MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	INDO ALUSYS INDUSTRIES LIMITED
Formerly Known As :	MAHAVIR ALUMINIUM LIMITED
Registered Office :	606, Tolstoy House, 15 Tolstoy Marg, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.10.1979
Com. Reg. No.:	55-009937
Capital Investment / Paid-up Capital :	L74999DL1979PLC009937
CIN No.: [Company Identification No.]	Rs. 85.079 Millions
IEC No.:	0592055621
TAN No.: [Tax Deduction & Collection Account No.]	DELM08506B
PAN No.: [Permanent Account No.]	AAACM5489L
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Sophisticated Quality Aluminium Extrusions.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 5600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears slight dip in profitability. However networth of the company appears to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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	CARE
Rating	Long term bank facilities : (CARE) BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	April 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/ Head Office :	606, Tolstoy House, 15 Tolstoy Marg, New Delhi – 110001, India
Tel. No.:	91-11-23738011/12/13/ 23317857-60/ 23712964/ 65/ 43564200
Fax No.:	91-11-23312677
E-Mail :	info@indoalusys.com mal3@vsnl.com
Website :	http://www.indoalusys.com
Location :	Owned
Factory :	SP – 2/333 Industrial Area, Bhiwadi, District Alwar, Rajasthan, India
Tel. No.:	91-1493-220764/ 220868/ 220924
Fax No.:	91-1493-220786
E-Mail :	mahalm@datainfosys.net works@indoalusys.com
Location :	Owned
Architectural Division :	59 MM Hoose, IInd floor, Rani Jhasi Road, New Delhi-110055, India
Tel. No.:	91-11-43758100
E-Mail :	infoaap@indoalusis.com infoaap@indoalusys.com
Cable and Conductor Division :	1004, Tolstoy House, 15, Tolstoy Marg, New Delhi-110001, India
Tel. No.:	91-11-43564200
Fax No.:	91-11-23312677
E-Mail :	sales_cables@indoalusys.com cables@indoalusys.com

DIRECTORS

AS ON 28.09.2011

Name :

Mr. Pradeep Kumar Jain

Designation :

Managing director

Address :

14 Alipur Road, Civil Lines, Delhi – 110054, India

Date of Birth/Age :

28.12.1956

Date of Appointment :

17.10.1979

Voter ID :

FSH0939132

PAN No.:

ACTPJ9187A

DIN No.:

00225927

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	L74999DL1979PLC009937	INDO ALUSYS INDUSTRIES LIMITED	Managing director	01/11/2008	17/10/1979	-	Active	NO
2	U74899DL1983PLC015996	SHRILON INDIA LIMITED	Director	07/03/1990	07/03/1990	-	Active	NO
3	U74899DL1980PTC010502	PSJ CONSTRUCTIONS PRIVATE LIMITED	Director	29/09/1998	29/09/1998	-	Active	NO
4	U74899DL1977PTC008632	ASEEM CHITS PRIVATE LIMITED	Director	29/09/1998	29/09/1998	-	Active	NO
5	U63040DL1999PLC098125	MAXIM RADIO CABS LIMITED	Director	28/01/1999	28/01/1999	01/12/2006	Active	NO
6	U74899DL1963PTC003875	SUPER TUBES PRIVATE LIMITED	Director	31/07/2009	31/07/2009	-	Active	NO
7	U74900DL2008PTC175104	PRIDE ENERGY SERVICES PRIVATE LIMITED	Director	28/09/2010	18/08/2009	07/07/2011	Active	NO
8	L25111DL1964PLC004235	JAIN TUBE COMPANY LIMITED	Additional director	11/05/2011	30/01/2010	-	Active	NO

Name :

Mr. Mahendra Dooger Kumar

Designation :

Director

Address :

B-515, Sarita Vihar, Delhi – 110044, India

Date of Birth/Age :

01.07.1951

Date of Appointment :

31.05.2006

DIN No.:

00319034

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	U74899DL1982PTC014854	IMAGE INSURANCE BROKERS PRIVATE LIMITED	Director	18/12/1982	18/12/1982	-	Active	NO
2	L70109DL1986PLC025841	MORGAN VENTURES LIMITED	Director	23/10/1986	23/10/1986	-	Active	NO
3	U74899DL1981PTC012709	D AND A FINANCIAL SERVICES PRIVATE LIMITED	Director	20/03/1989	20/03/1989	-	Active	NO
4	U67190DL1993PLC053234	DOOGAR AND ASSOCIATES SECURITIES LIMITED	Director	23/04/1993	23/04/1993	-	Active	NO
5	U17118RJ1975PLC002275	BHILWARA PROCESSORS LIMITED	Director	30/04/2001	30/04/2001	-	Amalgamated	NO
6	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	08/12/2001	08/12/2001	-	Active	NO
7	L45201GJ1986PLC008577	CHARTERED CAPITAL AND INVESTMENT LIMITED	Director	15/09/2003	15/09/2003	26/02/2009	Active	NO
8	L74999DL1979PLC009937	INDO ALUSYS INDUSTRIES LIMITED	Director	25/09/2006	31/05/2006	-	Active	NO
9	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Director	20/07/2006	20/07/2006	15/03/2012	Active	NO
10	L27101DL1994PLC134282	KAMDHENU ISPAT LIMITED	Director	22/09/2006	22/09/2006	-	Active	NO
11	L26941UP1983PLC027278	RADICO KHAITAN LIMITED	Director	09/09/2010	15/12/2009	-	Active	NO
12	L24297TN1973PLC006372	SHRI NATARAJ CERAMIC AND CHEMICAL INDUSTRIES LIMITED	Director	24/08/2011	29/09/2010	-	Active	NO
13	L24302RJ1970PLC002266	BSL LIMITED	Additional director	04/05/2012	04/05/2012	-	Active	NO
14	L74899HR1962PLC002618	FRICK INDIA LIMITED	Additional director	20/08/2012	20/08/2012	-	Active	NO

Name :

Mr. Avinash Parkash Gandhi

Designation :

Director

Address :

C2/14 Safdarjung Development Area, Delhi – 110016, India

Date of Birth/Age :

01.10.1938

Date of Appointment :

31.07.2006

DIN No.:

00161107

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	L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	Director	31/07/2002	31/07/2002	-	Active	NO
2	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	30/10/2003	30/10/2003	-	Active	NO
3	L34300MH1990PLC055300	FAIRFIELD ATLAS LIMITED	Director	31/10/2003	31/10/2003	-	Active	NO
4	U74140DL2004PTC127802	AVINAR CONSULTING PRIVATE LIMITED	Director	22/07/2004	22/07/2004	-	Active	NO
5	U74899DL1994PTC060689	PANALFA AUTOMOTIVE PRIVATE LIMITED	Director	21/10/2004	21/10/2004	-	Active	NO
6	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	12/05/2005	12/05/2005	-	Active	NO
7	U34300DL1996PLC081210	CONTINENTAL ENGINES LIMITED	Director	06/10/2005	06/10/2005	22/12/2011	Active	NO
8	L74899DL1985PLC020401	MINDA CORPORATION LIMITED	Director	28/01/2006	28/01/2006	-	Active	NO
9	L29130MH1962PLC012340	FAG BEARINGS INDIA LIMITED	Director	21/04/2011	20/04/2006	-	Active	NO
10	L74999DL1979PLC009937	INDO ALUSYS INDUSTRIES LIMITED	Director	25/09/2006	31/07/2006	-	Active	NO
11	U28920KA1995PLC017793	ALUCAST AUTO PARTS LIMITED	Director	23/01/2007	23/01/2007	01/09/2008	Active	NO
12	U29221DL2007PLC160549	PANALFA AUTOELEKTRIK LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO
13	U34300DL2007PTC157344	MINDA VALEO SECURITY SYSTEMS PRIVATE LIMITED	Director	23/09/2008	31/05/2007	-	Active	NO
14	U28910PB2001PLC024790	R.N.GUPTA AND COMPANY LIMITED	Director	30/09/2011	03/05/2008	-	Active	NO
15	U34102AP1998PLC029977	M.L.R.MOTORS LIMITED	Director	30/09/2009	20/02/2009	-	Active	NO
16	U29253DL2006PTC155275	MINDA FURUKAWA ELECTRIC PRIVATE LIMITED	Director	30/09/2009	03/03/2009	-	Active	NO
17	L34300DL1971PLC005634	CLUTCH AUTO LIMITED	Director	29/09/2009	18/04/2009	-	Active	NO
18	U34300DL1988PTC030280	TECH AUTO PRIVATE LIMITED	Director	06/03/2010	06/03/2010	-	Active	NO
19	U31905DL1981PLC127345	MINDA SAI LIMITED	Director	05/08/2011	09/04/2011	-	Active	NO

