MIRA INFORM REPORT

Report Date :

14.04.2014

IDENTIFICATION DETAILS

Name :	ABI-SHOWATECH (INDIA) LIMITED LIGHT ALLOY PRODUCTS LIMITED - AMALGAMATED WITH ABI-SHOWATECH (INDIA) LIMITED
Formerly Known As :	ABI-SHOWTECH (INDIA) LIMITED ABI-SHOWATECH (INDIA) PRIVATE LIMITED
Registered Office :	67, Chamiers Road, Chennai – 600 028, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.12.1991
Com. Reg. No.:	18-021872
Capital Investment / Paid-up Capital :	Rs.71.130 millions
CIN No.: [Company Identification No.]	U40103TN1991PLC021872
PAN No.: [Permanent Account No.]	AABCA8160B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is primarily involved in the manufacture of precision automotive components and accessories.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 7780000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having a fine track record. Financial position of the company seems to be strong. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Facilities: A+
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	July, 2013

Rating Agency Name	ICRA
Rating	Non-Fund Based Facilities: A1+
Rating Explanation	Have strong degree of safety and carry lowest credit risk.
Date	July, 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 DECLINED BY

Name :	Mr. Govind Raj
Designation :	Accounts Manager
Contact No.:	91-44-24318786
Date :	10.04.2014

LOCATIONS

Registered Office :	67, Chamiers Road, Chennai – 600 028, Tamilnadu, India
Tel. No.:	91-44-24318710/ 24322034/ 24318787/ 24318792
Fax No.:	91-44-24325640/ 24318798
E-Mail :	abifincorp@turboenergy.co.in ramani@indiapistons.com ravindran.s@turboenergy.co.in
Factory :	Pulivalam, Banavaram, Vellore District – 632 505, Tamilnadu, India
Tel. No.:	91-4172-262245/ 262402
Fax No.:	91-4172-262483/ 262210

DIRECTORS

AS ON 23.09.2013

Name :

Ragavachary Ramanujam

Designation :

Director

Address :

17, Parthasarathy Gardens, Chennai – 600 018, Tamilnadu, India

Date of Birth/Age :

29.07.1936

Qualification :

B. Sc.

Date of Appointment :

02.08.1993

DIN No.:

00365735

Election Commission Identity Card No.:

TN/02/010/0276654

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	U35999TN1962PLC004928	BRAKES INDIA LIMITED	Managing director	02-10-2010	08-01-1975	-	Active	NO
2	U40107TN1982PLC009363	TURBO ENERGY LIMITED.	Director	03-05-1982	03-05-1982	-	Active	NO
3	U32109KA1988PTC009484	ELCO NTTF (INDIA)PRIVATE LIMITED	Director	03-10-1988	03-10-1988	-	Active	NO
4	U40107TN1981PLC008903	TRANS ENERGY LIMITED	Director	31-12-1991	31-12-1991	27-06-2012	Active	NO
5	U40103TN1991PLC021872	ABI-SHOWATECH (INDIA) LIMITED	Director	02-08-1993	02-08-1993	-	Active	NO
6	U29221KA1994PTC015104	NTTF INDUSTRIES Private LIMITED	Director	06-01-1994	06-01-1994	27-03-2008	Active	NO
7	U27209TN1994PLC028326	LIGHT ALLOY PRODUCTS LIMITED	Director	19-12-1994	19-12-1994	-	Amalgamated	NO
8	U85110KA1999NPL025461	NETTUR TECHNICAL TRAINING FOUNDATION	Director	30-09-1999	30-09-1999	-	Active	NO
9	U27203TN2005PLC055405	LAP-ROSS ENGINEERING LIMITED	Director	17-02-2005	17-02-2005	-	Amalgamated	NO
10	U28113TN2010PLC075244	FLOMETALLIC INDIA LIMITED	Director	05-04-2010	05-04-2010	-	Active	NO
11	U40102TN2013PLC089342	PULIVALAM POWER PLANT LIMITED	Director	11-01-2013	11-01-2013	-	Amalgamated	NO

Name :

Ramanujam Srikanth

Designation :

Managing Director

Address :

5, Bishop Garden, Raja Annamalai Puram, Chennai – 600 028, Tamilnadu, India

Date of Birth/Age :

