MIRA INFORM REPORT

Report Date :

02.07.2013

IDENTIFICATION DETAILS

Name :	NECO HEAVY ENGINEERING AND CASTINGS LIMITED (w.e.f. 26.03.2009)
Formerly Known As :	NECO CASTINGS LIMITED NECO CASTINGS PRIVATE LIMITED
Registered Office :	Plot No. 65/2, Nildoh Digdoh, MIDC Industrial Area, Nagpur – 440016, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.11.1987
Com. Reg. No.:	11-045436
Capital Investment / Paid-up Capital :	Rs. 37.010 Millions
CIN No.: [Company Identification No.]	U27300MH1987PLC045436
TAN No.: [Tax Deduction & Collection Account No.]	NGPN00541C
PAN No.: [Permanent Account No.]	AAACN7165N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Engineering Castings and C T Castings.
No. of Employees :	500 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Maximum Credit Limit :	USD 708000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profit margin of the company is low. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB- (Long Term Fund Based Limits)
Rating Explanation	Moderate risk of default
Date	December 2012

Rating Agency Name	ICRA
Rating	A4 (Short Term Non Fund Based Limits)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	December 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.

INFORMATION PARTED BY

Name :	Mr. Rajan
Designation :	Export Manager
Contact No.:	91-9373658000
Date :	26.06.2013

LOCATIONS

Registered Office / Factory 1:	Plot No. 65/2, Nildoh, Digdoh MIDC Industrial Area, Nagpur – 440016, Maharashtra, India
Tel. No.:	91-7104-236997 / 236998 / 236251 / 237461
Mobile No.:	91-9373658000 (Mr. Rajan)
Fax No.:	91-7104-236255 / 232774 / 237583
E-Mail :	contact@necoindia.com rajan.exportmktg@necoindia.com neconcl@necoindia.com
Website :	http://www.necoindia.com
Location :	Owned
Corporate Office :	F-8, MIDC Industrial Area Hingna Road, Nagpur – 440016, Maharashtra, India
Tel. No.:	91-7104-237276 / 237471 / 237472 / 236251
Fax No.:	91-710-4236255 / 4237583
Factory 2 :	F-9/17, MIDC Industrial Area Hingna Road, Nagpur – 440016, Maharashtra, India
Tel. No.:	91-7104-235944

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Arvindkumar Jayaswal
Designation :	Director
Address :	Usha Sadan, 246, PT. R.S.S. Marg, Civil Lines, Nagpur – 440001, Maharashtra, India
Date of Birth/Age :	26.11.1953
Date of Appointment :	12.04.2007
DIN No.:	00249864

