MIRA INFORM REPORT

Report Date :

16.01.2014

IDENTIFICATION DETAILS

Name :	KALYANI CARPENTER SPECIAL STEELS LIMITED
Registered Office :	72-76, Mundhwa, Pune – 411036, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.07.1998
Com. Reg. No.:	11-012724
Capital Investment / Paid-up Capital :	Rs. 300.420 Millions
CIN No.: [Company Identification No.]	U27105PN1998PLC012724
TAN No.: [Tax Deduction & Collection Account No.]	PNEK05230B
PAN No.: [Permanent Account No.]	AABCK1779L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Speciality and Alloy Steel.
No. of Employees :	Not Available

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 7500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some dip in the turnover and profitability of the company during the current year. However, general financial position of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term loan (A+)
Rating Explanation	Adequate degree of safety it carry low credit risk.
Date	January 2013

Rating Agency Name	ICRA
Rating	Fund based limit (A1+)
Rating Explanation	Highest degree of safety it carry lowest credit risk.
Date	January 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/ Head Office :	72-76, Mundhwa, Pune – 411036, Maharashtra, India
Tel. No.:	91-20-66215141/ 66215000
Fax No.:	91-20-26824483/ 26824498
E-Mail :	sanjeev.jagtap@kalyanisteels.com mktg@kcssl.com Mukherjee.indrajit@kcssl.com hr@kcssl.com
Website :	http://www.kalyanicarpenter.com
Sales & Marketing Office 1 :	Plot No. 8-D, Door No. 5, 1st Floor, Balamurugan Nagar, Chitrai Veedhi, Alappakkam, Porur, Chennai – 600115, Tamilnadu, India
Tel. No.:	91-44-24760493
Fax No.:	91-44-24760493
E-Mail :	unnikrishnan@kcssl.com
Sales & Marketing Office 2 :	Antriksh Bhavan, 14th Floor, 22, K.G. Marg, New Delhi – 110001, India
Tel. No.:	91-11-23730812
Fax No.:	91-11-23357083
E-Mail :	ajityadav@kcssl.com

DIRECTORS

AS ON 31.07.2013

Name :

Mr. Babasaheb Neelkanth Kalyani

Designation :

Whole-time director

Address :

Amit, 221/A, Kalyaninagar, Yerawada, Pune – 411006, Maharashtra

Date of Birth/Age :

07.01.1949

Date of Appointment :

02.08.1999

PAN No.:

ABIPK5782A

DIN No.:

00089380

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	L27104MH1973PLC016350	KALYANI STEELS LIMITED	Director	15/02/1984	15/02/1984	-	Active	NO
2	L15421PN1939PLC006738	THE UGAR SUGAR WORKS LIMITED	Director	31/01/1986	31/01/1986	19/03/2010	Active	NO
3	L24200MH1988PTC048028	HIKAL LIMITED	Director	05/02/1992	05/02/1992	-	Active	NO
4	L25209PN1961PLC012046	BHARAT FORGE LIMITED	Managing director	30/03/2013	30/03/1993	-	Active	NO
5	U29303PN1996PLC096395	KALYANI HAYES LEMMERZ LIMITED	Director	18/01/1996	18/01/1996	-	Active	NO
6	U91110PN1965NPL018870	ASSOCIATION OF INDIAN FORGING INDUSTRY	Director	29/12/1997	29/12/1997	-	Active	NO
7	L51909KA1981PLC004198	AUTOMOTIVE AXLES LIMITED	Director	05/03/1998	05/03/1998	-	Active	NO
8	U85110KA1996PLC019619	NANDI INFRASTRUCTURE CORRIDOR ENTERPRISE LIMITED	Director	19/02/1999	19/02/1999	27/06/2013	Active	NO
9	U29221KA1998PLC023383	MERITOR HVS (INDIA) LIMITED	Director	25/03/1999	25/03/1999	-	Active	NO
10	U27106PN1998PTC012742	CARPENTER KALYANI SPECIAL ALLOYS PRIVATE LIMITED	Director	02/08/1999	02/08/1999	24/12/2009	Active	NO
11	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Whole-time director	02/08/2009	02/08/1999	-	Active	NO
12	L40108PN2000PLC015323	BF UTILITIES LIMITD	Director	15/09/2000	15/09/2000	-	Active	NO
13	U72900MH2000PTC140702	EPICENTER TECHNOLOGIES PRIVATE LIMITED	Director	06/10/2000	06/10/2000	-	Active	NO
14	U74999PN2003PLC018350	TRUE VALUE HOLDINGS LIMITED	Director	12/09/2003	12/09/2003	09/07/2010	Amalgamated	NO
15	U99999MH1956NPL009708	THE INDO GERMAN CHAMBER OF COMMERCE	Director	28/09/2005	28/09/2005	-	Active	NO
16	U85110KA2000PLC026939	NANDI ECONOMIC CORRIDOR ENTERPRISES LIMITED.	Director	30/09/2006	20/01/2006	27/06/2013	Active	NO
17	U65991MH2002GOI137868	UTI TRUSTEE COMPANY PRIVATE LIMITED	Director	26/09/2006	27/03/2006	23/08/2011	Active	NO
18	U31909PN2006PLC129138	BF SYSTEMS LIMITED	Director	29/09/2006	29/09/2006	-	Strike off	NO
19	U45203PN2008PTC131242	KHED ECONOMIC INFRASTRUCTURE PRIVATE LIMITED	Director	04/01/2008	04/01/2008	-	Active	NO
20	U70102PN2008PLC131478	KHED DEVELOPERS LIMITED	Director	21/02/2008	21/02/2008	24/12/2009	Active	NO
21	U40102PN2007PTC130881	KENERSYS INDIA PRIVATE LIMITED	Nominee director	13/05/2008	13/05/2008	30/03/2009	Active	NO
22	U40106DL2008PLC179793	BF-NTPC ENERGY SYSTEMS LIMITED	Nominee director	19/06/2008	19/06/2008	-	Active	NO
23	L65993PN2009PLC134021	BF INVESTMENT LIMITED	Director	22/11/2010	26/05/2009	-	Active	NO
24	U29128DL2010PLC197806	KALYANI ALSTOM POWER LIMITED	Director	06/07/2011	08/01/2010	-	Active	NO
25	U29111DL2010FLC197807	ALSTOM BHARAT FORGE POWER LIMITED	Director	08/01/2010	08/01/2010	-	Active	NO
26	U45203PN2010PLC136755	BF INFRASTRUCTURE LIMITED	Director	02/08/2011	05/07/2010	01/06/2012	Active	NO
27	U35923PN2010PLC137191	IMPACT AUTOMOTIVE SOLUTIONS LIMITED	Director	25/08/2010	25/08/2010	-	Active	NO
28	U85100PN2011NPL141427	INSTITUTE FOR PROSTATE CANCER	Director	22/11/2011	22/11/2011	-	Active	NO
29	U29270PN2012PTC144268	BF ELBIT ADVANCED SYSTEMS PRIVATE LIMITED	Director	24/07/2013	29/01/2013	-	Active	NO

Name :

Mr. Sunil Yograj Widge

Designation :

Director

Address :

97, Fredericks Ville Road, Mertztown U.S. 19539

Date of Birth/Age :

18.09.1949

Date of Appointment :

15.02.2008

DIN No.:

01056289

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27106PN1998PTC012742	CARPENTER KALYANI SPECIAL ALLOYS PRIVATE LIMITED	Director	01/04/1999	01/04/1999	Active	NO
2	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Director	20/09/2008	15/02/2008	Active	NO

Name :

Mr. Ravindra Kumar Goyal

Designation :

Director

Address :

B4/140, First Floor, Safdarjung Enclave, New Delhi, 110029, India

Date of Birth/Age :

18.05.1958

Date of Appointment :

22.09.2011

DIN No.:

03050193

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	U27109DL2004PLC128146	JINDAL STAINLESS STEELWAY LIMITED	Director	16/08/2010	05/04/2010	06/12/2010	Active	NO
2	L27104MH1973PLC016350	KALYANI STEELS LIMITED	Managing director	12/08/2011	17/01/2011	-	Active	NO
3	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Director	22/09/2011	22/06/2011	-	Active	NO
4	U27106PN1998PTC012742	CARPENTER KALYANI SPECIAL ALLOYS PRIVATE LIMITED	Director	22/09/2011	22/06/2011	-	Active	NO
5	L65993PN2009PLC134196	KALYANI INVESTMENT COMPANY LIMITED	Director	28/07/2012	12/08/2011	-	Active	NO
6	U27106MH1968NPL014092	THE ALLOY STEEL PRODUCERS ASSOCIATION OF INDIA	Director	20/09/2013	20/09/2013	-	Active	NO

Name :

Mr. Michael Hajost

Designation :

Director

Address :

1940, Meadow lane, Wyomissing, PA U.S. 19610

Date of Birth/Age :

28.08.1963

Date of Appointment :

28.09.2012

DIN No.:

05327255

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Director	28/09/2012	26/06/2012	Active	NO
2	U27106PN1998PTC012742	CARPENTER KALYANI SPECIAL ALLOYS PRIVATE LIMITED	Director	28/09/2012	26/06/2012	Active	NO

Name :

Mr. Amit Kalyani

Designation :

Additional director

Address :

Amit, 221/A, Kalyaninagar, Yerawada, Pune – 411006, Maharashtra

Date of Birth/Age :

26.07.1975

Date of Appointment :

19.08.2013

DIN No.:

00089430

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	U72200PN2000PTC014486	TOMTOM INDIA PRIVATE LIMITED	Director	15/02/2000	15/02/2000	18/05/2009	Active	NO
2	U72900MH2000PTC140702	EPICENTER TECHNOLOGIES PRIVATE LIMITED	Director	06/10/2000	06/10/2000	-	Active	NO
3	U74999PN2003PLC018350	TRUE VALUE HOLDINGS LIMITED	Director	12/09/2003	12/09/2003	09/07/2010	Amalgamated	NO
4	U85110KA2000PLC026939	NANDI ECONOMIC CORRIDOR ENTERPRISES LIMITED.	Director	23/12/2003	23/12/2003	27/06/2013	Active	NO
5	U85110KA1996PLC019619	NANDI INFRASTRUCTURE CORRIDOR ENTERPRISE LIMITED	Director	21/04/2004	21/04/2004	27/06/2013	Active	NO
6	L25209PN1961PLC012046	BHARAT FORGE LIMITED	Whole-time director	11/05/2009	11/05/2004	-	Active	NO
7	L27104MH1973PLC016350	KALYANI STEELS LIMITED	Director	22/05/2004	22/05/2004	-	Active	NO
8	U65999PN1982PTC026572	BALACHANDRA INVESTMENT LIMITED	Director	01/08/2005	01/08/2005	26/12/2009	Amalgamated	NO
9	U65993MH1987PLC045103	JALAKUMBHI INVESTMENT AND FINANCE LIMITED	Director	01/08/2005	01/08/2005	26/12/2009	Amalgamated	NO
10	U65993MH1987PLC045104	JALAKAMAL INVESTMENT AND FINANCE LIMITED	Director	01/08/2005	01/08/2005	26/12/2009	Amalgamated	NO
11	U65993MH1983PLC031155	FORGE INVESTMENT LIMITED	Director	01/08/2005	01/08/2005	26/12/2009	Amalgamated	NO
12	U65993MH1983PLC031149	MUNDHWA INVESTMENT LIMITED	Director	01/08/2005	01/08/2005	25/02/2009	Amalgamated	NO
13	L40108PN2000PLC015323	BF UTILITIES LIMITD	Director	01/08/2005	01/08/2005	-	Active	NO
14	L72200PN1990PLC059594	KPIT TECHNOLOGIES LIMITED	Director	06/07/2007	30/05/2006	-	Active	NO
15	U31909PN2006PLC129138	BF SYSTEMS LIMITED	Director	29/09/2006	29/09/2006	-	Strike off	NO
16	U45209PN2006PTC128339	CROCUS PROPERTIES PRIVATE LIMITED	Director	22/01/2007	22/01/2007	09/07/2010	Active	NO
17	U27100PN2007PTC129759	PUNE POWER DEVELOPMENT PRIVATE LIMITED	Director	19/03/2007	19/03/2007	01/09/2009	Active	NO
18	U74210MH1997PLC105730	KALYANI INFOTECH SOLUTIONS LIMITED	Director	12/07/2007	12/07/2007	03/09/2012	Active	NO
19	U45203PN2008PTC131242	KHED ECONOMIC INFRASTRUCTURE PRIVATE LIMITED	Director	04/01/2008	04/01/2008	-	Active	NO
20	U70102PN2008PLC131478	KHED DEVELOPERS LIMITED	Director	21/02/2008	21/02/2008	24/09/2012	Active	NO
21	U40102PN2007PTC130881	KENERSYS INDIA PRIVATE LIMITED	Nominee director	13/05/2008	13/05/2008	30/03/2009	Active	NO
22	U40106DL2008PLC179793	BF-NTPC ENERGY SYSTEMS LIMITED	Nominee director	19/06/2008	19/06/2008	-	Active	NO
23	U65993PN1976ULT018893	AJINKYA INVESTMENT AND TRADING COMPANY	Director	29/09/2008	04/08/2008	08/05/2012	Active	NO
24	L65993PN2009PLC134021	BF INVESTMENT LIMITED	Director	22/11/2010	26/05/2009	-	Active	NO
25	L65993PN2009PLC134196	KALYANI INVESTMENT COMPANY LIMITED	Director	24/11/2010	16/09/2009	-	Active	NO
26	U29128DL2010PLC197806	KALYANI ALSTOM POWER LIMITED	Director	06/07/2011	08/01/2010	-	Active	NO
27	U10100DL2010PTC204914	KALYANI MINING VENTURES PRIVATE LIMITED	Director	29/06/2010	29/06/2010	-	Active	NO
28	U45203PN2010PLC136755	BF INFRASTRUCTURE LIMITED	Director	02/08/2011	05/07/2010	08/10/2013	Active	NO
29	L24200MH1988PTC048028	HIKAL LIMITED	Additional director	09/02/2012	22/07/2010	-	Active	NO
30	U35923PN2010PLC137191	IMPACT AUTOMOTIVE SOLUTIONS LIMITED	Director	25/08/2010	25/08/2010	-	Active	NO
31	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	06/09/2011	06/09/2011	05/09/2012	Active	NO
32	U74999PN2011PTC141365	KHED TEXTILE PARK PRIVATE LIMITED	Director	17/11/2011	17/11/2011	-	Active	NO
33	U85100PN2011NPL141427	INSTITUTE FOR PROSTATE CANCER	Director	22/11/2011	22/11/2011	-	Active	NO
34	U29270PN2012PTC144268	BF ELBIT ADVANCED SYSTEMS PRIVATE LIMITED	Director	24/07/2013	29/01/2013	-	Active	NO
35	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Additional director	19/08/2013	19/08/2013	-	Active	NO
36	L51909KA1981PLC004198	AUTOMOTIVE AXLES LIMITED	Additional director	25/11/2013	25/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjeev Shamrao Jagtap
Designation :	Secretary
Address :	Tower No 7, Apartment No.1603, Amanora Park Town, Hadapsar, Pune – 411028, Maharashtra, India
Date of Birth/Age :	13.07.1960
Date of Appointment :	26.06.2013
PAN No.:	AAUPJ1259N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.07.2013

Names of Shareholders	No. of Shares
Carpenter Technology Mauritius Limited, Mauritius	7810910
KSL Holdings Private Limited, India	22230548
BF Investment Limited, India	500
C.G. Patankar [Nominee of KSL Holdings Private Limited, India]	1
B.B. Hattarki [Nominee of KSL Holdings Private Limited, India]	1
D.R. Puranik [Nominee of KSL Holdings Private Limited, India]	1
Anand Shirsat [Nominee of KSL Holdings Private Limited, India]	1
Total	30041962

AS ON 31.07.2013

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]	26.00
Bodies corporate	74.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Speciality and Alloy Steel.