Name :

Ms. Sarada Prasann Singha

Designation :

Director

Address :

Q-505, Anupam Apartment NTS East, Arjun Nagar, Delhi – 110032, India

Date of Birth/Age :

06.08.1934

Date of Appointment :

15.10.2003

DIN No.:

00249043

KEY EXECUTIVES

Name :	Manu Kumar Garg
Designation :	Secretary
Address :	28/14 Advocate Colony, Near Universal GYM Cheeka - 136034, Haryana, India
Date of Birth/Age :	28.08.1983
Date of Appointment :	17.09.2010
PAN No.:	APMPG7356N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2011

Equity Share Breakup	Percentage of Holding
Category
Public financial companies	10.46
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	12.59
Bodies corporate	28.79
Directors or relatives of directors	45.30
Other top fifty shareholders	2.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sophisticated Quality Aluminium Extrusions.

Products :

ITC Code	Product Descriptions
760429.90	Aluminium extruded products/ Alloy Ingot
80030040 and 85444120, 76042910	Insulated Wires and Cables (including Optical Fibre cable)/ Power, Control cables and Conductors

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity*	Actual Production Qty
Aluminium Extruded Products/ Alloy Ingots		35400 p.a.	18300 p.a.	14421
Insulated Wires and Cables/Power, Control Cables and Conductors		135000 p.a.	40000 p.a.**	16228

(*) subject to Government approval

(**) The capacity has been taken on estimated basis as the installed capacity depends on the size and thickness of the cables.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Mysore, 3,4 & 5 DDA Building, Nehru Place, New Delhi – 110019, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	124.379	106.434
Working capital loans banks secured	254.511	145.871
Working capital loans others secured	122.669	84.202
Loans taken for vehicles secured	6.507	7.903
Other debt secured	0.118	1.070
Total	508.184	345.480
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans others unsecured	22.400	20.200
Interest accrued due other debt unsecured	0.041	0.107
Total	22.441	20.307

Banking Relations :	--
Financial Institution :	Tata Capital Financial Services Limited, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai – 400001, Maharashtra, India
Auditors :
Name :	B.K. Shroff and Company Chartered Accountants
Address :	3/ 7B, Asaf Ali Road, New Delhi-110002, India
Income-tax PAN of auditor or auditor's firm :	AADFB4923G
Others :	Indo Alusys Group Gratuity Fund