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	L28920MH1972PLC016154	JAYASWAL NECO INDUSTRIES LIMITED	Managing director	01-01-11	28-11-72	-	Active	NO
2	U27106MH1982PTC027084	STEEL AND TUBE EXPORTS PRIVATE LIMITED	Director	05-05-82	05-05-82	-	Active	NO
3	U65990MH1984PTC033821	JAYASWAL HOLDINGS PRIVATE LIMITED	Director	23-08-84	23-08-84	-	Active	NO
4	U15317MH1982PTC027277	PARIVAR FOOD INDUSTRIES PRIVATE LIMITED	Director	31-08-84	31-08-84	-	Active	NO
5	U29120MH1985PTC035613	NECO VALVES AND PUMPS PRIVATE LIMITED	Director	14-03-85	14-03-85	-	Active	NO
6	U65920MH1987PTC043982	NECO LEASING AND FINANCE PRIVATE LIMITED	Director	03-07-87	03-07-87	-	Active	NO
7	U27106MH1984PTC034473	NAGPUR SCRAP SUPPLIERS PRIVATE LIMITED	Director	30-03-89	30-03-89	-	Active	NO
8	U61862MH1991PLC061862	NAGPUR AGRO AND FOOD PROCESSORS LIMITED	Director	22-01-93	22-01-93	28-07-12	Active	NO
9	U27300MH1995PLC091956	MAA USHA URJA LIMITED	Director	18-08-95	18-08-95	-	Active	NO
10	U40103MH1996PTC101536	JAYASWAL NECO POWER PRIVATE LIMITED	Director	01-08-96	01-08-96	-	Active	NO
11	U28920MH1997PTC110868	CENTRAL INDIA DEVELOPERS LIMITED	Director	24-09-97	24-09-97	-	Active	NO
12	U65191MH1991PLC060014	JAYASWAL NECO POWER HOLDING COMPANY LIMITED	Director	24-09-97	24-09-97	-	Active	NO
13	U67120MH1984PTC033850	JYOTIKANT INVESTMENTS PRIVATE LIMITED	Director	30-09-97	30-09-97	-	Active	NO
14	U27310MH1981PLC163100	NSSL LIMITED	Director	26-10-02	26-10-02	25-05-13	Active	NO
15	U27100MH2003PTC140824	A M R IRON AND STEEL PRIVATE LIMITED	Director	10-06-03	10-06-03	-	Active	NO
16	U99999MH2006PLC159352	NORTH KARANPURA COAL COMPANY LIMIITED	Director	30-01-06	30-01-06	28-07-12	Active	NO
17	U99999MH2006PLC159353	NORTH KARANPURA POWER COMPANY LIMITED	Director	30-01-06	30-01-06	-	Active	NO
18	U99999MH1982PTC026769	NAGPUR FASTENERS INDUSTRIES PRIVATE LIMITED	Director	14-04-06	14-04-06	-	Active	NO
19	U45203MH1991PLC062494	DEIFY INFRASTRUCTURES LIMITED	Director	02-03-07	02-03-07	-	Active	NO
20	U40102MH2007PLC169762	JAYASWAL NECO URJA LIMITED	Director	09-04-07	09-04-07	-	Active	NO
21	U27300MH1987PLC045436	NECO HEAVY ENGINEERING AND CASTINGS LIMITED	Director	12-04-07	12-04-07	-	Active	NO
22	U27102CT2008PTC020681	BHILAI IRON FOUNDRY PRIVATE LIMITED	Director	02-06-08	02-06-08	-	Active	NO
23	U51109WB1993PTC058241	KARAMVEER IMPEX PRIVATE LIMITED	Director	01-10-08	01-10-08	-	Active	NO
24	U25202MH1989PTC053796	NINE STAR PLASTIC PACKAGING SERVICES PRIVATE LIMITED	Director	01-10-08	01-10-08	-	Active	NO
25	U27310WB1993PTC058237	JAYASWAL NECO METALLICS PRIVATE LIMITED	Director	01-10-08	01-10-08	-	Active	NO
26	U27100MH2004PTC150058	INERTIA IRON AND STEEL INDUSTRIES PRIVATE LIMITED	Additional director	14-10-08	14-10-08	-	Amalgamated	NO
27	U27104CT1995PTC010157	RAJIV IRON AND STEEL PVT LTD	Additional director	24-12-08	24-12-08	-	Active	NO
28	U27209CT2007PLC020492	NECO STRIPS LIMITED	Director	02-03-09	02-03-09	-	Active	NO
29	U27106MH1996PLC099228	JAYASWAL NECO STEEL AND MINING LIMITED	Director	30-09-09	15-04-09	-	Active	NO
30	U45204MH1999PTC119496	JAYASWAL NECO INFRASTRUCTURES PRIVATE LIMITED	Director	30-09-09	15-04-09	-	Active	NO
31	U45203MH1991PTC062496	DEIFY INFRAPROJECTS PRIVATE LIMITED	Director	30-09-09	20-04-09	-	Active	NO
32	U51909WB2006PTC107423	AMRITA VYAPAAR PRIVATE LIMITED	Director	30-09-10	05-03-10	-	Active	NO
33	U27100MH2010PTC203176	A M R STEEL INDUSTRIES PRIVATE LIMITED	Director	13-05-10	13-05-10	-	Active	NO
34	U10100MH2010PLC205101	NECO MINING COMPANY LIMITED	Director	01-07-10	01-07-10	-	Active	NO
35	U40101MH2006PLC166285	JLD YAVATMAL ENERGY LIMITED	Director	30-09-11	06-12-10	-	Active	NO
36	U25203MH2012PLC234002	NECO POLYPROPYLENE LIMITED	Director	01-08-12	01-08-12	-	Active	NO
37	U70200WB2009PTC138083	HARIHAR ENTERPRISES PRIVATE LIMITED	Additional director	16-01-13	16-01-13	14-03-13	Active	NO

Name :	Mr. Ramesh Jayaswal
Designation :	Director
Address :	Usha Sadan, 246, PT. R.S.S. Marg, Civil Lines, Nagpur – 440001, Maharashtra, India
Date of Birth/Age :	02.02.1960
Date of Appointment :	12.04.2007
DIN No.:	00249947

