MIRA INFORM REPORT

Report Date :

08.10.2014

IDENTIFICATION DETAILS

Name :	KALYANI TECHNOFORGE LIMITED (w.e.f 14.01.2013)
Formerly Known As :	KALYANI THERMAL SYSTEMS LIMITED
Registered Office :	S. No. 72-76, Behind Siporex, Mundhwa, Pune – 411036, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.02.1979
Com. Reg. No.:	11-020973
Capital Investment / Paid-up Capital :	Rs.49.799 Millions
CIN No.: [Company Identification No.]	U29141MH1979PLC020973
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing Auto Components and Forging Activity.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 2697000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are usually correct. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limits BB+
Rating Explanation	Have moderate risk of default.
Date	June 2013

Rating Agency Name	ICRA
Rating	Non fund based limits A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	June 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Jayant Patil
Designation :	Finance Manager
Contact No.:	91-20-66215000
Date :	06.10.2014

LOCATIONS

Registered Office / Factory 1 :	S. No. 72-76, Behind Siporex, Mundhwa, Pune – 411036, Maharashtra, India
Tel. No. :	91-20-66441000 / 50000
Fax No. :	91-66441009 / 1034
E-Mail :	supriyatilak@gmail.com jayant.patil@kalyanitechnoforge.com marketing@kalyanitechnoforge.com
Website :	www.kalyanitechnoforge.com
Factory 2 :	Plot No. E-84, MIDC Ranjangaon Ind., Village - Karegaon, Taluka - Shirur, Dist. – Pune, Maharashtra, India
Tel. No. :	91-2138-674000
Fax No. :	91-2138-674001
Factory 3 :	Plot No. 103, Sector 8, IMT, Manesar, MIDC, Gurgaon – 122001, Haryana, India
Tel. No. :	91-124-4679500
Fax No. :	91-124-4679518
Factory 4 :	Survey No. A-7, MIDC, Baramati, Dist – Pune - 413 102, Maharashtra, India
Tel. No. :	91- 2112-243854
Fax No. :	91- 20-66441034

DIRECTORS

As on 30.09.2013

Name :

Mr. Shriniwas Balawant Kanade

Designation :

Director

Address :

20, Nityanand Hsg Society, Pune Satara Road, Dhankawadi, Pune, 411043, Maharashtra, India

Date of Birth/Age :

04.03.1953

Date of Appointment :

30.09.2011

DIN No. :