19.09.1961

Qualification :

BE, MS

Date of Appointment :

01.04.2012

DIN No.:

00272553

PAN No.:

AIJPS9413N

E-Mail :

srikanth.r@brakesindia.co.in

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	U65991TN1981PTC009100	SILVER OAK HOLDINGS PRIVATE LIMITED	Director	26-11-1981	26-11-1981	-	Active	NO
2	U28920TN1993PTC025794	SUNDARAM DYNACAST PRIVATE LIMITED	Director	15-09-1993	15-09-1993	-	Active	NO
3	U35999TN1962PLC004928	BRAKES INDIA LIMITED	Managing director	01-04-2010	29-11-2000	-	Active	NO
4	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	20-09-2003	20-09-2003	14-08-2010	Active	NO
5	U33111TN1986PLC013633	SHOWA ENGINEERING LIMITED	Director	24-06-2004	24-06-2004	-	Amalgamated	NO
6	U72300TN1993PLC024706	REAL TALENT ENGINEERING LIMITED	Director	24-06-2004	24-06-2004	-	Active	NO
7	U27209TN1994PLC028326	LIGHT ALLOY PRODUCTS LIMITED	Director	02-05-2005	02-05-2005	-	Amalgamated	NO
8	U40103TN1991PLC021872	ABI-SHOWATECH (INDIA) LIMITED	Managing director	01-04-2012	17-06-2005	-	Active	NO
9	U45400TN2008PTC069038	ABI PREMISES PRIVATE LIMITED	Director	27-08-2008	27-08-2008	29-09-2008	Active	NO
10	U51909TN2000PLC044441	FORGE 2000 LIMITED	Director appointed in casual vacancy	27-03-2009	27-03-2009	01-07-2010	Active	NO
11	U28113TN2010PLC075244	FLOMETALLIC INDIA LIMITED	Director	09-08-2012	05-04-2010	-	Active	NO
12	U40102TN2013PLC089342	PULIVALAM POWER PLANT LIMITED	Director	11-01-2013	11-01-2013	-	Amalgamated	NO
13	U34100TN2013PLC091299	SAS ACTUATORS LIMITED	Director	24-05-2013	24-05-2013	-	Active	NO
14	U65991TN1921NPL001337	CHENNAI WILLINGDON CORPORATE FOUNDATION	Director appointed in casual vacancy	09-12-2013	09-12-2013	-	Active	NO

Name :

Narayanaswami Venkataramani

Designation :

Additional Director

Address :

'Lakshmi', No.12, Boat Club Road, Chennai – 600 028, Tamilnadu, India

Date of Birth/Age :

09.12.1939

Date of Appointment :

27.01.2014

DIN No.:

00001639

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	U35999TN1949PLC000951	INDIA PISTONS LIMITED	Managing director	01-04-2013	01-10-1975	-	Active	NO
2	U35999TN1967PLC005566	AMALGAMATIONS REPCO LIMITED	Director	17-12-1977	17-12-1977	-	Active	NO
3	U50300TN1956PLC000758	GEORGE OAKES LIMITED	Director	09-05-1983	09-05-1983	-	Active	NO
4	U40107TN1981PLC008903	TRANS ENERGY LIMITED	Director	29-10-1984	29-10-1984	24-03-2012	Active	NO
5	L29130TN1961PLC004466	BIMETAL BEARINGS LIMITED	Director	08-02-1985	08-02-1985	-	Active	NO
6	U32109KA1988PTC009484	ELCO NTTF (INDIA)PRIVATE LIMITED	Director	25-11-1988	25-11-1988	-	Active	NO
7	L28920TN1991PLC020232	IP RINGS LIMITED	Director	30-01-1991	30-01-1991	-	Active	NO
8	U35990TN1985PLC012333	IP PINS & LINERS LIMITED	Director	18-03-1993	18-03-1993	-	Active	NO
9	U29221KA1994PTC015104	NTTF INDUSTRIES Private LIMITED	Director	06-01-1994	06-01-1994	17-08-2012	Active	NO
10	U51909TN1994PLC026633	IP POWER CYLINDER SYSTEMS LIMITED	Director	27-01-1994	27-01-1994	-	Amalgamated	NO
11	U29130TN1997PTC037909	AMALGAMATIONS VALEO CLUTCH PRIVATE LIMITED	Director	27-06-1997	27-06-1997	-	Active	NO
12	U85110KA1999NPL025461	NETTUR TECHNICAL TRAINING FOUNDATION	Director	13-07-1999	13-07-1999	-	Active	NO
13	L01132TZ1946PLC000180	STANES AMALGAMATED ESTATES LIMITED	Director	28-10-1999	28-10-1999	-	Active	NO
14	U45201TN1950PTC000038	ADYAR PROPERTY HOLDING COMPANY PRIVATE LIMITED	Director	10-11-2000	10-11-2000	-	Active	NO
15	U34107TN2001PTC047925	STANADYNE AMALGAMATIONS PRIVATE LIMITED	Director	26-10-2001	26-10-2001	-	Active	NO
16	U29130TN2007PLC064383	MAHLE IPL LIMITED	Director	04-08-2007	04-08-2007	01-01-2014	Active	NO
17	U29253TN2010PTC077285	IPL ENGINE COMPONENTS PRIVATE LIMITED	Director	30-08-2011	08-09-2010	-	Active	NO
18	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	13-07-2011	24-09-2010	-	Active	NO
19	U65991TN1925PLC002345	SIMPSON AND COMPANY LIMITED	Director	29-01-2011	29-01-2011	-	Active	NO
20	U35999TN1938PTC000019	AMALGAMATIONS PRIVATE LIMITED	Director	29-01-2011	29-01-2011	-	Active	NO
21	U65991TN1921NPL001337	CHENNAI WILLINGDON CORPORATE FOUNDATION	Director	19-05-2011	19-05-2011	-	Active	NO
22	U40107TN2011PLC083540	IPL GREEN POWER LIMITED	Director	12-12-2011	12-12-2011	-	Active	NO
23	U27203TN2005PLC055405	LAP-ROSS ENGINEERING LIMITED	Director	19-09-2013	21-06-2013	-	Amalgamated	NO
24	U40103TN1991PLC021872	ABI-SHOWATECH (INDIA) LIMITED	Additional director	27-01-2014	27-01-2014	-	Active	NO

Name :

Srinivasan Ravindran

Designation :

Additional Director

Address :

New No.7 (Old No.4), Kasturi Estates, 3rd Street, Gopalapuram, Chennai – 600 086, Tamilnadu, India

Date of Birth/Age :

28.11.1951

Date of Appointment :

27.01.2014

DIN No.:

00045076

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	U33111TN1985PLC012526	D.L.S.CONSULTANTS LIMITED	Director	30-09-1995	30-09-1995	09-03-2007	Active	NO
2	U35999TN1994PLC028019	AZTEC AUTO LIMITED	Director	25-03-1996	25-03-1996	26-03-2007	Active	NO
3	U65993TN1983PTC009832	UTHIRATTADHI SRI RAM HOLDINGS PRIVATE LIMITED	Director	25-03-1999	25-03-1999	03-05-2010	Active	NO
4	U65993TN1983PTC009871	RAGHUVAMSA HOLDINGS PRIVATE LIMITED	Director	25-03-1999	25-03-1999	03-05-2010	Active	NO
5	U65993TN1983PTC009831	ATHREYA HARSHA HOLDINGS PRIVATE LIMITED	Director	25-03-1999	25-03-1999	03-05-2010	Active	NO
6	U01119TN1987PTC014780	SRISHTI FARMS PRIVATE LIMITED	Director	25-03-1999	25-03-1999	03-05-2010	Active	NO
7	U65991TN1981PTC009100	SILVER OAK HOLDINGS PRIVATE LIMITED	Director	30-05-2000	30-05-2000	03-05-2010	Active	NO
8	U65991TN1981PTC009098	ALLEGRO HOLDINGS PRIVATE LIMITED	Director	30-05-2000	30-05-2000	03-05-2010	Active	NO
9	U65993TN1982PTC009757	PADMALAKSHMI HOLDINGS PRIVATE LIMITED	Director	30-05-2000	30-05-2000	09-06-2010	Active	NO
10	U27209TN1994PLC028326	LIGHT ALLOY PRODUCTS LIMITED	Director	18-03-2003	18-03-2003	-	Amalgamated	NO
11	U40107TN1981PLC008903	TRANS ENERGY LIMITED	Director	25-03-2004	25-03-2004	03-08-2012	Active	NO
12	U01119TN1987PTC014824	PEBBLE BEACH FARMS PRIVATE LIMITED	Director	03-01-2005	03-01-2005	03-05-2010	Active	NO
13	U40103TN1991PLC021872	ABI-SHOWATECH (INDIA) LIMITED	Additional director	27-01-2014	06-01-2005	-	Active	NO
14	U65993TN1982PTC009755	REVATHI HOLDINGS PRIVATE LIMITED	Director	30-05-2005	30-05-2005	09-06-2010	Active	NO
15	U65993TN1982PLC009756	MAHAM HOLDINGS LIMITED	Director	30-05-2005	30-05-2005	09-06-2010	Active	NO
16	L65991TN1954PLC000958	INDIA MOTOR PARTS & ACCESSORIES LIMITED	Director	24-01-2006	24-01-2006	-	Active	NO
17	U40107TN1982PLC009363	TURBO ENERGY LIMITED.	Whole-time director	01-01-2012	01-01-2007	-	Active	NO
18	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	24-07-2009	29-07-2008	-	Active	NO
19	U45400TN2008PTC069038	ABI PREMISES PRIVATE LIMITED	Director	27-08-2008	27-08-2008	-	Active	NO
20	U74999TN1985GAP011990	BRAKES INDIA SENIOR OFFICERS WELFARE ASSOCIATION LIMITED	Director	16-04-2009	16-04-2009	-	Active	NO
21	U72300TN1993PLC024706	REAL TALENT ENGINEERING LIMITED	Director	30-09-2011	20-04-2011	-	Active	NO
22	U65922TN1999PLC042759	Sundaram BNP Paribas Home Finance Limited	Director	09-08-2012	09-08-2012	-	Active	NO
23	U40102TN2013PLC089342	PULIVALAM POWER PLANT LIMITED	Director	11-01-2013	11-01-2013	-	Amalgamated	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2013

Names of Shareholders	No. of Shares
R. Ramanujam	15
ABI-Showatech International Pte. Limited, Singapore	4606695
Silver Oak Holdings Private Limited, India	15
Rohini Holdings Private Limited, India	30
R. Srikanth	15
Turbo Energy Limited, India	1406250
Vikasa Pte. Limited, Singapore	1100000
Total	7113020

AS ON 23.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	80.23
Bodies corporate	19.77
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily involved in the manufacture of precision automotive components and accessories.

Products :

Item Code No. (ITC Code)	87089900
Product Description	Parts and Accessories of Motor Vehicles
Item Code No. (ITC Code)	84149090
Product Description	Turbocharger Parts

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	2011
	Qty. Nos.
CAPACITY (Precision Automotive Components and Ancillaries)
Licenced	Delicenced
Installed (As certified by a Director)	5548820
Production	3758147
Job Working Service	1596729

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Industrial Development Bank of India Limited, P.M. Tower, 37, Greams Road, Thousand Lights, Chennai – 600 006, Tamilnadu, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Loans repayable on demand from banks (Secured by Hypothecation charge on current assets of the Company)	542.999	51.499
Total	542.999	51.499

Banking Relations :	--
Financial Institution :	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Auditors :
Name :	Sundaram and Srinivasan Chartered Accountants
Address :	23, C.P. Ramaswamy, Road, Alwarpet, Chennai – 600 018, Tamilnadu, India
PAN No.:	AAAFS8812J
Holding Company :	ABI-Showatech International Pte Limited, Singapore
Subsidiary Companies :	· LAP-Ross Engineering Limited, India (CIN No.: U27203TN2005PLC055405) · Light Alloy Products Limited, India (CIN No.: U27209TN1994PLC028326)
Other Related Parties :	· ABI-Showatech (Oman) LLC (FZC), Oman · Flometallic India Limited, India (CIN No.: U28113TN2010PLC075244)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Brakes India Limited, India (CIN No.: U35999TN1962PLC004928)

CAPITAL STRUCTURE

AFTER 23.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs.10/- each	Rs.170.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7113020	Equity Shares	Rs.10/- each	Rs.71.130 millions