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	U27106MH1982PTC027084	STEEL AND TUBE EXPORTS PRIVATE LIMITED	Director	05-05-82	05-05-82	-	Active	NO
2	L28920MH1972PLC016154	JAYASWAL NECO INDUSTRIES LIMITED	Managing director	01-01-11	05-03-83	-	Active	NO
3	U65990MH1984PTC033821	JAYASWAL HOLDINGS PRIVATE LIMITED	Director	23-08-84	23-08-84	-	Active	NO
4	U15317MH1982PTC027277	PARIVAR FOOD INDUSTRIES PRIVATE LIMITED	Director	23-08-84	23-08-84	-	Active	NO
5	U29120MH1985PTC035613	NECO VALVES AND PUMPS PRIVATE LIMITED	Director	14-03-85	14-03-85	-	Active	NO
6	U65920MH1987PTC043982	NECO LEASING AND FINANCE PRIVATE LIMITED	Director	03-07-87	03-07-87	-	Active	NO
7	U61862MH1991PLC061862	NAGPUR AGRO AND FOOD PROCESSORS LIMITED	Director	22-01-93	22-01-93	31-07-09	Active	NO
8	U27300MH1995PLC091956	MAA USHA URJA LIMITED	Director	18-08-95	18-08-95	-	Active	NO
9	U40103MH1996PTC101536	JAYASWAL NECO POWER PRIVATE LIMITED	Director	01-08-96	01-08-96	-	Active	NO
10	U27310MH1981PLC163100	NSSL LIMITED	Director	03-10-96	03-10-96	25-05-13	Active	NO
11	U67120MH1984PTC033850	JYOTIKANT INVESTMENTS PRIVATE LIMITED	Director	30-09-97	30-09-97	-	Active	NO
12	U28920MH1997PTC110868	CENTRAL INDIA DEVELOPERS LIMITED	Director	30-10-00	30-10-00	-	Active	NO
13	U65191MH1991PLC060014	JAYASWAL NECO POWER HOLDING COMPANY LIMITED	Director	30-10-00	30-10-00	05-05-10	Active	NO
14	U27100MH2003PTC140824	A M R IRON AND STEEL PRIVATE LIMITED	Director	10-06-03	10-06-03	-	Active	NO
15	U99999MH2006PLC159353	NORTH KARANPURA POWER COMPANY LIMITED	Director	30-01-06	30-01-06	-	Active	NO
16	U99999MH2006PLC159352	NORTH KARANPURA COAL COMPANY LIMIITED	Director	30-01-06	30-01-06	05-05-10	Active	NO
17	U45200MH1991PLC062469	TERRA INFRA DEVELOPMENT LIMITED	Director	28-02-07	28-02-07	-	Active	NO
18	U45200MH1991PLC062470	TERRA PROJECTS LIMITED	Director	02-03-07	02-03-07	-	Active	NO
19	U40102MH2007PLC169762	JAYASWAL NECO URJA LIMITED	Director	09-04-07	09-04-07	-	Active	NO
20	U27300MH1987PLC045436	NECO HEAVY ENGINEERING AND CASTINGS LIMITED	Director	12-04-07	12-04-07	-	Active	NO
21	U99999MH1982PTC026769	NAGPUR FASTENERS INDUSTRIES PRIVATE LIMITED	Director	14-04-07	14-04-07	-	Active	NO