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,507,866	Equity Share	Rs.10/- each	Rs. 85.079 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		85.079	85.079	85.079
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1314.291	1318.982	1314.305
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1399.370	1404.061	1399.384
LOAN FUNDS
1] Secured Loans		508.184	345.480	255.907
2] Unsecured Loans		22.441	20.307	0.407
TOTAL BORROWING		530.625	365.787	256.314
DEFERRED TAX LIABILITIES		38.457	33.756	20.600
TOTAL		1968.452	1803.604	1676.298
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1439.345	1434.522	1310.459
Capital work-in-progress		19.056	1.228	3.418
INVESTMENT		2.493	2.001	2.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	729.847	412.805	353.255
	Sundry Debtors	320.826	196.855	136.593
	Cash & Bank Balances	36.299	42.468	38.201
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	126.573	88.000	80.431
Total Current Assets		1213.545	740.128	608.480
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	607.236	289.257	185.991
	Other Current Liabilities	88.277	71.912	59.005
	Provisions	10.474	13.106	3.064
Total Current Liabilities		705.987	374.275	248.060
Net Current Assets		507.558	365.853	360.420
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1968.452	1803.604	1676.298

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2335.671	1604.407	1535.721
		Other Income	13.570	10.996	14.701
		TOTAL (A)	2349.241	1615.403	1550.422
Less	EXPENSES
		Consumption materials changes inventories	1826.414	1201.322
		Manufacturing service costs	163.185	123.565
		Employee related expenses	94.229	63.685
		Administrative selling other expenses	123.154	94.827
		TOTAL (B)	2206.982	1483.399	1471.064
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		142.259	132.004	79.358
Less	FINANCIAL EXPENSES (D)		61.845	36.297	44.261
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		80.414	95.707	35.097
Less/ Add	DEPRECIATION/ AMORTISATION (F)		30.160	18.856	16.981
	PROFIT BEFORE TAX (E-F) (G)		50.254	76.851	18.116
Less	TAX (H)		15.865	25.786	6.890
	PROFIT AFTER TAX (G-H) (I)		34.389	51.065	11.226
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		219.034	167.969	156.743
	BALANCE CARRIED TO THE B/S		253.423	219.034	167.969
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	0.000	25.498	(75.473)
	IMPORTS
		Raw Materials	207.735	168.072	(290.067)
		Stores & Spares	8.711	10.695	(10.073)
		Capital Goods	2.131	24.456	0.000
	TOTAL IMPORTS		218.577	203.223	(300.140)
	Earnings Per Share (Rs.)		4.04	6.00	1.32

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.46	3.16	0.72
Net Profit Margin (PBT/Sales)	(%)	2.15	4.79	1.18
Return on Total Assets (PBT/Total Assets}	(%)	1.89	3.53	0.94
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.01
Debt Equity Ratio (Total Liability/Networth)		0.88	0.53	0.36
Current Ratio (Current Asset/Current Liability)		1.72	1.98	2.45

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

OPERATIONS

TURNOVER

The Company has recorded turnover of Rs. 2551.077 Millions during the year as against Rs. 1724.109 Millions during the previous year. Therefore an increase of 47.96%.

PERFORMANCE OVERVIEW AND EXPANSION PROGRAMMES

EXTRUSION

During the year, the Company has maintained its performance in terms of turnover despite of severe price fluctuations, competition and significant challenges. Aluminium business delivered excellent results with continuous growth. Business grew on account of expanded volumes with better asset utilization and optimal load distribution, coupled with an increased share of value added products.

Expansion in Extrusion Division

3rd and 4th Extrusion Press

The 3rd 1100 Tons Extrusion Press has already been commissioned successfully and is in operations. Company has been producing on an average 200 MT per month on this new Extrusion Press.

Further, company is also implementing another 4th Extrusion Press of 2100 Tons Extrusion Press with a total project cost of Rs.120.000 Millions.

Alloy Ingots

The new 7 Tons Skelner Furnace has already been installed and is working fine. With this installation, the performance of the Alloy Division has been improving every month which has been shown in the enclosed production/sales data of Alloy Division.

CABLE DIVISION

During the year, company has started operations in the Cable Division. This project has been conceived for Quad/Control Cables for Railways. Though the demand of the product is good but the margins are tight. It has taken substantial time to take the approval from Indian Railways.

However, to offset this time gap, company has started producing cables/conductors for State Electricity Board.

Approval from Indian Railways is expected to be received by this month i.e. September, 2011 end.

