MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	NEOSYM INDUSTRY LIMITED [w.e.f. 17.04.2012]
Formerly Known As :	INDIAN SMELTING AND REFINING COMPANY LIMITED
Registered Office :	Industry House, 1^st Floor, Backbay Reclamation, Churchgate, Mumbai-400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.12.1932
Com. Reg. No.:	11-001910
Capital Investment / Paid-up Capital :	Rs. 6.134 Millions
CIN No.: [Company Identification No.]	U74999MH1932PLC001910
TAN No.: [Tax Deduction & Collection Account No.]	MUMT00194F/MUMT08928D/MUMT09919A
PAN No.: [Permanent Account No.]	AAACT3782D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Copper, Brass, Bronze, Nickel Silver Sheets, Strips and Foils and Non-Ferrous Alloys.
No. of Employees :	2400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 13160000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of C.K. Birla Group. It is well established and reputed company having a satisfactory track record. Financial position of the company seems to be strong. The rating takes into consideration the strong parentage and long standing experience of the promoters and brand name. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term = BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	29.07.2013

Rating Agency Name	CARE
Rating	Short Term = A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk
Date	29.07.2013

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 Office :	Industry House, 1^st Floor, Backbay Reclamation, Churchgate, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-61936363
Fax No.:	Not Available
E-Mail :	nkjhunjhunwala@neosym.com insmelt@vsnl.com mail@indiansmelting.com marketing@indiansmelting.com
Website :	http://www.neosy.com http://www.insmelt.com http://www.indiansmelting.com
Casting Factory 1 :	1^st Pokhran Road, Panchpakhadi, Thane – 400606, Maharashtra, India
Tel. No.:	91-22-2588 2801 / 67987101
Fax No.:	91-22-67987104
E-Mail :	isthane@vsnl.com thane@indiansmelting.com mktg@indiansmelting.com
Casting Factory 2 :	Gat No. 201, Off Pune – Nagar Road, Sanswadi-412208, Taluka- Shirur, District- Pune-412208, Maharashtra, India
Tel. No.:	91-2137-677200
Fax No.:	91-2137-677228
E-Mail :	pune@indiansmelting.com export.castings@indiansmelting.com mktg@indiansmelting.com

DIRECTORS

As on 03.07.2013

Name :

Mr. Chandrakant Birla

Designation :

Chairman

Address :

24, Aurangzeb Road, New Delhi- 110110, India

Date of Birth/Age :

09.01.1955

Date of Appointment :

31.10.2000

DIN No.:

00118473

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	L21011OR1936PLC000117	ORIENT PAPER AND INDUSTRIES LIMITED	Director	29/09/1978	29/09/1978	-	Active	NO
2	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LIMITED	Director	23/02/1979	23/02/1979	-	Active	NO
3	L74999AP1955PLC000656	HIL LIMITED	Director	04/02/1980	04/02/1980	-	Active	NO
4	L34103WB1942PLC018967	HINDUSTAN MOTORS LIMITED	Director	13/01/1982	13/01/1982	-	Active	NO
5	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	20/01/1995	20/01/1995	-	Active	NO
6	U74999MH1932PLC001910	NeoSym Industry Limited	Director	31/10/2000	31/10/2000	-	Active	NO
7	U34103MP2005PLC017319	AVTEC LIMITED	Nominee director	28/06/2005	28/06/2005	-	Active	NO
8	L24231DL2003PLC119441	Fresenius Kabi Oncology Limited	Director	27/01/2006	27/01/2006	29/08/2007	Active	NO
9	U51109WB1918PTC003010	BIRLA BROTHERS PRIVATE LIMITED	Director	29/12/2008	29/12/2008	-	Active	NO
10	U26940OR2011PLC013933	Orient Cement Limited	Director	13/08/2012	23/07/2011	-	Active	NO

Name :

Mr. Chiranjilal Gograj Joshi

Designation :

Director

Address :

A-11, Building No.17, Government Officers Flats, Hali Ali Park, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

01.08.1929

Date of Appointment :

18.05.1989

DIN No.:

00328553

Election Commission Identity Card No.:

DL/01/002/228412

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	U74999MH1932PLC001910	NeoSym Industry Limited	Director	18/05/1989	18/05/1989	-	Active	NO
2	U67190MH2003PTC140325	PRAJO MULTISERVICES PRIVATE LIMITED	Director	07/05/2003	07/05/2003	-	Active	NO