22	U27102CT2008PTC020681	BHILAI IRON FOUNDRY PRIVATE LIMITED	Director	02-06-08	02-06-08	-	Active	NO
23	U40102WB1993PTC058437	JAYASWAL NECO ENERGY PRIVATE LIMITED	Director	01-10-08	01-10-08	-	Active	NO
24	U17120MH1991PTC062121	APEX SPINNING MILLS PRIVATE LIMITED	Director	01-10-08	01-10-08	-	Active	NO
25	U27310WB1993PTC058237	JAYASWAL NECO METALLICS PRIVATE LIMITED	Director	01-10-08	01-10-08	-	Active	NO
26	U27100MH2004PTC150058	INERTIA IRON AND STEEL INDUSTRIES PRIVATE LIMITED	Additional director	14-10-08	14-10-08	-	Amalgamated	NO
27	U27104CT1995PTC010157	RAJIV IRON AND STEEL PRIVATE LIMITED	Additional director	24-12-08	24-12-08	-	Active	NO
28	U27209CT2007PLC020492	NECO STRIPS LIMITED	Director	02-03-09	02-03-09	05-05-10	Active	NO
29	U14200AP2008PTC058784	FERROMAX MINES AND MINERALS PRIVATE LIMITED	Director	12-03-09	12-03-09	-	Active	NO
30	U40101MH2006PLC166285	JLD YAVATMAL ENERGY LIMITED	Director	02-04-09	02-04-09	-	Active	NO
31	U65990MH1991PTC062471	NECO HOLDINGS PRIVATE LIMITED	Director	30-09-09	07-04-09	-	Active	NO
32	U27106MH1984PTC034473	NAGPUR SCRAP SUPPLIERS PRIVATE LIMITED	Director	07-04-09	07-04-09	-	Active	NO
33	U27106MH1996PLC099228	JAYASWAL NECO STEEL AND MINING LIMITED	Director	30-09-09	15-04-09	-	Active	NO
34	U45204MH1999PTC119496	JAYASWAL NECO INFRASTRUCTURES PRIVATE LIMITED	Director	30-09-09	15-04-09	-	Active	NO
35	U45203MH1991PTC062496	DEIFY INFRAPROJECTS PRIVATE LIMITED	Director	30-09-09	20-04-09	-	Active	NO
36	U45203MH1991PTC062495	JAYASWAL NECO INFRAPROJECTS PRIVATE LIMITED	Director	30-09-09	31-07-09	-	Active	NO
37	U45400AP2007PLC053321	PONDICHERRY -TINDIVANAM TOLLWAY LIMITED	Director	30-09-09	09-09-09	26-04-12	Active	NO
38	U45203MH1991PLC062494	DEIFY INFRASTRUCTURES LIMITED	Director	30-09-10	10-10-09	-	Active	NO
39	U45209AP2007PLC054992	HYDERABAD EXPRESSWAYS LIMITED	Director	24-09-10	21-10-09	09-02-12	Active	NO
40	U45209AP2007PLC054996	CYBERABAD EXPRESSWAYS LIMITED	Director	24-09-10	21-10-09	09-02-12	Active	NO
41	U51109WB2006PTC107007	PECON VINIMAY PRIVATE LIMITED	Director	30-09-10	05-03-10	-	Active	NO
42	U27100MH2010PTC203176	A M R STEEL INDUSTRIES PRIVATE LIMITED	Director	13-05-10	13-05-10	-	Active	NO
43	U10100MH2010PLC205101	NECO MINING COMPANY LIMITED	Director	01-07-10	01-07-10	-	Active	NO

