MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	MOD FORGE PRIVATE LIMITED	Principal Name 1	Mrs. Urmila Modi
Status	Satisfactory	Principal Name 2	Mr. Abhishek Modi
		Registration #	18-016268
Street Address	No.103 and 104 Sidco Aiema Tower, 1^st Floor, Sidco Estate, 1^st Main Road, Ambattur Industrial Estate, Chennai – 600058, Tamil Nadu, India
Established Date	27.09.1988	SIC Code	--
Telephone#	91-442-6253236	Business Style 1	Manufacturer
Fax #	91-442-6257986	Business Style 2	Bright Bars, Rough Forged Items and Trading of Iron and Steel Items.
Homepage	www.mod-forge.com	Product Name 1	--
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.12,488,900 /-	Product Name 3	--
Shareholders	Bodies corporate -44.00% Directors or relatives of Directors – 52.00% Other – 4.00%	Banking	Axis Bank Limited
Public Limited Corp.	No	Business Period	24 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (47)
Related Company
Relation	Country	Company Name	CEO
Associates	--	Kodai Engineering Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	222,227,000	Current Liabilities	48,565,000
Inventories	76,644,000	Long-term Liabilities	217,977,000
Fixed Assets	71,593,000	Other Liabilities	9,736,000
Deferred Assets	--	Total Liabilities	276,278,000
Invest& other Assets	5,806,000	Retained Earnings	86,502,000
		Net Worth	99,992,000
Total Assets	376,270,000	Total Liab. & Equity	376,270,000
Total Assets (Previous Year)	250,136,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	586,588,000	Net Profit	7,335,000
Sales(Previous yr)	407,409,000	Net Profit(Prev.yr)	7,838,000

MIRA INFORM REPORT

Report Date :

22.05.2012

IDENTIFICATION DETAILS

Name :	MOD FORGE PRIVATE LIMITED

Registered Office :	No.103 and 104 Sidco Aiema Tower, 1^st Floor, Sidco Estate, 1^st Main Road, Ambattur Industrial Estate, Chennai – 600058, Tamil Nadu

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	27.09.1988

Com. Reg. No.:	18-016268

Capital Investment / Paid-up Capital :	Rs.12.489 Millions

CIN No.: [Company Identification No.]	U27104TN1988PTC016268

TAN No.: [Tax Deduction & Collection Account No.]	CHEM00936F

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Bright Bars, Rough Forged Items and Trading of Iron and Steel Items.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 390000

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 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 :	No.103 and 104 Sidco Aiema Tower, 1^st Floor, Sidco Estate, 1^st Main Road, Ambattur Industrial Estate, Chennai – 600058, Tamil Nadu, India
Tel. No.:	91-442-6253236
Fax No.:	91-442-6257986
E-Mail :	chennai@mod-forge.com
Website :	www.mod-forge.com

DIRECTORS

As on 30.09.2011

Name :

Mrs. Urmila Modi

Designation :

Director

Address :

7E, Gee Gee Miliar, 23 College Road, Chennai – 600004, Tamil Nadu, India

Date of Birth/Age :

09.02.1952

Date of Appointment :

18.05.1994

DIN No.:

01635785

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	U35999TN1989PTC017127	KODAI ENGINEERS PRIVATE LIMITED	Director	28/03/1989	28/03/1989	-	Active	NO
2	U65991TN1992PLC024036	SUPER CREDITS LIMITED	Director	15/12/1992	15/12/1992	-	Active	NO
3	U27104TN1988PTC016268	MOD FORGE PRIVATE LIMITED	Director	18/05/1994	18/05/1994	-	Active	NO

Name :

Mr. Abhishek Modi

Designation :

Director

Address :

7E, Gee Gee Minar. 23 College Road, Chennai - -600 004, Tamil Nadu, India

Date of Birth/Age :

27.06.1980

Date of Appointment :

2303.2000

DIN No.:

00812915

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	U27104TN1988PTC016268	MOD FORGE PRIVATE LIMITED	Director	22/03/2000	22/03/2000	-	Active	NO
2	U27100TN2010PTC076882	MAG STEEL INDUSTRIES PRIVATE LIMITED	Director	5/8/2010	5/8/2010	-	Active	NO
3	U65991TN1992PLC024036	SUPER CREDITS LIMITED	Director	15/06/2011	15/06/2011	-	Active	NO
4	U34300PY1990PTC000665	VASANTH METALFORMS PRIVATE LIMITED	Director	16/06/2011	16/06/2011	-	Active	NO
5	U27104TN1981PTC008921	COROMANDAL FORGE PRIVATE LIMITED	Director	1/2/2012	1/2/2012	-	Active	NO

Name :

