MIRA INFORM REPORT

Report Date :

29.10.2013

IDENTIFICATION DETAILS

Name :	SIMMONDS MARSHALL LIMITED
Registered Office :	Mumbai - Pune Road, Kasarwadi, Pune - 411034, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.04.1960
Com. Reg. No.:	11-011645
Capital Investment / Paid-up Capital :	Rs. 22.400 Millions
CIN No.: [Company Identification No.]	L29299PN1960PLC011645
PAN No.: [Permanent Account No.]	AABCS4968B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and sale of Industrial Fasteners used in Auto Industry.
No. of Employees :	200 (Approximately)

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 1330000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has shown a drastic dip in its net profitability during 2013. However, the networth appears to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported as usually correct. In view of established position, in the fasteners segment the company can be considered for 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.

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 trade 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	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	17.04.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	17.04.2013

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.

INFORMATION PARTED BY 9GENERAL DETAILS)

Name :	Mr. Fernandez
Designation :	Accounts Department
Contact No.:	91-22-66337425
Date :	28.10.2013

LOCATIONS

Registered Office / Factory:	Mumbai-Pune Road, Kasarwadi, Pune-411034, Maharashtra
Tel. No.:	91-20-30782152/2160/2153/2170/27145285
Fax No.:	91-20-30782195/27145336
E-Mail :	ndb@simmondsmarshall.com smlpune@simmondsmarshall.com
Website :	http://www.simmondsmarshall.com
Administrative Office:	Apeejay Chambers, 5, Wallace Street, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-66337425/6/7
Fax No.:	91-22-66337433/66337434
Email:	sales@simmondsmarshall.com

DIRECTORS

As on 26.09.2012

Name :	Mr. Shiamak Jeejeebhoy Marshall
Designation :	Chairman
Address :	71, EL – CID 13, B.G. Kher Marg, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	15.10.1937
Date of Appointment :	16.04.1680
PAN No.:	AACPM5502F
DIN No.:	00085682
Name :	Mr. Navroze Shiamak Marshall
Designation :	Managing Director
Address :	71, EL – CID 13, B.G. Kher Marg, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	21.03.1976
Date of Appointment :	31.07.2013
PAN No.:	AACPM5508R
DIN No.:	00085754
Name :	Mr. Imran Mohomedali Panju
Designation :	Director
Address :	4, Symphony, 80 Napean Sea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	08.02.1960
Date of Appointment :	01.01.1994
DIN No.:	00121748
Name :	Mr. Chintaman Bhargao Bambawale
Designation :	Director
Address :	G-84, Sujan Road, Humayun Road, New Delhi – 110003, India
Date of Birth/Age :	24.08.1934
Date of Appointment :	01.01.1995
DIN No.:	00121586
Name :	Mr. Sanjaya Chandra Bhushan Saran
Designation :	Director
Address :	Devonshire House, 3 Westfield Estate, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	06.02.1951
Date of Appointment :	20.10.2006
DIN No.:	00032194
Name :	Mr. Farokh Kekhushroo Banatwalla
Designation :	Director
Address :	603, Neel Sagar, TPS III, 28^th Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	18.04.1949
Date of Appointment :	20.07.2009
DIN No.:	02670802

KEY EXECUTIVES

Name :	Mr. N.D. Bharucha
Designation :	Secretary and Chief Accountant

SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6034508	53.88
Bodies Corporate	200800	1.79
Sub Total	6235308	55.67
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6235308	55.67
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	500	0.00
Venture Capital Funds	3450	0.03
Sub Total	3950	0.04
(2) Non-Institutions
Bodies Corporate	1822125	16.27
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 millions	2813779	25.12
Individual shareholders holding nominal share capital in excess of Rs.0.100 millions	304897	2.72
Any Others (Specify)	19941	0.18
Non Resident Indians	19664	0.18
Clearing Members	277	0.00
Sub Total	4960742	44.29
Total Public shareholding (B)	4964692	44.33
Total (A)+(B)	11200000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	11200000	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Names of Shareholders	No. of Shares	Percentage of Holding
Diamtools Private Limited	45000	0.40
Jiji Marshall Trading Company Private Limited	155800	1.39
Navroze S Marshall	1463298	13.07
Shiamak J Marshall	1512965	13.51
Maki S Marshall	1630435	14.56
Kayan J Pandole	710655	6.35
Kamal Imran Panju	717155	6.40
Total	6235308	55.67