00089063

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	U40106PN2011PTC138621	NOUVEAU POWER AND INFRASTRUCTURE PRIVATE LIMITED	Director	21/02/11	21/02/11	05/05/12	Active	NO
2	U29141MH1979PLC020973	KALYANI TECHNOFORGE LIMITED	Director	30/09/11	28/02/11	-	Active	NO
3	U41000PN2011PTC139551	B Y WATERS PRIVATE LIMITED	Director	13/05/11	13/05/11	-	Strike off	NO
4	U13209DL2011PTC223704	Ecotech Natural Resources Private Limited	Director	12/08/11	12/08/11	-	Active	NO
5	U13204DL2011PTC223698	Ecotech Mining Venture Private Limited	Director	12/08/11	12/08/11	-	Active	NO
6	U13200DL2011PTC223775	Classic Mining Venture private limited	Director	16/08/11	16/08/11	-	Active	NO
7	U13200DL2011PTC223764	Alpha Natural Resources Private Limited	Director	16/08/11	16/08/11	-	Active	NO
8	U13100DL2011PTC223787	Elan Natural Resources Private Limited	Director	17/08/11	17/08/11	-	Active	NO
9	U01111MH1991PLC062106	KALYANI AGRO CORPORATION LTD	Director	30/09/11	30/08/11	-	Active	NO
10	U13100DL2011PTC227772	Wisdom Mining Venture Private Limited	Director	22/11/11	22/11/11	-	Active	NO
11	U13209DL2011PTC227719	Macle Natural Resources Private Limited	Director	22/11/11	22/11/11	-	Active	NO
12	U13209DL2011PTC227718	Eldorado Mining Venture Private Limited	Director	22/11/11	22/11/11	-	Active	NO
13	U13100DL2011PTC227716	Eldorado Natural Resources Private Limited	Director	22/11/11	22/11/11	-	Active	NO
14	U74999PN2011PTC141365	KHED TEXTILE PARK PRIVATE LIMITED	Director	16/05/13	23/11/11	-	Active	NO
15	U13100DL2011PTC227866	Wisdom Natural Resources Private Limited	Director	23/11/11	23/11/11	-	Active	NO
16	U27320PN2011PLC141743	BARAMATI SPECIALITY STEELS LIMITED	Director	22/12/11	22/12/11	-	Active	NO
17	U13209DL2012PTC232461	INNATE NATURAL RESOURCES PRIVATE LIMITED	Director	06/03/12	06/03/12	-	Active	NO
18	U13200DL2012PTC232598	Castle Mining Venture Private Limited	Director	09/03/12	09/03/12	-	Active	NO
19	U13209DL2012PTC233005	Innate Mining Venture Private Limited	Director	16/03/12	16/03/12	-	Active	NO
20	U13200DL2012PTC233220	Castle Natural Resources Private Limited	Director	21/03/12	21/03/12	-	Active	NO
21	U13204DL2012PTC234784	Macle Mining Venture Private Limited	Director	25/04/12	25/04/12	-	Active	NO
22	U80903PN2012NPL143985	KALYANI SKILLS PRIVATE LIMITED	Director	10/07/12	10/07/12	30/09/13	Active	NO
23	U80903PN2012NPL144161	KALYANI POLYTECHNIC PRIVATE LIMITED	Director	24/07/12	24/07/12	-	Active	NO
24	U29270PN2012PTC144268	BF Elbit Advanced Systems Private Limited	Director	02/08/12	02/08/12	29/01/13	Active	NO
25	U29222PN2013PTC146849	Kalyani Transmission Technologies Private Limited	Director	05/04/13	05/04/13	-	Active	NO
26	AAB-7094	KRUTADNYA MANAGEMENT AND TRADING SERVICES LLP	Designated Partner	16/08/13	16/08/13	-	Active	NO

Name :

Charuchandra Ganesh Patankar

Designation :

Director

Address :

616.Sindh Hsg. Society., Road 6, Aundh, Pune - 411007, Maharashtra, India

Date of Birth/Age :

06.06.1956

Date of Appointment :

07.12.1922

DIN No. :

00136573

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	U29141MH1979PLC020973	KALYANI TECHNOFORGE LIMITED	Director	07/12/92	07/12/92	-	Active	NO
2	U65993PN1983PLC029157	CHAKRAPANI INVESTMENTS AND TRADES LTD	Director	01/02/93	01/02/93	-	Amalgamated	NO
3	U65993PN1987PLC045156	SURAJMUKHI INVESTMENT AND FINANCE LTD	Director	01/02/93	01/02/93	-	Amalgamated	NO
4	U70101PN1993PLC074993	KALYANI INTERNATIONAL LTD	Director	13/07/95	13/07/95	-	Active	NO
5	U65929PN1994PLC082854	GLADIOLLA INVESTMENTS LIMITED	Director	15/06/96	15/06/96	-	Amalgamated	NO
6	U27100MH1988PLC049731	KALYANI MUKUND LIMITED	Director	07/12/96	07/12/96	-	Active	NO
7	U85110KA1998PLC023759	HOSPET STEELS LIMITED	Director	20/05/98	20/05/98	-	Active	NO
8	U27106PN1998PTC012742	CARPENTER KALYANI SPECIAL ALLOYS PRIVATE LIMITED	Director	01/03/99	01/03/99	22/06/11	Active	NO
9	L27104MH1973PLC016350	KALYANI STEELS LTD	Director	31/03/12	27/07/99	-	Active	NO
10	U23109WB2003PLC097375	BHARAT NRE COKE LIMITED	Director	16/10/04	16/10/04	23/01/12	Active	NO
11	L17121MH1988PLC050197	SPICE ISLAND APPARELS LIMITED	Director	30/01/06	30/01/06	-	Active	NO
12	U45200PN2005PTC021176	GRAND MARATHA CONSTRUCTIONS PRIVATE LIMITED	Nominee director	13/10/07	13/10/07	24/02/11	Active	NO
13	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Director	20/09/08	15/02/08	22/06/11	Active	NO
14	L65993PN2009PLC134196	KALYANI INVESTMENT COMPANY LIMITED	Director	24/11/10	16/09/09	-	Active	NO
15	U31109PN1996PTC099346	ELECTROMECH MATERIAL HANDLING SYSTEMS (INDIA) PRIVATE LIMITED	Director	30/06/12	30/06/12	-	Active	NO
16	U40102PN2007PTC130881	KENERSYS INDIA PRIVATE LIMITED	Managing director	26/09/14	26/09/13	-	Active	NO

