taluka Maval District Pune and more specifically stated of the joint deed of mortgage dated 30/04/2011.
Particulars of the present modification	Execution of Joint Deed of Mortgage on 30th April, 2011 for creating 1st Pari Passu Mortgage Security over the properties / assets excluding exclusive charged of the company and to the referred joint deed of mortgage.

CONTINGENT LIABILITIES: [AS ON 31.03.2011]

a) Income tax demands disputed in appellate proceedings Rs 10.036 millions

b) Disputed demands in respect of Sales Tax, Excise duty are Rs. 28.088 millions.

c) Cess of Rs. 10.535 millions: Case pending in Civil Court.

d) Bank Guarantees Rs. 37.567 millions.

e) Claims against the company not acknowledged as debt: - Stamp duty Rs.29.007 millions.

FIXED ASSETS:

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

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.54.88
UK Pound	1	Rs.86.46
Euro	1	Rs.69.49

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

489.939

493.287

35.161

0.000

221.628

1240.015

600.805

194.088

214.835

1009.728

230.287

(1.97)

(1.27)

(1.36)

(0.03)

1.70

1.23

Unit