MIRA INFORM REPORT

Report No. :	316074
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	ALICON CASTALLOY LIMITED
Registered Office :	Survey No. 1426, Village Shikrapur, Taluka – Shirur, Pune – 412208, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.12.1990
Com. Reg. No.:	11-059487
Capital Investment / Paid-up Capital :	Rs. 55.000 Million
CIN No.: [Company Identification No.]	L99999PN1990PLC059487
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Subject is engaged in the manufacturing of aluminium die castings primarily used in automotive segment of the industry in India.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s established market position in the cast-aluminum automobile components sector marked by adequate financial base and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A- (Long Term Rating)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	28.11.2014

Rating Agency Name	CRISIL
Rating	A2+ (Short Term Rating)
Rating Explanation	Strong degree of safety and low credit risk.
Date	28.11.2014

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 DENIED

Management Non-cooperative (91-2137-677100)

LOCATIONS

Registered Office/ Factory 1 :	Survey No. 1426, Village Shikrapur, Taluka – Shirur, Pune – 412208, Maharashtra, India
Tel. No.:	91-2137-677100
Fax No.:	91-2137-677130
E-Mail :	s.rai@atlasauto.co.in marketing@alicongroup.co.in
Website :	http://www.alicongroup.co.in
Factory 2 :	57-58 km. Mile Stone, Delhi Jaipur, NH 8, Industrial Area, Village - Binola, District - Gurgaon, Haryana India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. S. Rai
Designation :	Managing Director
Name :	Mr. Junichi Suzuki
Designation :	Director
Date of Birth :	25.01.1948
Qualification :	Engineer
Special Expertise :	Engineering and Management
Date of Appointment :	29.10.2002
Name :	Mr. A. D. Harolikar
Designation :	Director
Name :	Mr. Maskatsu Uchiyama (Alternate to Mr. J. Suzuki)
Designation :	Director
Name :	Mr. Vinay Panjabi
Designation :	Director
Name :	Mr. Asis Ray
Designation :	Director (Up to 31st July, 2013)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	834471	7.59
Bodies Corporate	6610720	60.10
Sub Total	7445191	67.68
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	7445191	67.68
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	245859	2.24
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1584246	14.40
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	448484	4.08
Any Others (Specify)	1276220	11.60
NRIs/OCBs	102969	0.94
Clearing Members	73051	0.66
Foreign Collaborators	1100000	10.00
Directors & their Relatives & Friends	200	0.00
Sub Total	3554809	32.32
Total Public shareholding (B)	3554809	32.32
Total (A)+(B)	11000000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	11000000	100.00

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

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Atlas Castalloy Limited	99,820	0.91
2	Meenal Gidwani	20	0.00
3	Nastic Trading LLP	59,70,000	54.27
4	Pamela Rai	20	0.00
5	Pamela Trading LLP	2,86,000	2.60
6	Shailendra Rai	8,34,311	7.58
7	Skyblue Trading and Investments Private Limited	2,54,880	2.32
8	U C Rai Holdings Private Limited	20	0.00
9	Usha Rai	100	0.00
10	Vinita Chandra	20	0.00
	Total	74,45,191	67.68

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

Sl. No.	Name of the Shareholder	No. of Shares held	\Shares as % of Total No. of Shares
1	Enkei Corporation	1100000	10.00
	Total	1100000	10.00

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

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Enkei Corporation	1100000	10.00
	Total	1100000	10.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing of aluminium die castings primarily used in automotive segment of the industry in India.
Products :	Aluminium die castings primarily used in automotive segment
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

• Bank of Maharashtra
• ING Vysya Bank Limited
• State Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term loans
From Banks	179.066	175.400
Less: Current maturity of long term borrowings	62.300	122.900
SHORT TERM BORROWINGS
Cash credit from banks	690.193	605.251
Total	806.959	657.751

Notes :

LONG TERM BORROWINGS

Long-term borrowings include secured term loans at floating interest rates from State Bank of India which are repayable through monthly/quarterly instalments. These loans are secured by a first parri-passu charge by way of equitable mortgage on the existing fixed assets. Of these, Rs. 62.300 Million (PY Rs. 122.900 Million) are classified as current liabilities being repayable before 31st March, 2015.

Total number of installments = 100

Number of installments outstanding as at 31st March, 2014 = 62 (PY = 24)

SHORT TERM BORROWINGS

Short-term borrowings includes cash credit facilities availed from State Bank of India, ING Vysya Bank and Bank of Maharashtra. These loans are secured in favor of all the aforementioned banks by a first parri-passu charge by way of hypothecation of all stocks and receivables and a second parri-passu charge by joint Deed of Hypothecation on all fixed assets of the Company.