Mr. Viswanathan Shanmugasundaram

Designation :

Director

Address :

AP(Old No.854) No.52, 18^th Cross Street, MKB Nagar, Chennai - 600 038, Tamil Nadu, India

Date of Birth/Age :

24.06.1949

Date of Appointment :

05.02.2003

DIN No.:

02560003

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	U34300PY1990PTC000665	VASANTH METALFORMS PRIVATE LIMITED	Director	14/07/1999	14/07/1999	-	Active	NO
2	U27104TN1988PTC016268	MOD FORGE PRIVATE LIMITED	Director	5/2/2003	5/2/2003	-	Active	NO
3	U27100TN2010PTC076882	MAG STEEL INDUSTRIES PRIVATE LIMITED	Director	5/8/2010	5/8/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Om Prakash Modi		20165
Om Prakash Modi (HUF)		1492
Abhishek Modi		19544
Urmila Modi		15322
Asha Modi		4092
Ritu Modi		3700
Kamal Kumar Modi		100
Essar India		600
Vidlatha Exports Limited, India		3000
Gamex International Private Limited, India		2200
Mittal Agencies, India		1500
Shree Service Corporation, India		250
Kusum Steels Limited, India		10000
R.R. Rolling Mills Private Limited, India		636
Universal Multimedia Limited, India		1000
Kahga Metal and Steels Private Limited, India		909
S.T. Services Limited, India		500
Archana Steels, India		4000
Coromandal Forge Private Limited, India		15300
Super Credit Limited, India		16579
Aashish Retail Garments Private Limited, India		3000
Techno Commercial Private Limited, India		1000
Total		124889

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	44.00
Directors or relatives of Directors	52.00
Other	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bright Bars, Rough Forged Items and Trading of Iron and Steel Items.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Small Industries Development Bank of India, Branch Office At 207, AIEMA Tower, 1st Main Road,, Ambattur Industrial Estate,, Chennai - 600058, Tamil Nadu, India

Axis Bank Limited, CMC, Karumuthu Nilayam, No.192, Anna Salai, Chennai - 600002, Tamil Nadu, India

Indian Overseas bank, Purasawakkam Branch, 15, hunters road, Chennai – 600112, Tamil Nadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Loan - HDFC Bank - (Secured by Benz Car)	0.000	0.032
IndusInd Bank (Secured by Hypothecation on Plant and Machinery)	0.000	1.413
Loan- HDFC Bank Limited (Secured by Car)	0.482	0.754
AXIS Bank - Term Loan ( Secured by Hypothecation of Wind Mill 2)	6.064	7.500
AXIS Bank - Term Loan ( Secured by Hypothecation of Wind Mill)	3.503	7.405
AXIS Bank - Term Loan ( Secured by Hypothecation of Plant and Machinery)	0.789	0.000
AXIS Bank - Term Loan ( Secured against stock and receivables)	151.044	0.000
Loan - SIDBI (Secured by Hypothecation of Plant Machinery and Equipment)	2.600	0.000
Total	164.482	17.104

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Banks	41.367	20.322
From Body Corporates	11.057	10.705
From Directors	0.382	0.000
From Shareholders	0.193	0.000
From Others	0.496	0.000
Total	53.495	31.027


Banking Relations :	--

Auditors :
Name :	Jain Bafna and Associates Chartered Accountants
Address :	B1, Gazel Apartments, 58, Reams Road, Chennai – 600006, Tamil Nadu, India
Tel. No.:	91-442-8292857 / 28294228
E-Mail :	mail@jainbafna.ca
PAN.:	AAFPJ811D

Associates :	Kodai Engineering Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

124889	Equity Shares	Rs.100/- each	Rs.12.489 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		12.489	12.489	10.431
2] Share Application Money		1.001	1.001	19.238
3] Reserves & Surplus		86.502	79.167	51.150
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		99.992	92.657	80.819
LOAN FUNDS
1] Secured Loans		164.482	17.104	19.057
2] Unsecured Loans		53.495	31.027	20.845
TOTAL BORROWING		217.977	48.131	39.902
DEFERRED TAX LIABILITIES		7.470	5.595	7.789

TOTAL		325.439	146.383	128.510

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		71.593	62.971	53.148
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		5.806	8.006	30.806
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.644	50.550	34.311
	Sundry Debtors	142.432	92.424	64.395
	Cash & Bank Balances	27.755	0.910	0.368
	Other Current Assets	3.398	3.271	0.896
	Loans & Advances	48.642	32.004	29.305
Total Current Assets		298.871	179.159	129.275
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.784	41.886	33.587
	Other Current Liabilities	3.781	60.717	49.741
	Provisions	2.266	1.150	1.391
Total Current Liabilities		50.831	103.753	84.719
Net Current Assets		248.040	75.406	44.556