AS ON 23.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7113020	Equity Shares	Rs.10/- each	Rs.71.130 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	71.130	71.130	71.130
(b) Reserves & Surplus	1873.854	1570.583	1176.676
(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)	1944.984	1641.713	1247.806
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	64.403	64.106	49.898
Total Non-current Liabilities (3)	64.403	64.106	49.898
(4) Current Liabilities
(a) Short term borrowings	542.999	51.499	0.000
(b) Trade payables	130.326	125.785	135.234
(c) Other current liabilities	89.870	84.994	81.299
(d) Short-term provisions	24.722	19.817	14.089
Total Current Liabilities (4)	787.917	282.095	230.622
TOTAL	2797.304	1987.914	1528.326
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	894.492	789.606	533.025
(ii) Intangible Assets	0.077	0.335	0.155
(iii) Capital work-in-progress	66.230	95.854	58.542
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	276.209	89.875	112.049
(c) Deferred tax assets (net)	56.873	41.835	53.048
(d) Long-term Loan and Advances	45.595	20.261	44.104
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1339.476	1037.766	800.923
(2) Current assets
(a) Current investments	95.559	85.900	80.107
(b) Inventories	322.280	358.019	240.572
(c) Trade receivables	485.478	382.466	332.425
(d) Cash and cash equivalents	406.694	6.681	1.576
(e) Short-term loans and advances	138.185	92.879	63.674
(f) Other current assets	9.632	24.203	9.049
Total Current Assets	1457.828	950.148	727.403
TOTAL	2797.304	1987.914	1528.326

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2678.129	2564.571	2106.370
		Other Income	82.030	60.264	32.499
		TOTAL (A)	2760.159	2624.835	2138.869
Less	EXPENSES
		Cost of materials consumed	1108.067	1068.140	889.413
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	28.920	(60.879)	0.934
		Employee benefit expense	226.997	223.707	161.270
		Other expenses	703.176	613.466	538.631
		TOTAL (B)	2067.160	1844.434	1590.248
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		692.999	780.401	548.621
Less	FINANCIAL EXPENSES (D)		8.100	8.860	0.047
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		684.899	771.541	548.574
Less/ Add	DEPRECIATION/ AMORTISATION (F)		239.666	183.921	155.359
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		445.233	587.620	393.215
Less	TAX (H)		141.962	193.713	129.181
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		303.271	393.907	264.034
	EARNINGS IN FOREIGN CURRENCY		1421.815	1428.930	1102.660
	IMPORTS
		Raw Materials	280.520	376.956	340.817
		Components and Spare Parts	58.712	57.917
		Capital Goods	82.826	257.214
	TOTAL IMPORTS		422.058	692.087	340.817
	Earnings / (Loss) Per Share (Rs.)		42.64	55.38	29.40

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.99	15.01	12.34
Net Profit Margin (PBT/Sales)	(%)	16.62	22.91	18.67
Return on Total Assets (PBT/Total Assets}	(%)	18.57	33.38	30.14
Return on Investment (ROI) (PBT/Networth)		0.23	0.36	0.32
Debt Equity Ratio (Total Debt/Networth)		0.28	0.03	0.00
Current Ratio (Current Asset/Current Liability)		1.85	3.37	3.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	71.130	71.130	71.130
Reserves & Surplus	1176.676	1570.583	1873.854
Net worth	1247.806	1641.713	1944.984
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	51.499	542.999
Total borrowings	0.000	51.499	542.999
Debt/Equity ratio	0.000	0.031	0.279

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	2106.370	2564.571	2678.129
		21.753	4.428

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	2106.370	2564.571	2678.129
Profit	264.034	393.907	303.271
	12.54%	15.36%	11.32%

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	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	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	Yes
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	Yes
34) External Agency Rating, if available	Yes

LITIGATION DETAILS:

CHENNAI COURT

CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	CIVIL MISC. APPEAL
Case No.:	358
Year :	2010
Petitioner :	COMMISSIONER OF CENTRAL
Respondent :	ABI SHOWATECH INDIA LIMITED
Pet's Advocate :	T. CHANDRASEKARAN
Res's Advocate :	S.MURUGAPPAN
Category :	Central Excises and Salt Act, 1944 (1 of 1944)
	Last Listed on: No Date Mentioned
Case Updated on :	Jun 5 2013