Name :

Mr. Ananthanarayanan Shankar Narayanna

Designation :

Director

Address :

12, First Avenue, Harrington Road, Chetput, Chennai – 600031, Tamilnadu, India

Date of Birth/Age :

29.07.1942

Date of Appointment :

06.07.2004

DIN No.:

00385632

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	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	16/05/2000	16/05/2000	-	Active	NO
2	U74140WB1991PTC094523	ACCORD GROUP (INDIA) PRIVATE LIMITED	Director	01/04/2002	01/04/2002	27/03/2008	Active	NO
3	L34103WB1942PLC018967	HINDUSTAN MOTORS LIMITED	Director	24/05/2004	24/05/2004	-	Active	NO
4	U74999MH1932PLC001910	NeoSym Industry Limited	Director	06/07/2004	06/07/2004	-	Active	NO
5	U34103MP2005PLC017319	AVTEC LIMITED	Nominee director	28/06/2005	28/06/2005	-	Active	NO
6	U65110WB1973PTC028870	A B C CONSULTANTS PRIVATE LIMITED	Director	02/05/2012	02/05/2012	-	Active	NO

Name :

Mr. Athul Singhi

Designation :

Managing Director

Address :

Flat 401, A EI Dorado, Kashinath Dhuru Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

07.02.1957

Qualification :

B.Sc.

Date of Appointment :

01.11.2009

DIN No.:

00166392

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	U99999MH1952PLC008941	INDUSTRY HOUSE LIMITED	Director	20/12/1990	20/12/1990	-	Active	NO
2	U65923MH1991PLC060619	BIRLA FINANCIAL CORPORATION LIMITED	Director	08/11/1993	08/11/1993	30/08/2012	Active	NO
3	U74999MH1932PLC001910	NeoSym Industry Limited	Managing director	01/11/2009	31/10/1994	-	Active	NO
4	U51909MH1995PTC220116	OLYPAB TRADES PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	NO
5	U45200MH1980PLC022166	TANNA BUILDERS LIMITED	Additional director	18/10/2013	18/10/2013	-	Active	NO

Name :

Mrs. Amita Birla

Designation :

Director

Address :

24, Aurangzeb Road, New Delhi- 110110, India

Date of Birth/Age :

07.12.1956

Date of Appointment :

10.06.2008

DIN No.:

00837718

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	U67190MP1901PLC000439	GWALIOR FINANCE CORPORATION LIMITED	Director	27/01/1981	27/01/1981	-	Active	NO
2	U65921WB1946PLC014242	HINDUSTHAN DISCOUNTING CO LIMITED	Director	24/03/1984	24/03/1984	-	Active	NO
3	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	16/03/1995	16/03/1995	-	Active	NO
4	U74999MH1932PLC001910	NeoSym Industry Limited	Director	10/06/2008	11/07/2007	-	Active	NO
5	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LIMITED	Additional director	30/07/2008	30/07/2008	-	Active	NO

Name :

Mr. Srinivasa Varadhan Echambadi Tirumalai

Designation :

Director

Address :

B – 249, First Floor, Greater Kailash, Part I, New Delhi – 110048, India

Qualification :

29.03.1956

Date of Appointment :

21.04.2006

DIN No.:

00263942

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	U31901WB1961PLC025330	HM EXPORT LIMITED	Director	22/03/2004	22/03/2004	-	Active	NO
2	U74999MH1932PLC001910	NeoSym Industry Limited	Director	21/04/2006	21/04/2006	-	Active	NO
3	U15421WB1934PLC008026	RANCHI ENTERPRISES AND PROPERTIES LIMITED	Director	22/08/2007	04/01/2007	-	Active	NO
4	U51900WB1966PLC026949	SOORYA VANIJYA AND INVESTMENTS LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
5	L02710MP1938PLC000132	CENTRAL INDIA INDUSTRIES LIMITED	Additional director	03/09/2007	03/09/2007	-	Active	NO
6	U62200DL2004PLC131655	FORUM I AVIATION LIMITED	Director	24/09/2008	13/11/2007	-	Active	NO
7	U72200DL1999PLC100410	BIRLASOFT ENTERPRISES LIMITED	Additional director	13/02/2009	13/02/2009	-	Active	NO
8	U74899DL1971PLC005601	AMER INVESTMENTS (DELHI) LIMITED	Director	24/05/2010	28/12/2009	-	Active	NO
9	U72900DL2010PLC197773	BIRLA SOFT LIMITED	Director	07/01/2010	07/01/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. N.K. Jhunjhunwala
Designation :	Senior Vice President and Company Secretary
Address :	Building No. A 3/10, Flat No. 502, Flower Valley Complex, Off Eastern Express Highway, Thane-400062, Maharashtra, India
Date of Birth/Age :	15.02.1962
Date of Appointment :	01.01.2012
Pan No.:	AEVPJ2766B
Name :	Ms. Supriya
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 03.07.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 03.07.2013