Expansion in Cable Division

India’s power sector continues to be a stumbling block for its infrastructure growth and overall development. The yawning gap in the demand-supply situation in metro cities and the urban sector still remains in a precarious state. Therefore, to infuse power to the load centres of the urban sector, underground power transmission using cables is the only solution.

Cables play a small but significant part in infrastructure activities. The cable industry in India is positioned for a strong growth going forward, with investments proposed across sectors like power, realty, industrial and telecom. With the Government recognizing the power sector as the backbone of sustained industrial growth, investments are being made towards building up capacities. Power cables play a crucial part in all the three aspects of the power sector – generation, transmission and distribution.

GLOBAL INDUSTRY OUTLOOK

Global Aluminium Demand Seen More Than Doubling Over Decade.

Global demand for primary aluminum may almost double in the next decade led by growth in China, leading to a supply shortage of about 8 million metric tons, the Japan Aluminium Association said.

Consumption is forecast to grow to 74 million tons in 2020 from 38 million tons this year. Global capacity to produce the metal is expected to increase 47 percent to 66 million tons.

Demand in China , the world’s largest consumer of the metal used for cars and houses, is forecast at 44 million tons in 2020, almost tripling from 16 million tons this year. The growth will be driven by expanding car output in the nation, the largest auto market.

Japan’s aluminum demand is expected to grow 26 percent to 2.4 million tons in 2020 from this year.

India’s per capita consumption of aluminum metal compares at around 1kg versus the per capita consumptions of other countries like the US and Europe (25 to 30 kgs), Japan (15 kgs), Taiwan (10 kgs) and China (3 kgs).

DOMESTIC OUTLOOK

Aluminium is an extraordinarily versatile material. The range of forms it can take (castings, extrusions and tubes, sheet and plate, foil, powder, forgings etc) and variety of surface finishes available (coatings, anodizing, polishing etc) means it lends itself to a wide range of products, many of which we use every day of our lives.

The Indian aluminum industry has grown and continues to grow at a rapid pace. India is the world’s fifth largest aluminum producer with aluminum production of about 2.7 million tons, accounting for almost 5% of the total aluminum production in the world. India has about 3 billion tons of bauxite reserves, which accounts for almost 7.5% of the world’s 65 billion bauxite reserves.

FUTURE DEMAND OF POWER CABLES

Due to increased focus on power quality and energy efficiency by utilities, Discoms and user industries, demand for capacitors surged by 35% in 2010-11. Buoyancy in demand from Power Grid, IPPs (Independent Power Producer) and some utilities for HV (High Voltage) and EHV (Extra High Voltage) switchgear including products like AIS, GIS has resulted in a 28% growth. Pent up demand of medium voltage breakers for substation projects resulted in huge growth of more than 30%.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

FORWARD-LOOKING STATEMENTS

All statements that address expectations or projections about the future, including but not limited to statements about the Company’s strategy for growth, product development, market position, expenditures, and financial results are forward looking statements.

Forward-looking statements are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realized. The company’s actual results, performance or achievements could thus differ materially from those projected in any such forward-looking statements .

INDUSTRY ANALYSIS AND BUSINESS OPPORTUNITIES

Aluminium extrusions are fast replacing conventional materials and metals in almost every sphere because they offer versatility, high strength-to-weight ratio, elegant looking, corrosion resistance, aesthetic appeal, easy installation capability, high scrap value, vast choice of colour and design, easy maintenance and substantial savings on costs. At the domestic Level this sector emerged as most important industry, because of improved purchasing power, changing life style and ever increasing popularity of aluminium intensive applications. Growth of Power Sector provides a tool for a strong growth of Aluminium Industry in the near future.

The Automotive sector is the second largest user of the domestic Aluminium Extrusions and Aluminium Ingots. Aluminium consumption from automotive segment has grown because of the favorable Government Schemes. The Growth Automotive Sector is expected to be doubled during the year because of significant demand of both Two Wheelers and Passengers Cars. We believe that the contribution from this segment will grow in near future for alloys.