Name :

Mr. Satish Sekhri

Designation :

Director

Address :

R-6 Sacred Heart Town, Wanowree, Pune - 411040, Maharashtra, India

Date of Birth/Age :

28.03.1950

Date of Appointment :

30.09.2011

DIN No. :

00211478

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	U25199MH1989PLC050925	PRECISION SEALS MANUFACTURING LIMITED	Director	01/04/95	01/04/95	31/03/10	Active	NO
2	U34300PN1982PLC027224	BOSCH CHASSIS SYSTEMS INDIA LIMITED	Managing director	01/04/95	01/04/95	31/03/10	Active	NO
3	U34300PN2005PTC021321	BREMBO BRAKE INDIA PRIVATE LIMITED	Director	27/05/08	14/10/05	19/11/08	Active	NO
4	L34300DL1971PLC005634	CLUTCH AUTO LIMITED	Director	29/09/10	01/04/10	14/05/11	Active	NO
5	U29117PN2001PLC018092	VICTOR GASKETS INDIA LIMITED	Director	27/07/10	19/05/10	10/02/14	Active	NO
6	L34300HR1983PLC023187	RICO AUTO INDUSTRIES LIMITED	Director	30/09/10	28/05/10	-	Active	NO
7	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	24/12/10	29/07/10	-	Active	NO
8	L51909KA1981PLC004198	AUTOMOTIVE AXLES LIMITED	Director	21/01/11	18/11/10	-	Active	NO
9	U29141MH1979PLC020973	KALYANI TECHNOFORGE LIMITED	Director	30/09/11	11/04/11	-	Active	NO
10	U28112PN2009FTC134406	HIRSCHVOGEL COMPONENTS INDIA PRIVATE LIMITED	Director	11/11/11	11/11/11	04/05/12	Active	NO
11	U34300DL2011PLC227272	MINDA DISTRIBUTION AND SERVICES LIMITED	Director	25/06/12	26/03/12	-	Active	NO

Name :

Mr. Shivkumar Jayabasappa Tatti

Designation :

Director

Address :

G-11, Shirine Garden, Opposite I.T.I Aundh, Pune - 411007, Maharashtra, India

Date of Birth/Age :

15.07.1949

Date of Appointment :

10.03.2003

DIN No. :

02421231

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	U51399PN1981PLC025156	OPAL TRADING LTD	Director	28/09/91	28/09/91	-	Active	NO
2	U29141MH1979PLC020973	KALYANI TECHNOFORGE LIMITED	Director	10/03/03	10/03/03	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jayant Patil
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Peach Blossom Investment Private Limited, India	947159	19.03
Hibiscus Investment and Finance Limited, India	931507	18.71
Yokoha Investment Private Limited, India	934206	18.77
Rosario Investment Private Limited, India	929586	18.67
S. B. Kalyani	103200	2.07
A. B. Kalyani	10200	0.20
B. N. Kalyani	3200	0.06
Ashokkumar Kheny	2000	0.04
Sadguru Investment and Trading Company, India	475000	9.54
Sundaram trading and Investment Private Limited, India	641666	12.89
Total	4977724	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	97.63
Directors or relatives of Directors	2.37
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing Auto Components and Forging Activity.