Category	Percentage
Bodies corporate	37.08
Directors or relatives of directors	0.03
Other top fifty shareholders	62.80
Others	0.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Copper, Brass, Bronze, Nickel Silver Sheets, Strips and Foils and Non-Ferrous Alloys.

Products :

Product Description	Items Code
Non Ferrous Semis	740911 and 19
Non Ferrous Alloys	790120
Ferrous Casting	73259910

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production*
Non-Ferrous Sheets, Strips, Foils and Alloys	MT	14730	10336
S.G. Iron Castings	MT	36000	30765

NOTE: * Including Job Work.

GENERAL INFORMATION

No. of Employees :

2400 (Approximately)

Bankers :

• Bank of Baroda, Backbay Reclamation Branch, Ram Mahal, Backbay Reclamation, Mumabi-400020, Maharashtra, India

Tel No.: 91-22-22871687

· Union Bank of India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	0.000	631.342
Foreign currency term loans from banks	165.564	199.262
Short Term Borrowings
Working capital loans from banks	0.451	597.530
Total	166.015	1428.134

Banking Relations :	--
Financial Institution :	Landesbank Baden-Wurttemberg, Am Hauptbahnhof 2, 70173 Stuttgart, Federal Republic of Germany, Stuttgart, DE 31061, Germany
Auditors :
Name :	M. M. Nissim and Company Chartered Accountants
Address :	Barodawala Mansion, B-Wing, 3^rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-24949991
Fax No.:	91-22-24949995
E-Mail :	mail@mmnissim.com
PAN No:	AACPN0423A

CAPITAL STRUCTURE

As on 03.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
400000	Preferences Shares	Rs.100/- each	Rs. 40.000 Millions
	Total		Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
613400	Equity Shares	Rs.10/- each	Rs. 6.134 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.134	6.134	6.134
(b) Reserves & Surplus	3283.894	1257.783	1265.570
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3290.028	1263.917	1271.704
(3) Non-Current Liabilities
(a) long-term borrowings	165.564	830.604	0.000
(b) Deferred tax liabilities (Net)	135.536	23.943	27.811
(c) Other long term liabilities	1.625	7.987	7.260
(d) long-term provisions	2.103	2.093	2.370
Total Non-current Liabilities (3)	304.828	864.627	37.441
(4) Current Liabilities
(a) Short term borrowings	6.459	606.212	416.787
(b) Trade payables	248.721	632.830	695.526
(c) Other current liabilities	218.345	228.643	126.714
(d) Short-term provisions	40.111	26.578	26.878
Total Current Liabilities (4)	513.636	1494.263	1265.905
TOTAL	4108.492	3622.807	2570.050
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2002.811	725.940	753.686
(ii) Intangible Assets	20.066	18.549	2.348
(iii) Capital work-in-progress	87.855	1004.109	28.893
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	503.015	3.015	3.015
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	285.770	236.263	92.621
(e) Other Non-current assets	28.364	40.737	39.323
Total Non-Current Assets	2927.881	2028.613	919.886
(2) Current assets
(a) Current investments	301.854	0.000	0.000
(b) Inventories	202.466	587.724	655.252
(c) Trade receivables	396.935	792.124	806.543
(d) Cash and cash equivalents	66.289	2.877	10.217
(e) Short-term loans and advances	207.629	199.710	176.378
(f) Other current assets	5.438	11.759	6.774
Total Current Assets	1180.611	1594.194	1655.164
TOTAL	4108.492	3622.807	2570.050