The Building and construction sector is also poised to grow further. The improving affordability on the back of lower interest rate and continued fiscal incentives is driving the growth. This coupled with growing acceptance of aluminium for construction and increasing standardization of extruded products for construction would increase the sector’s confidence in using aluminium products.

With Government now considering the new incentives to be allowed, the usage of aluminium will improve in the construction. The consumer durables and packaging sectors are also showing positive growth signs with the rise in consumer income.

The company is well positioned to capitalize on emerging opportunity due to significant competitive strength, acquired over the years.

BUSINESS OVERVIEW/ OUT LOOK

In a challenging year for the global economy and their industry, satisfactory results across their businesses. They have remained focused on their core strengths of aluminium. They have increased volumes across all businesses whilst keeping costs under control and are well placed to benefit from the sustained recovery in their industry.

The Aluminium business delivered fair results with steady growth. Business grew on the back of higher process on the LME, expanded volumes from better asset utilization and optimal load distribution, coupled with an increased share of value added products. Cost pressure on account of input price escalation was contained in some measures through cost reduction programmes initiated earlier.

Indo Alusys Industries Limited has the distinction of being one of the first extrusion companies of India to have ISO 9001-2000 certification from the world-renowned certifying agency DET NORSKE VERITAS (DNV) of Netherlands. The Company manufactures quality Aluminium Products. The Company also exports its products to various countries including UAE and U.K. Plant of the company is equipped with latest and most advanced plant and machinery and other supporting/ balancing equipments.

The business philosophy of the Company is to provide high quality products, timely delivery and customer satisfaction. The Company is dedicated to continual improvement of its products, services and company as a whole, through process control, employee involvement and management commitment.

Industry Outlook

Domestic consumption of aluminium has recorded a strong growth. Aluminium consumption will get a further boost from the mega power projects as well as the initiatives announced by the Government in the budget for the rural electrification. There is substantial investment needed in the sector to meet the country’s current and projected future power requirement, which bodes well for aluminium. Aluminium consumption in transportations segment is expanding at a high rate with the increasing household income which has provided a significant lift to passenger vehicles segment. Improvement in road infrastructure and increasing economic activity bodes well for commercial vehicles demand. Export of Auto component from India has clocked a growth rate owing to a huge increase in sourcing of auto components from India by several developed countries. This has significant potential for domestic aluminium consumption.

The building and Construction sector has been witnessing an unprecedented growth all over the country. The broad based economic growth has resulted in rapid urbanization and development of smaller towns. This along with strong sentiment is boosting demand for commercial properties. Experts forecast a short fall of 19 million houses every year, which can lead to substantial demand creation for aluminium products.

Towards capitalizing on emerging opportunities, the company has chalked out an ambitious growth plan that is aimed at catapulting the company into the league of top Indian Aluminium Manufacturing Companies.

Keeping in mind the ongoing value shift in alumina, favorable demand supply conditions in growing markets of Asia and significant advantages available for Indian producers, the company has decided to pursue aggressive growth by strengthening their hold on domestic market and embark on value added export in future.