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Names of Shareholders	No. of Shares	Percentage of Holding
Clover Technologies Private Limited	1694462	15.13
Total	1694462	15.13

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Names of Shareholders	No. of Shares	Percentage of Holding
Clover Technologies Private Limited	1694462	15.13
Total	1694462	15.13

BUSINESS DETAILS

Line of Business :

Manufacturing and sale of Industrial Fasteners used in Auto Industry.

Products :

Product Description	Item Code
Nyloc Self Locking Nuts	73181600

Exports :

Products :

Finished Goods

Countries :

· USA

· UK

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

200 (Approximately)

Bankers :

· The Zoroastrian Co-Operative Bank Limited, Fort Branch, Yusuf Building, Ground Floor, V. N. Road, Fort, Mumbai - 400001, Maharashtra, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Central Bank of India, Bori Bunder Branch, Kitab Mahal, 188 Dr. D N Road, Fort, Mumbai – 400001, Maharashtra, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loan from bank	9.432	21.099
Foreign currency term loan from bank	53.882	59.691
Rupee term loan from others	1.193	1.723
Short Term Borrowings
Loans repayable on demand from banks	164.010	156.934
Total	228.517	239.447

The long term portion of term loans are shown under long term borrowings and current maturities (payable within twelve months) of long term borrowings are shown under the current liabilities as per disclosure requirement of the Revised Schedule VI.

Details of securities and Terms of payment

1.Under Consortium - 4 (I) (A) (i) (a)

Particulars	Maturity Period from the date of Balance Sheet
	1 - 2 years	2 - 3 year	3 - 5 years	5 years and Above	Total
The Zoroastrian Co-Operative Bank Limited	-	-	-	-
Rate of Interest	-	-	-	-
Union Bank of India	0.358	0.106	-	-	0.464
Rate of Interest	13.50%	13.50%	13.50%	13.50%
ICICI Bank Limited	4.001	-	-	-	4.001
Rate of Interest	13.75%	-	-	-
Total					4.465

Details of Security

First pari passu charge over present and furture movable fixed assets of the company i.e. plant and machineries, equipments and entire block of assets other than specific assets financed by respective banks. All loans are secured against the personal guarantee of Chairman. Loan form ICICI is secured against the personal guarantee of Managing Director.

2. Others -4 (I) (A) (i) (b)

Particulars	Maturity Period from the date of Balance Sheet
	1 - 2 years	2 - 3 year	3 - 5 years	5 years and Above	Total
The Zoroastrian Co-Operative Bank Limited	1.888	1.818	1.074	-	4.781
Rate of Interest	9.5 -13.50 %	13.50%	13.50%

Secured by first charge by way of hypothecation of plant and machineries and vehicles acquired under the specific facility granted by the Bank. All loans are secured against the personal guarantee of Chairman.

Particulars	Maturity Period from the date of Balance Sheet
	1 - 2 years	2 - 3 year	3 - 5 years	5 years and Above	Total
ICICI Bank Limited	0.186	-	-	-	0.186
Rate of Interest	14.74%	-	-	-

Secured by first charge by way of hypothecation of vehicles acquired under the specific facility granted by the Bank.

Particulars	Maturity Period from the date of Balance Sheet
	1 - 2 years	2 - 3 year	3 - 5 years	5 years and Above	Total
HDFC Bank Limited	-	-	-	-	-
Rate of Interest	-	-	-	-	-

Secured by first charge by way of hypothecation of vehicles acquired under the specific facility granted by the Bank.

3. Foregin Currency Loan (ECB) - 4 (I) (A)

Particulars	Maturity Period from the date of Balance Sheet
	1 - 2 years	2 - 3 year	3 - 5 years	5 years and Above	Total
ICICI Bank Limited	12.678	12.678	25.356	3.170	53.882
Rate of Interest	Libor + 5%

Details of Security

Secured by first and exclusive charge on plant and machineries funded under the ECB. All loans are secured against the personal guarantee of Chairman and Managing Director.