Name :	Mr. Basant Lall Shaw
Designation :	Director
Address :	Usha Sadan, 246, PT. R.S.S. Marg, Civil Lines, Nagpur – 440001, Maharashtra, India
Date of Birth/Age :	03.08.1933
Date of Appointment :	14.11.1994
DIN No.:	00249729

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	L28920MH1972PLC016154	JAYASWAL NECO INDUSTRIES LIMITED	Director	28-11-72	28-11-72	-	Active	NO
2	U27310MH1981PLC163100	NSSL LIMITED	Director	23-04-81	23-04-81	25-05-13	Active	NO
3	U65990MH1984PTC033821	JAYASWAL HOLDINGS PRIVATE LIMITED	Director	23-08-84	23-08-84	-	Active	NO
4	U29120MH1985PTC035613	NECO VALVES AND PUMPS PRIVATE LIMITED	Director	14-03-85	14-03-85	-	Active	NO
5	U65920MH1987PTC043982	NECO LEASING AND FINANCE PRIVATE LIMITED	Director	03-07-87	03-07-87	-	Active	NO
6	U61862MH1991PLC061862	NAGPUR AGRO AND FOOD PROCESSORS LIMITED	Director	22-01-93	22-01-93	-	Active	NO
7	U27300MH1987PLC045436	NECO HEAVY ENGINEERING AND CASTINGS LIMITED	Director	14-11-94	14-11-94	-	Active	NO
8	U27300MH1995PLC091956	MAA USHA URJA LIMITED	Director	18-08-95	18-08-95	-	Active	NO
9	U28920MH1997PTC110868	CENTRAL INDIA DEVELOPERS LIMITED	Director	24-09-97	24-09-97	-	Active	NO
10	U65191MH1991PLC060014	JAYASWAL NECO POWER HOLDING COMPANY LIMITED	Director	24-09-97	24-09-97	-	Active	NO
11	U67120MH1984PTC033850	JYOTIKANT INVESTMENTS PRIVATE LIMITED	Director	30-09-97	30-09-97	-	Active	NO
12	U27100MH2003PTC140824	A M R IRON AND STEEL PRIVATE LIMITED	Director	10-06-03	10-06-03	31-08-12	Active	NO
13	U99999MH1930PLC010268	NECO CERAMICS LIMITED	Director	01-04-05	01-04-05	-	Active	NO
14	U99999MH2006PLC159353	NORTH KARANPURA POWER COMPANY LIMITED	Director	30-01-06	30-01-06	-	Active	NO
15	U99999MH2006PLC159352	NORTH KARANPURA COAL COMPANY LIMIITED	Director	30-01-06	30-01-06	-	Active	NO
16	U31100MH1981PLC024075	ASHUTOSH CASTINGS LIMITED	Director	10-04-06	10-04-06	-	Amalgamated	NO
17	U65990MH1991PTC062471	NECO HOLDINGS PRIVATE LIMITED	Director	02-03-07	02-03-07	-	Active	NO
18	U40102MH2007PLC169762	JAYASWAL NECO URJA LIMITED	Director	09-04-07	09-04-07	-	Active	NO
19	U35999TN1981PLC008916	ECONO VALVES LIMITED	Director	29-09-07	29-09-07	-	Active	NO
20	U27102CT2008PTC020681	BHILAI IRON FOUNDRY PRIVATE LIMITED	Director	02-06-08	02-06-08	-	Active	NO
21	U27310WB1993PTC058237	JAYASWAL NECO METALLICS PRIVATE LIMITED	Director	01-10-08	01-10-08	-	Active	NO
22	U51900MH1993PTC072686	ANURAG SALES AND SERVICES PRIVATE LIMITED	Director	01-10-08	01-10-08	-	Active	NO
23	U51900MH1993PTC072288	AVON SALES AND SERVICES PRIVATE LIMITED	Director	01-10-08	01-10-08	-	Active	NO
24	U27104CT1995PTC010157	RAJIV IRON AND STEEL PRIVATE LIMITED	Additional director	24-12-08	24-12-08	-	Active	NO
25	U27209CT2007PLC020492	NECO STRIPS LIMITED	Director	02-03-09	02-03-09	-	Active	NO
26	U45203MH1991PTC062496	DEIFY INFRAPROJECTS PRIVATE LIMITED	Director	30-09-09	20-04-09	-	Active	NO
27	U27100MH2010PTC203176	A M R STEEL INDUSTRIES PRIVATE LIMITED	Director	13-05-10	13-05-10	-	Active	NO
28	U10100MH2010PLC205101	NECO MINING COMPANY LIMITED	Director	01-07-10	01-07-10	-	Active	NO

Name :	Mr. Awadh Bihari Pandey
Designation :	Director
Address :	51 E, Ujjwal Apartments, Trimurthy Nagar, Nagpur – 440022, Maharashtra, India
Date of Birth/Age :	20.05.1951
Date of Appointment :	02.04.2009
DIN No.:	01801851

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	Company/ LLP Status	Defaulting status
1	U27310MH1981PLC163100	NSSL LIMITED	Director	04-09-04	04-09-04	Active	NO
2	U27300MH1987PLC045436	NECO HEAVY ENGINEERING AND CASTINGS LIMITED	Director	30-09-09	02-04-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajan
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Pariwar Food Industries Private Limited, India	352400
Basantlall Shaw	288800
Arbind Jayaswal	360000
Ramesh Jayaswal	267100
Nisha Jayaswal	360000
Rita Jayaswal	203300
Master Ananmay Jayaswal	352100
Neco Holdings Private Limited, India	278400
Neco Leasing and Finance Private Limited, India	289760
Neco Valves and Pumps Private Limited, India	321020
Nagpur Scrap Suppliers Private Limited, India	321020
Basantlall Shaw (HUF)	287100
Hargunn Jayaswal	20000
TOTAL	3701000

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	42.22
Directors or relatives of Directors	50.02
Other top fifty shareholders	7.76
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Engineering Castings and C T Castings.