Products :

ITC Code No.	Product or Service
84621020	Metal Forging Services
84571010	General Machining Services

Exports :

Products :

Finished Goods

Countries :

• US
• UK

Imports :

Products :

Raw Material

Countries :

Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

• Toyota
• Fiat
• Tata
• Ashok Leyland
• LM Wind Power
• Yamaha
• Honda
• Mahindra

No. of Employees :

1000 (Approximately)

Bankers :

• State Bank Of India, Smeccc, Hira Baug Chowk, Maharashtra Cultural Centre, D Building,989,Shukrawar Peth,Tilak Road, Pune - 411002, Maharashtra, India
• Bank Of Baroda Corporate Financial Services Branch, Mantri Court Ambedkar Road, Pune - 411002, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	292.013	198.847
Foreign currency term loans from banks	325.710	0.000
SHORT TERM BORROWINGS
Rupee term loans from banks	34.088	253.726
Total	651.811	452.573

Banking Relations :	--
Auditors :
Name :	S. B. SABNE Chartered Accountants
Address :	1, Vasant Apartments, 1 0 6 / 2 , Erandawana,Off Prabhat Road, Opp. Dr. Kalmadi Shamrao High School, Pune Maharashtra, India
PAN No. :	ADXPS4414L
Others :	v Peach Blossom Investment Private Limited v Rosario Investment Private Limited v Yokoha Investment Private Limited v Hibiscus Investment and Finance Private Limited v Sadguru Investment And Trading company v Sundaram Trading and Investment Private Limited v Hirschvogel Components India

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

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

Issued Capital :

No. of Shares	Type	Value	Amount
4982124	Equity Shares	Rs.10/- each	Rs.49.821 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4977724	Equity Shares	Rs.10/- each	Rs.49.777 Millions
	Add: Forfeited Shares		Rs. 0.022 Million
	Total		Rs. 49.799 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	49.799	49.799	49.799
(b) Reserves & Surplus	624.490	533.766	513.029
(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)	674.289	583.565	562.828
(3) Non-Current Liabilities
(a) long-term borrowings	622.647	205.982	404.540
(b) Deferred tax liabilities (Net)	98.620	101.025	91.798
(c) Other long term liabilities	0.000	45.000	48.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	721.267	352.007	544.338
(4) Current Liabilities
(a) Short term borrowings	705.267	957.026	634.703
(b) Trade payables	320.568	378.927	659.542
(c) Other current liabilities	239.344	275.306	290.625
(d) Short-term provisions	18.829	14.915	7.980
Total Current Liabilities (4)	1284.008	1626.174	1592.850
TOTAL	2679.564	2561.746	2700.016
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1157.730	1273.138	1369.914
(ii) Intangible Assets	18.904	9.339	7.373
(iii) Capital work-in-progress	200.318	0.032	0.025
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.983	129.727	117.877
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	64.441	141.834	146.358
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1447.376	1554.070	1641.547
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	401.617	458.800	505.691
(c) Trade receivables	377.206	431.255	459.961
(d) Cash and cash equivalents	325.722	5.323	15.630
(e) Short-term loans and advances	122.679	51.967	57.711
(f) Other current assets	4.964	60.331	19.476
Total Current Assets	1232.188	1007.676	1058.469
TOTAL	2679.564	2561.746	2700.016

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2896.338	2664.029	2885.945
		Other Income	64.204	28.707	43.807
		TOTAL	2960.542	2692.736	2929.752
Less	EXPENSES
		Cost of Materials Consumed	1517.898	1416.398	1538.710
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	27.651	46.347	(107.367)
		Employees benefits expense	259.891	241.328	209.260
		Other expenses	756.821	685.703	921.427
		Extraordinary Item	0.526	9.443	0.000
		TOTAL	2562.787	2399.219	2562.030
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		397.755	293.517	367.722
Less	FINANCIAL EXPENSES		112.283	160.440	145.228
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		285.472	133.077	222.494
Less/ Add	DEPRECIATION/ AMORTISATION		161.058	122.077	152.972
	PROFIT/ (LOSS) BEFORE TAX		124.414	11.000	69.522
Less	TAX		33.690	(9.737)	37.169
	PROFIT/ (LOSS) AFTER TAX		90.724	20.737	32.353
	Earnings / (Loss) Per Share (Rs.)
	Basic		18.17	2.65	6.49
	Diluted		18.23	4.17	6.49

Particulars	31.03.2014
Sales Turnover (Approximately)	3000.000

The above information has been parted by Mr. Jayant Patil

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.06	0.77	1.10
Net Profit Margin (PBT/Sales)	(%)	4.30	0.41	2.41
Return on Total Assets (PBT/Total Assets}	(%)	5.03	0.45	2.69
Return on Investment (ROI) (PBT/Networth)		0.18	0.02	0.12
Debt Equity Ratio (Total Debt/Networth)		1.97	1.99	1.85
Current Ratio (Current Asset/Current Liability)		0.96	0.62	0.66