Products/ Services :

ITC Code No.	Product Descriptions
72283011	Alloys

GENERAL INFORMATION

Customers :

· Bharat Forge

Tata Motors

Ashok Leyland

Rane Engines Valves

Cummins

EATON Corporation

Sundaram Fastners Limited

Shriram Pistons & Rings

Siemens

Toyota Motors

Nuclear Power Corpn. of India Limited

Mahidra Forge

L&T

AUDCO

Weather Ford

Vikram Sarabhai Space Centre

No. of Employees :

Not Available

Bankers :

· Bank of Baroda

Corporate Financial Services Branch, Mantri Court, 39 Ambedkar Road, Pune - 411001, Maharashtra, India

· Bank of Maharashtra

"Yashomangal" 1183/A, 1183/A, F.C. Road, Pune - 411005, Maharashtra, India

· Canara Bank

Prime Corporate Branch, M.G. Road, Red Cross Building, Camp, Pune - 411001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Foreign currency term loans from banks	499.422	154.260
SHORT TERM BORROWINGS
Foreign currency term loans from banks	418.518	335.377
Other loans and advances	34.459	145.808
Total	952.399	635.445

Banking Relations :	--
Auditors :
Name :	P.G. Bhagwat Chartered Accountants
Address :	Suite No 101-102, Orchard, Dr. Pai Marg, Baner, Pune – 411045, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFB0762E
Holding company :	KSL Holdings Private Limited [U65993PN2001PTC015938]
Ultimate Holding company :	Carpenter Technology Mauritius Limited
Other Related Parties :	· Bharat Forge Limited [L25209PN1961PLC012046] Kalyani Steels Limited [L27104MH1973PLC016350] BF Investment Limited [L65993PN2009PLC134021] Shalmet Corporation Carpenter Technology Corporation

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
35,000,000	Equity Shares	Rs. 10/- each	Rs. 350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30,041,962	Equity Shares	Rs. 10/- each	Rs. 300.420 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	300.420	300.420	300.420
(b) Reserves & Surplus	1577.408	1467.825	1209.743
(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)	1877.828	1768.245	1510.163
(3) Non-Current Liabilities
(a) long-term borrowings	504.461	163.633	320.445
(b) Deferred tax liabilities (Net)	323.282	244.943	192.092
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	22.534	34.960	20.549
Total Non-current Liabilities (3)	850.277	443.536	533.086
(4) Current Liabilities
(a) Short term borrowings	1132.901	859.364	617.107
(b) Trade payables	1405.330	1848.360	1256.121
(c) Other current liabilities	489.436	686.882	722.808
(d) Short-term provisions	131.602	168.405	148.777
Total Current Liabilities (4)	3159.269	3563.011	2744.813
TOTAL	5887.374	5774.792	4788.062
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2233.201	2061.931	1494.297
(ii) Intangible Assets	46.059	22.688	36.133
(iii) Capital work-in-progress	111.331	155.814	18.548
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	73.922	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	48.212	25.058	24.937
(e) Other Non-current assets	3.199	21.274	47.832
Total Non-Current Assets	2442.002	2360.687	1621.747
(2) Current assets
(a) Current investments	73.922	0.000	0.000
(b) Inventories	1263.883	836.577	850.406
(c) Trade receivables	1682.198	2194.848	2161.710
(d) Cash and cash equivalents	67.654	88.516	30.337
(e) Short-term loans and advances	333.718	264.864	94.412
(f) Other current assets	23.997	29.300	29.450
Total Current Assets	3445.372	3414.105	3166.315
TOTAL	5887.374	5774.792	4788.062