Products :

Product Description	Item Code No.
Ingot Moulds	845420.02
Cast Iron Articles	732510.00
Parts of Sugar Manufacturing Machinery	843890.01
Steel Castings	7325.20

Exports :

Products :

• Engineering Castings
• Sponge Iron Plant
• Flag Pot

Countries :

• France
• Gulf Countries
• African Countries

Terms :

Selling :

Depend

Purchasing :

Depend

PRODUCTION STATUS (AS ON : 31.03.2011)

Licensed Capacity: Not Applicable

Installed Capacity:

Particulars	Unit	31.03.2011
Iron and Steel Castings	M.T	20500

Actual Production:

Particulars	Unit	31.03.2011
Fabrication	M.T	2446

GENERAL INFORMATION

Customers :

Others

No. of Employees :

500 (Approximately) (In Office + In Factory)

Bankers :

• State Bank of India, Industrial Finance Branch, No 5, Sai Complex, Bharat Nagar, Amravati Road, Nagpur – 440010, Maharashtra, India

• Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India

• Dena Bank, 67-A, Krishna Bhavan, Nehru Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Facilities :

Secured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Long Term Borrowings

Term Loans

From Banks

0.000

4.348

Vehicle Loans

0.091

0.367

Short Term Borrowings

Working Capital Loans from Banks

Rupee Loans

124.324

124.934

TOTAL

124.415

129.649

NOTES

LONG TERM BORROWINGS

1. The term loan from Bank referred to above aggregating to Rs. 0.091 Million (Previous year Rs. 4.715 Millions) and Rs. 4.623 Millions (Previous year Rs. 11.059 Millions) included in Current Maturities of Long Term Debts

2. The Term Loan from bank referred to above aggregating to Rs. 0.091 Million (Previous year Rs. 4.715 Millions) and Rs. 4.623 Millions (Previous year Rs. 11.059 Millions) included in Current Maturities of Long Term Debts

i) The term loans from bank is secured by the fixed assets of the company, both present and future situated at 65/2 Nildoh/Digdoh, MIDC Industrial Area, Hingna Road, Nagpur by mortgage of land and building and hypothecation of machinery and second charge on the current assets of the company.

ii) Vehicle loans aggregating to Rs. 0.366 Million from banks are secured by hypothecation of the specific vehicles financed.

Maturity profile of Term Loans is as under:

(Rs. In Millions)

	2012-13	2013-14
Term loan from Bank and Vehicle Loans	4.623	0.091

SHORT TERM BORROWINGS

Working capital loan from State Bank of India is secured against hypothecation of stock of raw materials, finished goods, consumable stores and book debts and also by personal guarantees of some of the Directors of the company.

Banking Relations :	--
Auditors :
Name :	Agrawal Chhallani and Company Chartered Accountants
Address :	51, New Colony, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-710-2595653 / 2595750
PAN No.:	AACFA2753L
Related Parties :	Jayaswal Neco Industries Limited Corporate Ispat Alloys Limited Abhijeet Infrastructure Limited NSSL Limited Jyotikant Investments Private Limited Parivar Food Industries Private Limited JLD Yavatmal Energy Limited Neco Ceramics Limited Jayaswal Holdings Private Limited Steel and Tube Exports Limited A M R Iron and Steel Private Limited Econo Valves Limited Deify Infrastructures Limited Central India Developers Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3701000	Equity Shares	Rs.10/- each	Rs. 37.010 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	37.010	36.990
(b) Reserves & Surplus	140.012	136.671
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	177.022	173.661
(3) Non-Current Liabilities
(a) long-term borrowings	7.336	11.960
(b) Deferred tax liabilities (Net)	15.486	14.719
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	22.822	26.679
(4) Current Liabilities
(a) Short term borrowings	179.670	180.659
(b) Trade payables	183.746	112.196
(c) Other current liabilities	37.332	37.964
(d) Short-term provisions	8.746	9.250
Total Current Liabilities (4)	409.494	340.069
TOTAL	609.338	540.409
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	146.223	154.843
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.537	0.183
(b) Non-current Investments	8.600	8.600
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	31.162	31.261
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	186.522	194.887
(2) Current assets
(a) Current investments	1.391	1.470
(b) Inventories	131.946	103.431
(c) Trade receivables	204.372	164.030
(d) Cash and cash equivalents	31.516	34.733
(e) Short-term loans and advances	53.591	41.858
(f) Other current assets	0.000	0.000
Total Current Assets	422.816	345.522
TOTAL	609.338	540.409