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2728.708	5457.041	5273.500
		Other Income	38.588	35.711	14.987
		TOTAL	2767.296	5492.752	5288.487
Less	EXPENSES
		Cost of materials consumed	1074.225	3572.370	3560.697
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	279.938	6.844	(69.669)
		Employee benefit expense	432.554	514.137	431.804
		Other expenses	1001.923	1189.755	1057.044
		TOTAL	2788.640	5283.106	4979.876
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(21.344)	209.646	308.611
Less	FINANCIAL EXPENSES		74.228	103.885	75.735
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(95.572)	105.761	232.876
Less/ Add	DEPRECIATION/ AMORTISATION		213.699	111.329	102.289
	EXCEPTIONAL ITEMS		2823.482	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX		2514.211	(5.568)	130.587
Less	TAX		473.842	(4.910)	43.543
	PROFIT/(LOSS) AFTER TAX		2040.369	(0.658)	87.044
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		91.538	110.288	43.447
Less	APPROPRIATIONS
		Transfer to General Reserve	1848.755	10.963	13.050
		Proposed Dividend	12.268	6.134	6.134
		Corporate Dividend Tax	1.990	0.995	1.019
	BALANCE CARRIED TO THE B/S		268.894	91.538	110.288
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	445.779	1356.645	906.031
		Other Earnings	0.000	0.000	0.453
	TOTAL EARNINGS		445.779	1356.645	906.484
	IMPORTS
		Raw Material, Spares and Capital Goods (CIF)	310.584	493.562	16.836
		Spare Parts	0.000	0.000	5.357
		Others	22.915	30.389	16.618
	TOTAL IMPORTS		333.499	523.951	38.811
	Earnings Per Share (Rs.)		3326.33	(1.07)	142.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	73.73	(0.01)	1.65
Net Profit Margin (PBT/Sales)	(%)	92.13	(0.10)	2.48
Return on Total Assets (PBT/Total Assets}	(%)	168.20	(0.30)	7.31
Return on Investment (ROI) (PBT/Networth)		0.76	0.00	0.10
Debt Equity Ratio (Total Debt /Networth)		0.05	1.14	0.33
Current Ratio (Current Asset/Current Liability)		2.30	1.07	1.31

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	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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Deposits from others	6.008	8.682
Total	6.008	8.682

NATURE OF OPERATIONS:

Subject is primarily engaged in manufacture and sale of: 1. Ferrous Castings; and 2. Non-Ferrous Sheets, Strips, Foils, Alloys (Divested during the year). The company presently has manufacturing facilities in Thane and Pune.

REVIEW OF OPERATIONS

The company’s turnover for the year ended is Rs.2720.000 Millions with rolling business for only part of the year (Rs. 5430.000 Millions for the 0previous year including rolling business turnover of Rs 3030.000 Millions).

The Automobile Industry is passing through difficult times due to poor off-take. There was de growth in almost all segments of the Industry during the last year. This impacted the Company’s turnover and operations.

The Company is hopeful of improvement in the market conditions from the second half of the current year. With a view to focus on its core business of Castings manufacture, the Company has divested its unit located at Bhandup, Mumbai that was manufacturing Non-Ferrous Semis. This has resulted in a one-time exceptional income of Rs. 2781.200 Millions.

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10322283	09/12/2011	220,626,000.00	LANDESBANK BADEN-WURTTEMBERG	Am Hauptbahnhof 2, 70173 Stuttgart, Federal Republic Of Germany, Stuttgart, - 31061, Germany	B27527712
2	10022199	07/08/2012 *	400,000,000.00	BANK OF BARODA	Backbay Reclamation Branch, Ram Mahal, Backbay Reclamation, Mumbai, Maharashtra - 400020, India	B56131881
3	90240194	19/09/2005 *	425,000,000.00	BANK OF BARODA	Back Bay, Mumbai, Maharashtra, India	-
4	90243269	18/06/2005 *	425,000,000.00	BANK OF BARODA	Back Bay, Mumbai, Maharashtra, India	-

* Date of modification charge

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Furniture and Office Equipments

· 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 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. 61.49
UK Pound	1	Rs. 99.41
Euro	1	Rs. 84.12

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	8
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.