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	11253.245	12520.289	9896.980
		Other Income	15.281	29.834	14.310
		TOTAL (A)	11268.526	12550.123	9911.290
Less	EXPENSES
		Cost of materials consumed	6926.676	7641.901	6184.386
		Purchases of stock-in-trade	68.616	216.578	7.311
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(265.939)	(142.431)	(220.192)
		Employee benefit expense	521.904	507.791	379.337
		Other expenses	3301.133	3350.502	2656.045
		TOTAL (B)	10552.390	11574.341	9006.887
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		716.136	975.782	904.403
Less	FINANCIAL EXPENSES (D)		240.880	231.217	217.364
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		475.256	744.565	687.039
Less/ Add	DEPRECIATION/ AMORTISATION (F)		230.832	192.453	159.554
	PROFIT BEFORE TAX (E-F) (G)		244.424	552.112	527.485
Less	TAX (H)		82.119	189.283	166.546
	PROFIT AFTER TAX (G-H) (I)		162.305	362.829	360.939
	IMPORTS
		Raw Materials		1211.836	436.653
		Capital Goods		51.208	13.016
	TOTAL IMPORTS		NA	1263.044	449.669
	Earnings Per Share (Rs.)		5.40	12.08	12.01

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.44	2.89	3.64
Net Profit Margin (PBT/Sales)	(%)	2.17	4.41	5.33
Return on Total Assets (PBT/Total Assets}	(%)	4.23	9.96	11.06
Return on Investment (ROI) (PBT/Networth)		0.13	0.31	0.35
Debt Equity Ratio (Total Debt/Networth)		0.87	0.58	0.62
Current Ratio (Current Asset/Current Liability)		1.09	0.96	1.15

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10391898	29/10/2012	625,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, MANTRI COURT, 39 AMBEDKAR ROAD, PUNE - 411001, MAHARASHTRA, INDIA	B64106263
2	10368299	11/07/2012	1,600,000,000.00	BANK OF MAHARASHTRA	"YASHOMANGAL" 1183/A, 1183/A, F.C. ROAD, PUNE - 411005, MAHARASHTRA, INDIA	B44793735
3	90085908	21/07/2012 *	3,350,000,000.00	BANK OF BARODA-LEAD BANK	CORPORATE FINANCIAL SERVICES BRANCH, MANTRI COURT, 39 AMBEDKAR ROAD, PUNE - 411001, MAHARASHTRA, INDIA	B55820294

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Deferred payment Indian sources	5.039	9.373
SHORT TERM BORROWINGS
Term loans from banks	605.924	304.179
Intercorporate deposits	74.000	74.000
Total	684.963	387.552

THE YEAR

Due to adverse market conditions during the financial year 2012-13, , turnover of the Company in value terms decreased by 11% as compared to previous year. Depressed market conditions both in the Domestic and International market during second half of the year resulted in a fall in business volume. The major segments in the domestic market such as Auto, Engineering and Projects saw sharp fall in demand mainly due to the following:

· Fall in Global demand

· Stalled / delayed projects in Government sectors

· Inflationary trend in Indian Economy

Non group business grew by 10% during the year in spite of overall depressed market conditions due to focused pursuit of High Value Business. Major achievements were as follows:

· New business developed mainly in Engineering, Oil and Gas sectors for Q & T Products.

· Resumed Exports after gap of five years.

· Approvals from all units of BHEL including for Turbine and Blade material.

· Approvals from Global Industry Majors like ALSTOM, SKODA, HALLIBURTON, BAKER HUGHES and Atlas CAPCO.

FIXED ASSETS:

· Land

Buildings

Office building

Plant and equipment

Factory equipments

Furniture and fixtures

Vehicles

Motor vehicles

Know-how

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. 61.59
UK Pound	1	Rs. 101.09
Euro	1	Rs. 83.99

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
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	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.