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		36.930
2] Share Application Money		0.000
3] Reserves & Surplus		135.108
4] (Accumulated Losses)		0.000
NETWORTH		172.038
LOAN FUNDS
1] Secured Loans		145.698
2] Unsecured Loans		60.948
TOTAL BORROWING		206.646
DEFERRED TAX LIABILITIES		13.177
TOTAL		391.861
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		158.622
Capital work-in-progress		24.268
INVESTMENT		10.101
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	77.891
	Sundry Debtors	135.214
	Cash & Bank Balances	5.702
	Other Current Assets	0.000
	Loans & Advances	54.982
Total Current Assets		273.789
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	45.086
	Other Current Liabilities	22.197
	Provisions	7.636
Total Current Liabilities		74.919
Net Current Assets		198.870
MISCELLANEOUS EXPENSES		0.000
TOTAL		391.861

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	653.517	673.583	602.489
		Other Income	4.191	3.552	2.058
		TOTAL (A)	657.708	677.135	604.547
Less	EXPENSES
		Cost of Materials Consumed	423.307	397.565	567.728
		Purchase of Stock in Trade	41.734	111.561
		Employee Benefits Expenses	64.903	58.508
		Other Expenses	92.550	103.673
		Changes in Inventories of Finished Goods, Work in Progress and stock in Trade	(7.671)	(31.994)
		TOTAL (B)	614.823	639.313	567.728
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.885	37.822	36.819
Less	FINANCIAL EXPENSES (D)		26.412	23.789	20.199
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.473	14.033	16.620
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.446	10.759	9.928
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		7.027	3.274	6.692
Less	TAX (H)		3.765	1.951	1.221
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.262	1.323	5.471
Add/ (Less)	INCOME-TAX OF EARLIER YEAR		0.000	0.000	(0.124)
Less	PRIOR PERIOD EXPENSES		0.000	0.000	(1.785)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	78.535
	BALANCE CARRIED TO THE B/S		NA	NA	82.097
	EARNINGS IN FOREIGN CURRENCY		28.118	33.171	16.757
	Earnings / (Loss) Per Share (Rs.)		0.88	0.36	1.49

Particulars	31.03.2013
Sales Turnover (Approximately)	450.000
	[Slow down in business

The above information has been parted by Mr. Rajan.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.50	0.20	0.90
Net Profit Margin (PBT/Sales)	(%)	1.08	0.49	1.11
Return on Total Assets (PBT/Total Assets}	(%)	1.17	0.62	1.55
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.04
Debt Equity Ratio (Total Debt /Networth)		1.06	1.11	1.20
Current Ratio (Current Asset/Current Liability)		1.03	1.02	3.65

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Interest Free Sales – Tax Loan Under the package scheme of incentives 1983 of government of Maharashtra	7.245	7.245
Short Term Borrowings
Loan from Related Party	53.610	53.610
Loans from Others	1.736	2.115
TOTAL	62.591	62.970
NOTES LONG TERM BORROWINGS Interest-free Sales Tax loan is repayable in five equal annual installments starting from 2014 SHORT TERM BORROWINGS Loans from related parties and others are repayable on demand.

OPERATIONS

The Total production of the Company during the year was 11588 MT which was marginally higher than the 11363 MT of previous years. During the year the fabrication business of the Company was 920 MT, which is drastically lowered by 62 %, as compared to 2446 MT of the previous year However, the Company has during the year concentrated more on its Casting business, which helped in maintaining the higher production at some extent. This year the Casting business of the Company was around 10668 MT as compared to 8917 MT in the previous year, a healthy growth of about 20%.

In spite of obvious growth in casting production, the adverse market conditions and increasing cost of material could not help to increase the total revenue, which was Rs. 653.517 Millions in the current year as compared to 673.583 Millions in the previous year.

During the year, the Company has adopted cost cutting measures and charged lower depreciation on assets of the Company, which help higher net profit to Rs. 3.262 Millions as compared to Rs.1.323 Millions of the previous year.

FIXED ASSETS

• Freehold Land
• Building
• Plant and Machinery
• Office Equipments
• Furniture and Fixture
• Computers
• Vehicles
• Software

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 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. 59.14
UK Pound	1	Rs. 90.05
Euro	1	Rs. 77.06

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		37

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.