Other Terms

Each amount disbursed under ECB shall be repaid in 20 quarterly installement and repayments will start from August 2013 i.e. after the moratorium period of 18 months from the date of first disbursement (November 2011).

4. From other parties - 4 (I) (B)

Particulars	Maturity Period from the date of Balance Sheet
	1 - 2 years	2 - 3 year	3 - 5 years	5 years and Above	Total
Vehicle Loan	0.591	0.602	-	-	1.193
Rate of Interest	11.00%	11.00%	-	-	-

Details of Security

Secured by first charge by way of hypothecation of vehicles acquired under the specific facility granted by the Bank

Details of Security: for Rupee Loan

(i) Working capital loans are secured against hypothecation of raw materials, finished goods, stores and spares, book debts etc. and entire block of assets (both present and future ) in favour of consortium of banks on pair pasu other than specific assets financed by respective banks.

(ii) All loans are secured against the personal guarantee of Chairman.

Details of Security: for Foreign Currency Loan

(i) Working capital loans are secured against hypothecation of raw materials, finished goods, stores and spares, book debts etc. and entire block of assets (both present and future) in favour of consortium of banks on pair pasu other than specific assets financed by respective banks.

(ii) All loans are secured against the personal guarantee of Chairman.

Banking Relations :	-
Auditors :
Name :	SHR and Company Chartered Accountants
Address :	Rewa Chambers, Marine Lines, Mumbai-400020, Maharashtra, India
PAN No.:	ABAFS8477N
Subsidiaries :	Stud India - Partnership Firm
Associates :	Formex Private Limited CIN No.: U29254PN1986PTC039849
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Corrodyne Coatings Private Limited CIN NO.: U74999PN2011PTC141270 · Desmet Ballestra India Private Limited CIN No.: U29290MH1984PTC034102 · Jiji Marshall Trading Company Private Limited CIN No.: U67120MH1976PTC018826 · S J Marshall Trading Company Private Limited CIN No.: U67120MH1976PTC018827 · Spirax Marshall Private Limited CIN No.: U27109PN1959PTC011334 · Diamtools Private Limited CIN No.: U29220MH1982PTC027838 · J. N. Marshall and Company (Steel Department) · J. N. Marshall and Company - Custom House Clearing Agents · J. N. Marshall and Company (Engg. Department) · J N Marshall Engineering Private Limited · J N Marshall Private Limited · Marshall Real Estate and Investment Corporation · Powair Automation Equipments Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs. 2/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11200000	Equity Shares	Rs. 2/- each	Rs. 22.400 Millions

Disclosure of shareholding more than five per cent in company

Name of Shareholders	No. of Shares	% of Holding
Navroze S. Marshall	1416798	12.65%
Shiamak J.Marshall	1489765	13.30%
Maki S.Marshall	1582725	14.13%
Kamal I Panju	717155	6.40%
Kayan J Pandole	710655	6.35%
Clover Technologies Private Limited, India	1694462	12.53%

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	22.400	22.400	22.400
(b) Reserves & Surplus	309.232	281.224	209.434
(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)	331.632	303.624	231.834
(3) Non-Current Liabilities
(a) long-term borrowings	137.890	133.909	42.576
(b) Deferred tax liabilities (Net)	20.954	16.286	11.604
(c) Other long term liabilities	0.513	0.343	0.808
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	159.357	150.538	54.988
(4) Current Liabilities
(a) Short term borrowings	164.010	156.934	136.882
(b) Trade payables	79.314	91.621	58.135
(c) Other current liabilities	44.344	44.097	36.552
(d) Short-term provisions	8.596	9.627	18.796
Total Current Liabilities (4)	296.264	302.279	250.365
TOTAL	787.253	756.441	537.187
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	193.341	192.977	130.132
(ii) Intangible Assets	23.389	26.730	0.000
(iii) Capital work-in-progress	0.000	0.000	0.767
(iv) Intangible assets under development	1.668	1.668	1.668
(b) Non-current Investments	29.986	17.298	1.279
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.07	6.019	14.625
(e) Other Non-current assets	2.469	2.312	1.265
Total Non-Current Assets	259.923	247.004	149.736
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	219.003	209.301	174.301
(c) Trade receivables	232.748	227.098	168.940
(d) Cash and cash equivalents	57.500	55.031	36.862
(e) Short-term loans and advances	16.757	17.478	7.267
(f) Other current assets	1.322	0.529	0.081
Total Current Assets	527.330	509.437	387.451
TOTAL	787.253	756.441	537.187