FINANCIAL PERFORMANCE

Company has reported a gross turnover of Rs 25462.74 during the year as compared to Rs 1720.716 Millions during the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L74999DL1979PLC009937
Name of the company	INDO ALUSYS INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	606 Tolstoy House 15 Tolstoy Marg, Delhi - 110001, India Email ID: info@indoalusys.com
This form is for	Modification of charge
Charge identification number of the modified	80025372
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	State Bank of Mysore, 3,4 & 5 DDA Building, Nehru Place, New Delhi – 110019, India Email ID: sbm415@indiatimes.com
Nature of description of the instrument creating or modifying the charge	NOC issued by Axis Bank and State Bank of Mysore for modification in charge ID no. 80025372 with ROC, as term loan of Rs. 40.000 Millions sanctioned by state Bank of Mysore which remain same vide this ID and for Axis Bank loan of Rs. 75.000 Millions separate charge being filed already vide Id no. 10143090. therefore, only Rs. 40.000 Millions term loan appears in this ID in the name of State Bank of Mysore.
Date of instrument Creating the charge	10.09.2012
Amount secured by the charge	Rs. 40.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per the Sanction Letter and Term Loan Agreement Terms of Repayment As Per the Sanction Letter and Term Loan Agreement Margin As Per the Sanction Letter and Term Loan Agreement Extent and Operation of the charge First parri passu charge for the term lender
Short particulars of the property charged	Land, building and other structures situated at plot no. Sp-2/333, Bhiwadi Industrial Estate, Bhiwadi, Alwar, Rajasthan in favour of SBM for their term loan limits of 40.000 Millions
Date of latest modification prior to the present modification	25.11.2010
Particulars of the present modification	Detail of present charge: 1. First pari passu charge on all immovable property together with land measuring 0.100 Million sq mtr and the buildings, other structures, covering term loan of Rs. 40.000 Millions of SBM 2. First parri passu charge on all the machinery and movable fixed assets of the company covering the term loan of Rs. 40.000 Millions of sbm

CONTINGENT LIABILITIES

Unprovided contingent liabilities are disclosed in the accounts by way of notes giving nature and quantum of such liability.

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010
2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)	52.466	1.437
3. Contingent Liabilities not provided for in respect of :
a) Bank Guarantees	54.319	36.802
b) Guarantee given on behalf of an outsider	0.100	0.100
c) Bonds issued in favour of Govt. Authorities	1.460	1.460
d) Bill discounted with Banks	88.871	13.282
e) Excise duty/service tax./Income Tax demands/disputed in appeals	122.271	34.933
f) Claims against the company not acknowledged as debts	1.551	1.506

FIXED ASSETS

· Land – Leasehold

· Building

· Plant and Machinery

· Furniture and Fixture

· Factory and Office

· Equipment

· Vehicles

WEB DETAILS

PROFILE:

Subject (Formerly Mahavir Aluminium Limited) is promoted by the Jain Group of Industries in the year 1979,with a main objective to manufacture sophisticated quality Aluminum Extrusions in India.

In a short span of time, the company geared up to multi -products and multi dimensional activities with world class Aluminum Extrusion products, Aluminum Architectural products and Alloy Ingots.

The manufacturing facilities of subject is located in the highly developed Industrial Area of Bhiwadi, in Alwar District of Rajasthan, which is about 70 kms from the National Capital, New Delhi. The company has an installed capacity of 11,000 MT of Aluminum Extrusions, Alloy Ingot capacity of 10,000 MT, Powder coating and finishing capacity of 2400 MT and Anodizing/Electro-coloring capacity of 2,000 MT per annum. They also have a fabrication capacity of 1,50,000 sq.mtrs. for doors and windows, structural glazing, curtain wall, aluminum cladding, skylights, frameless glazing.

The company has German Aluminum extrusion press & Italian know how of Anodizing, Electro-coloring and powder coating.

Export has been thrust area of the Company. The quality range of the products has been internationally accepted by European and Middle East markets for their persistent reliability and competitive edge.

FUTURE OUTLOOK

With a view to boom in building construction Industry, real estate / infrastructures in India, the company has been consistently developing a large team of dedicated technical manpower, designers, planners etc. and resources to meet future requirements.

To meet ever-growing demand in the Auto Ancillary industry, the company has future plans to manufacture the Aluminum Casting Components and Assemblies thereafter. They also have growth plan for fabricated extrusion products to be used in Industrial applications.

On a diversification spree, Real Estate/ Infrastructural projects are under planning. With a view to future, company ushers with host of ideas and innovations for greener and healthier environment.

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 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 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. 53.91
UK Pound	1	Rs. 87.60
Euro	1	Rs. 70.01

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--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		48

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

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.