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	49.799	49.799	49.799
Reserves & Surplus	513.029	533.766	624.490
Net worth	562.828	583.565	674.289
long-term borrowings	404.540	205.982	622.647
Short term borrowings	634.703	957.026	705.267
Total borrowings	1039.243	1163.008	1327.914
Debt/Equity ratio	1.846	1.993	1.969

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	2885.945	2664.029	2896.338
		(7.690)	8.720

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	2885.945	2664.029	2896.338
Profit	32.353	20.737	90.724
	1.12%	0.78%	3.13%

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 four 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

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Deferred sales tax loan	4.924	7.135
SHORT TERM BORROWINGS
Loans repayable on demand from banks	487.491	298.090
Loans repayable on demand from others	0.000	235.185
Other loans and advances	183.688	170.025
Total	676.103	710.435

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10484998	22/03/2014	1,481,000.00	State Bank of India	SMECCC,Hira Baug Chowk,Maharashtra Cultural Centre, D Building, 989,Shukrawar Peth, Tilak Road, Pune, Maharashtra - 411002, INDIA	C00539395
2	10398862	08/09/2014 *	330,000,000.00	ICICI BANK LIMITED ACTING THROUGH ITS HONKONG BRANCH	HONG KONK BRANCH, UNIT 1504 B-1505 , LEVEL-15, INTERNATIONAL COMMERCE CENTER, 1 AUSTIN ROAD WEST, KOWLOON, - 48619, HONG KONG	C22484356
3	10378683	06/09/2012	300,000,000.00	Bank of Maharashtra	Corporate Finance Branch, 1183/A, F. C. Road, Pune, Maharashtra - 411005, INDIA	B58962895
4	10291920	03/06/2011	34,400,000.00	State Bank Of India Industrial Finance Branch	2nd floor,Tara Chambers,Near Mariaai Police Chowky, Mumbai Pune HIghway, Wakdewadi, Pune, Maharashtra - 411003, INDIA	B14899637
5	10030100	22/09/2014 *	21,500,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, MANTRI COURT AMBEDKAR ROAD, PUNE, Maharashtra - 411002, INDIA	C22053482
6	90092201	30/06/2003	33,245,000.00	BANK OF BARODA	LAXMI ROAD BRANCH, 64 BUDHWAR PETH, PUNE, Maharashtra - 411002, INDIA	-
7	90091861	04/05/2002	9,700,000.00	BANK OF BARODA	LAXMI ROAD BRANCH, 64 BUDHWAR PETH, PUNE, Maharashtra - 411002, INDIA	-
8	80010652	22/09/2014 *	821,500,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, MANTRI COURT AMBEDKAR ROAD, PUNE, Maharashtra - 411001, INDIA	C22050454

* Date of charge modification

BUSINESS AND OPERATIONS:

Growth rate in the Indian Economy came down from 6.2% to 5% during the fiscal year 2012-2013. Slowing global economy, slowing domestic industrial activity, spiraling inflation, weak monsoon left adverse impact on business performance and profitability across industrial sector in India. However, on the backdrop of this challenging economic scenario at macro level, your Company has shown impressive performance with the gross revenues registering a double digit growth. After meeting all the outgoings, the year’s working resulted in a net profit after taxation of Rs. 90.724 millions, an increase of over 400% over the previous financial year. Various measures of cost control and a substantial reduction in financial costs helped the Company outperform the industry.

CHANGE IN NAME:

Since the Company is engaged in the business of manufacturing auto components and forging activity, it was decided to change the name of the Company to reflect the said business of the Company. Accordingly, after seeking shareholder consent and necessary statutory approvals, the name of the company has been changed from Kalyani Thermal Systems Limited to KALYANI TECHNOFORGE LIMITED with effect from 14^th January, 2013.

FIXED ASSETS

œ Land

œ Buildings

œ Plant and equipment

œ Furniture and fixtures

œ Vehicles

œ Office equipment

œ Leasehold improvements

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] 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.61.36
UK Pound	1	Rs.98.71
Euro	1	Rs.77.47

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION		-
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL

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.