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	903.436	910.929	711.641
		Other Income	3.417	2.086	2.567
		TOTAL (A)	906.853	913.015	714.208
Less	EXPENSES
		Cost of material consumed	378.549	392.703	315.277
		Purchased of stock-in-trade	3.880	5.163	2.048
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(0.064)	(5.322)	(25.552)
		Employee benefit expenses	139.158	123.350	103.607
		Other expenses	275.208	228.009	156.922
		TOTAL (B)	796.731	743.903	552.302
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		110.122	169.112	161.906
Less	FINANCIAL EXPENSES (D)		39.512	34.111	22.132
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		70.610	135.001	139.774
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.821	15.689	13.103
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		51.789	119.312	126.671
Less	TAX (H)		17.231	41.014	42.294
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		34.558	78.298	84.377
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		228.926	170.134	105.304
Less	APPROPRIATIONS
		Transfer to Special Reserve	0.952	13.000	13.000
		Provision for Tax on Dividend	5.500	0.908	0.947
		Proposed Dividend on Equity Shares	5.600	5.600	5.600
	BALANCE CARRIED TO THE B/S		251.432	228.924	170.134
	EARNINGS IN FOREIGN CURRENCY
		Export of goods	56.873	87.055	64.528
	TOTAL EARNINGS		56.873	87.055	64.528
	IMPORTS
		Raw Materials	199.404	168.808	155.932
		Tools	33.225	38.670	25.769
		Capital Goods	7.302	59.888	10.107
	TOTAL IMPORTS		239.931	267.366	191.808
	Earnings Per Share (Rs.)		3.09	6.99	7.53

QUARTERLY RESULTS

PARTICULARS	30.06.2013 (Unaudited)
	1^st Quarter
Net sales	235.400
Total Expenditure	208.100
Profit before interest, depreciation and tax (Excluding Other Income)	27.300
Other income	1.000
Operating Profit	28.300
Interest	7.800
Exceptional; Items	0.000
Profit before depreciation and tax	20.500
Depreciation	4.300
Profit before tax	16.300
Tax	4.700
Profit after tax	11.600
Extraordinary items	0.000
Prior period expenses	0.000
Other adjustments	0.000
Net Profit	11.600

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.81	8.58	11.81
Net Profit Margin (PBT/Sales)	(%)	5.73	13.10	17.80
Return on Total Assets (PBT/Total Assets}	(%)	9.61	23.04	31.41
Return on Investment (ROI) (PBT/Networth)		0.16	0.39	0.55
Debt Equity Ratio (Total Debt /Networth)		0.91	0.96	0.77
Current Ratio (Current Asset/Current Liability)		1.78	1.69	1.55

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 LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from related parties	73.383	51.396
Total	73.383	51.396

Note:

Unsecured Loans from Directors

The company has relied on various judicial pronouncements and accordingly it has not considered the amount received from directors as deposits covered under Companies Deposit Acceptance Rule, 1975

CURRENT MATURITY OF LONG TERM DEBT DETAIL:

(Rs. In Millions)

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturity of Long Term Debts	22.212	17.300	18.141
Total	22.212	17.300	18.141

OPERATIONS:

The turnover during the year marginally reduced to Rs.903.436 Millions against Rs.910.929 Millions in the previous year; however the profit reduced due to pressure on margins from Rs.119.312 Millions to Rs.51.789 Millions.

During the year, there has been a dramatic change in the economic environment and the costs of input went up considerably. The weakening of rupee against the USD continued to put inflationary pressures on the economy. Inflation also remained at a fairly high level during the year. The compound effect resulted in pressure on margins.

The Company is continuing its efforts to improve on its performance.