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10463613	08/11/2013	542,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B90881434
2	10436290	17/06/2013	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B79378154
3	10320974	05/06/2013 *	750,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B78684461
4	10220907	26/05/2010	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A86728219
5	10219507	05/06/2013 *	150,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B78685161

* Date of charge modification

OPERATIONS

Net revenue from operations for the year 2012-13 increased marginally by about 6%, short of original estimates for the year. The low growth was due to market conditions in the last quarter of Financial Year 2012-13. The profit before tax has decreased, in addition, due to high power costs that the company had to absorb.

ACQUISITION OF NEW BUSINESS

The company has acquired 100% of the Membership Interest of Ross Casting and Innovation LLC, USA, (RCI), in April 2013. In this event, RCI had become a wholly-owned subsidiary of the company, by operation of Law. RCI is the joint venture partner of Light Alloy Products Limited (LAP) (the company’s 100% subsidiary) and is an established player in the Compressor Wheel market

The acquisition has several advantages, like, (a) access to several turbo-charger manufacturers, (b) presence of the company in US market and (c) presence of the company in China through Impross, the joint venture of RCI.

The 49% shareholding held by RCI in LAP-Ross Engineering Limited was acquired by Light Alloy Products Limited, a wholly owned subsidiary of the company.

During the year, the company has also acquired 17,000 equity shares of US $ 1 each held by Brakes India Limited in Showatech Inc. USA.

OUT LOOK FOR THE CURRENT YEAR

Given the current domestic market conditions, the Directors expect sales to be lower than the previous year. The Directors are taking necessary steps to increase the sales and control costs and are hopeful that increase in revenue will be only in 2014-15.

SUBSIDIARY COMPANIES

Light Alloy Products Limited (LAP)

LAP has acquired the (a) entire 1469800 equity shares held by its joint venture partner, viz., Ross Casting and Innovation LLC, USA, and (b) remaining 600 equity shares held by the six individual shareholders, in LAP-Ross Engineering Limited (LRE). Now, LAP holds the entire 3000000 equity shares in LRE and the said LRE has thus become a wholly owned subsidiary of LAP, with effect from 28^th August 2013.

During the year, the company produced 4345 MTs of castings (including 4241 MTs on jobbing basis), recording a marginal increase over that of the previous year.

Though income from operations increased by about 4% to Rs.697.065 millions, due to increase in power and fuel cost and the inflationary trend, the profit before tax is reduced by about 18% to Rs.155.503 millions, compared to the previous year. Liability to income tax and deferred tax is estimated as Rs.35.240 millions, leaving an after tax profit of Rs.120.263 millions.

The company has paid an interim dividend @ 100% on the paid-up capital of Rs.25.000 millions.

LAP-Ross Engineering Limited (LRE)

During the year, income from operations of LRE decreased by 7% to Rs.673.100 millions, compared to Rs.724.300 millions in the previous year. The profit before tax has also decreased by about 9% to Rs.195.600 millions compared to Rs.215.200 millions. After providing for income-tax (net of deferred tax) of Rs.55.000 millions, the company earned a profit after tax of Rs.140.600 millions.

The company has paid three interim dividends aggregating to 210% on the paid-up capital of Rs.30.000 millions.

The Directors of LRE are expecting reduction in sales during 2013-14 also and to mitigate the risk arising out of being a single product company, they are looking at diversifying into other products.

CERTIFICATIONS, AWARDS AND RECOGNITIONS

In recognition of the company’s commitment, during the year, the company was awarded with (a) I Prize under Scheme I - Longest Accident Free Period and (b) III Prize under Scheme II - Accident Rate Reduction, both under Group A category and for the year 2009, by the Inspectorate of Factories, Government of Tamilnadu.

The company has been selected for Engineering Export Promotion Council India’s (EEPC INDIA) Regional Award for the outstanding export performance achieved by the company during 2011-12 by the said EEPC INDIA and has been awarded with Silver Shield for Star Performer-Large Enterprise.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Assets

· Computer 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.60.21
UK Pound	1	Rs.101.05
Euro	1	Rs.83.33

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.