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		325.439	146.383	128.510

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	586.588	407.409	411.141
		Other Income	18.142	13.989	11.056
		TOTAL	604.730	421.398	422.197

Less		TOTAL EXPENSES	593.512	414.604	414.446

	PROFIT BEFORE TAX		11.218	6.794	7.751

Less	TAX		3.883	(1.044)	1.544

	PROFIT AFTER TAX		7.335	7.838	6.207

	Earnings Per Share (Rs.)		0.74	0.45	0.60

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.21	1.86	1.47

Net Profit Margin (PBT/Sales)	(%)	1.91	1.67	1.87

Return on Total Assets (PBT/Total Assets}	(%)	3.03	2.81	4.25

Return on Investment (ROI) (PBT/Networth)		0.11	0.07	0.10

Debt Equity Ratio (Total Liability/Networth)		2.69	1.64	1.54

Current Ratio (Current Asset/Current Liability)		5.88	1.73	1.53

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
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	--
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

COMPANY PERFORMANCE:

During the year the company has recorded good performance with the manufacturing turnover at Rs.586.588 Millions as compared to Rs.407.409 Millions during previous year. The Net profit before tax was at Rs.11.218 Millions (previous year Rs.6.794 Millions). With the good order booking position, the directors are confident of achieving good performance in the current year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U27104TN1988PTC016268
Name of the company	MOD FORGE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.103 and 104 Sidco Aiema Tower, 1^st Floor, Sidco Estate, 1^st Main Road, Ambattur Industrial Estate, Chennai – 600058, Tamil Nadu chennai@mod-forge.com
This form is for	Creation of charge
Type of charge	· Immovable property · Movable property (not being pledge)
Particular of charge holder	Small Industries Development Bank of India, Branch Office At 207, AIEMA Tower, 1st Main Road,, Ambattur Industrial Estate,, Chennai - 600058, Tamil Nadu, India venkatv@sidbi.in
Nature of instrument creating charge	Loan Agreement Deed of Hypothecation Declaration and undertaking
Date of instrument Creating the charge	13.03.2012
Amount secured by the charge	Rs.12.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 0.50% below SIDBI's PLR with monthly rests. The current SIDBI PLR being 12.75% and current effective rate of interest being 12.25%p.a. Terms of Repayment Repayable in 60 monthly installments after a moratorium of 6 months from the date of firs disbursement of the loan. Extent and Operation of the charge Hyp .of all movable properties pertaining to the project of the company as desribed in the loan agmt. and situated at Unit No.1,at 52, Eliambedu Village, Ponneri Taluk and Unit No.2 at B/3, 2nd Main Road, Ambattur Indl.Estate,Ch-58 including but not limiting to its movable, plant, machinery, machinery spares, tools and accessories, office equipment, computers, furniture and fixtures, and all other movable, both present and future Others Extn.of hyp. charge on the movables, plant, machinery, spares etc. already charged to SIDBI for the existing term loan of Rs.3.000 Millions. Mortgage by deposit of title deeds of company's land admeasuring 30 cents and 20 Cents respectively together with ACC Roof bldg. comprised in Old S.No.97/12C1 as per patta No.681 S.No.681 S.No.97/12C1B part situated at No.52, Elliambedu Village, Ponneri Taluk, Tiruvallur Dist. more fully described
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Extn. of hyp. charge on the movables, plant, machinery, spares etc. already charged to SIDBI for the existing term loan of Rs.3.000 Millions

Fixed Assets

Land
Building
Plant and Machinery
Wind Mill
Office Equipments
Electrical Installation
Furniture and Fixtures
Vehicles
Computer

Website Details

Profile

Subject was started on a modest scale way back in 1979. The company has grown from a trading concern to a multi-plant, multi-product company.

MFPL initially started to Trade in Carbon, Alloy Constructional grades of steel, High Speed Steel, various grades of Hot Working, Cold Working and Shock Resisting Steels. In the year 1991-92 when the country was embarking on its economic and industrial liberalization, MFPL decided to venture into Bright Steel Bar Production as it could visualise the emergence of Tamil Nadu as a major automobile production center in the country. Since then MFPL has been successfully satisfying its customers domestically and internationally.

Now in the 21st century when all major OEM's are looking in for bought out items MFPL has also ventured into the production of Closed Die and Press Forgings and fully finished Machined Components.

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.54.68
UK Pound	1	Rs.86.52
Euro	1	Rs.69.86

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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

76.644

142.432

27.755

3.398

48.642

298.871

44.784

3.781

2.266

50.831

248.040

1.21

1.91

3.03

0.11

2.69

5.88

Unit