BUSINESS OVERVIEW:

The main business of the Company is manufacturing and sale of Industrial Fasteners used in Auto Industry.

FINANCIAL AND OPERATIONAL PERFORMANCE:

During the year, the Company has achieved the sales and other income of Rs.906.853 Millions as against the sales and other income of Rs.913.015 Millions in the previous year. The Company has earned net profit before tax of Rs.51.789 Millions during the year as against the net profit before tax of Rs.119.312 Millions in the previous year.

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED JUNE 30, 2013

(Rs. In Millions)

Particulars	Quarter Ended 30.06.2013
	( Unaudited)
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	235.434
b) Other operating income	0.000
Total income from Operations(net)	235.434
2.Expenditure
a) (Increase) / decrease in stock in trade and work in progress	(5.885)
b) Consumption of raw materials	100.721
c) Purchases of stock in trade	1.383
d) Employees benefit expenses	34.779
e) Depreciation and amortization expenses	4.264
f) Other expenditure	77.130
Total expenses	212.392
3. Profit from operations before other income and financial costs	23.042
4. Other income	1.033
5. Profit from ordinary activities before finance costs	24.075
6. Finance costs	7.792
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	16.283
8. Profit / loss from ordinary activities before tax	16.283
9. Tax expenses
Current Tax	(3.500)
Fringe Benefit Tax	0.000
Deffered Tax	(1.200)
Prior Period Tax adjustments	0.000
10. Net Profit / (Loss) from ordinary activities after tax	11.583
11. Net Profit / (Loss) for the period	11.583
12.Paid-up equity share capital (Nominal value Re. 1/- per share)	22.400
Face value per share (EPS)	2.00
13. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	-
14.Earnings per share (EPS)
(a) Basic and diluted EPS before extraordinary items	1.03
(b) nominal value of share	2.00
(c) Basic and diluted EPS after extraordinary items	1.03

Particulars	Quarter Ended 30.06.2013
	( Unaudited)
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	4976967
- Percentage of shareholding	44.44%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	-
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	-
Percentage of shares (as a % of total share capital of the company)	-
b) Non Encumbered
Number of shares	6223033
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%
Percentage of shares (as a % of total share capital of the company)	55.56%

Notes:

1. The above Unaudited Financial Results have been subjected to Limited review by our Statutory Auditors, SHR and Company, reviewed by the audit committee and approved and taken on record by Board of Director at their meeting held on 5^th August, 2013 as required under Stock Exchange Listing agreement.

2. Status of investors complaints for the quarters ended 30^th June, 2013:

Complaints received: 1 Complaints resolved / replied: 1 Pending Nil

INDEX OF CHARGE:

Sr .No	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10442279	02/08/2013	6,950,000.00	THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED	FORT BRANCH,, YUSUF BUILDING, GROUND FLOOR, V. N. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B81805897
2	10313797	14/10/2011	220,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B23774672
3	10313964	14/10/2011	296,900,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B23852338
4	10286281	02/05/2011	2,500,000.00	THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED	FORT BRANCH, YUSUF BUILDING, GROUND FLOOR, V. N. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B12739272
5	10256554	02/12/2010	7,500,000.00	THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED	MUMBAI MAIN BRANCH, YUSUF BUILDING, GROUND FLOOR, V. N. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B01671478
6	10230646	09/07/2010	5,500,000.00	THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED	MUMBAI MAIN BRANCH, YUSUF BUILDING, GROUND FLOOR, V. N. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	A90135336
7	10134905	21/11/2008	6,500,000.00	THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED	MUMBAI MAIN BRANCH, YUSUF BUILDING, GROUND FLOOR, V. N. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	A53146015
8	90088789	30/06/2004	325,000.00	SUNDARAM FINANCE LIMITED	NO. 21; PATULLOS ROAD, CHENNAI, Tamil Nadu - 600002, INDIA	-

* Date of modification charge

FIXED ASSETS:

· Building

· Plant and Equipment

· Furniture and fixture

· Vehicle

· Office Equipment

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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. 61.50
UK Pound	1	Rs. 99.49
Euro	1	Rs. 84.88

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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
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.