Auditors :
Name :	Asit Mehta and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Wholly Owned Subsidiaries	Alicon Holding - GmbH Illichmann Castalloy - GmbH Illichmann Castalloy - sro
Associate Companies	Atlas Castalloy Limited Silicon Meadows Designs Limited Silicon Meadows Engineering Limited Nastik Trading LLP Pamela Trading LLP Mithras Trading LLP

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11,000,000	Equity Shares	Rs.5/- each	Rs.55.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,000,000	Equity Shares	Rs.5/- each	Rs.55.000 Million

Reconciliation of number of shares

(Rs. in Million)

Particulars	As on 31.03.2014
	Number	Amount
Shares outstanding at the beginning of the year	11,000,000	55.000
Shares issued during the year	-	-
Shares bought back during the year	-	-
Shares outstanding at the end of the year	11,000,000	55.000

Rights, preferences and restrictions attached to shares

Equity Shares of Rs. 5/- each:

The Company has one class of equity shares having a par value of Rs. 5/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

Sl. No.	Name of Shareholder	As on 31.03.2014
		No. of Shares held	% of Holding
1	Nastic Trading LLP (formerly Nastic Trading Private Limited)	5,970,000	54.27
2	Enkei Corporation	1,100,000	10.00
3	Shailendra Rai	808,860	7.35

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	55.000	55.000	55.000
(b) Reserves & Surplus	1085.454	956.308	769.811
(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)	1140.454	1011.308	824.811
(3) Non-Current Liabilities
(a) long-term borrowings	116.766	52.500	235.674
(b) Deferred tax liabilities (Net)	30.845	25.913	28.693
(c) Other long term liabilities	66.157	66.164	68.579
(d) long-term provisions	9.939	7.923	9.918
Total Non-current Liabilities (3)	223.707	152.500	342.864
(4) Current Liabilities
(a) Short term borrowings	723.065	609.301	576.235
(b) Trade payables	721.826	610.645	560.056
(c) Other current liabilities	323.070	405.990	425.433
(d) Short-term provisions	96.289	86.693	75.664
Total Current Liabilities (4)	1864.250	1712.629	1637.388
TOTAL	3228.411	2876.437	2805.063
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1306.399	1278.154	1283.928
(ii) Intangible Assets	7.564	6.077	6.244
(iii) Capital work-in-progress	10.073	10.143	6.556
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	106.249	106.249	106.249
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	245.829	129.361	105.085
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1676.114	1529.984	1508.062
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	295.758	269.366	195.952
(c) Trade receivables	1053.750	859.969	861.143
(d) Cash and cash equivalents	102.543	117.062	108.182
(e) Short-term loans and advances	91.944	96.040	129.901
(f) Other current assets	8.302	4.016	1.823
Total Current Assets	1552.297	1346.453	1297.001
TOTAL	3228.411	2876.437	2805.063

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	4410.457	4314.306	3808.242
	Other Income	30.485	36.694	33.511
	TOTAL (A)	4440.942	4351.000	3841.753
Less	EXPENSES
	Cost of Materials Consumed	2360.225	2356.172	1899.376
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(31.805)	(35.035)	(0.412)
	Employees benefits expense	520.686	490.714	458.805
	Other expenses	1093.714	997.738	931.640
	TOTAL (B)	3942.820	3809.589	3289.409
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	498.122	541.411	552.344
Less	FINANCIAL EXPENSES (D)	102.178	104.263	123.003
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	395.944	437.148	429.341
Less/ Add	DEPRECIATION/ AMORTISATION (F)	175.693	175.119	149.740
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	220.251	262.029	279.601
Less	TAX (H)	58.932	49.658	59.507
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	161.319	212.371	220.094
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	677.110	519.480	332.025
Less	APPROPRIATIONS
	Transfer to General Reserve	20.000	29.000	15.000
	Proposed Dividend	27.500	22.000	15.178
	Tax on Dividend	4.676	3.741	2.461
	Total (K)	52.176	54.741	32.639
	Balance Carried to the B/S (I+J-K)	786.253	677.110	519.480
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	239.760	350.507	4.071
	TOTAL EARNINGS	239.760	350.507	4.071
	IMPORTS
	Components and Stores parts	104.123	120.820	261.476
	Capital Goods	21.574	0.000	23.953
	TOTAL IMPORTS	125.697	120.820	285.429
	Earnings / (Loss) Per Share (Rs.)	14.67	19.31	20.01

QUARTERLY / SUMMARISED RESULTS

(Rs. In Million)

Particulars	Jun 2014	Sep 2014	Dec 2014
Audited / Un Audited	Un Audited	Un Audited	Un Audited
Net Sales	1040.100	1276.500	1333.200
Total Expenditure	950.900	1159.600	1199.900
PBIDT (Excl OI)	89.300	116.900	133.300
Other Income	07.000	06.500	08.600
Operating Profit	96.200	123.400	141.900
Interest	24.700	28.100	30.5 00
Exceptional Items	0.000	0.000	0.000
PBDT	71.600	95.300	111.400
Depreciation	36.900	42.400	50.600
Profit Before Tax	34.700	52.900	60.800
Tax	04.500	14.4 00	18.600
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	30.100	38.500	42.200
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	30.100 00	38.500	42.200

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.66	4.92	5.78
Operating Profit Margin (PBDIT/Sales)	(%)	11.29	12.55	14.50
Return on Total Assets (PBT/Total Assets}	(%)	7.08	9.49	10.39
Return on Investment (ROI) (PBT/Networth)		0.19	0.26	0.34
Debt Equity Ratio (Total Debt/Networth)		0.74	0.65	0.98
Current Ratio (Current Asset/Current Liability)		0.83	0.79	0.79

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	55.000	55.000	55.000
Reserves & Surplus	769.811	956.308	1085.454
Net worth	824.811	1011.308	1140.454
long-term borrowings	235.674	52.500	116.766
Short term borrowings	576.235	609.301	723.065
Total borrowings	811.909	661.801	839.831
Debt/Equity ratio	0.984	0.654	0.736

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3808.242	4314.306	4410.457
		13.289	2.229

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3808.242	4314.306	4410.457
Profit	220.094	212.371	161.319
	5.78%	4.92%	3.66%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2012 (Rs. In Million)	31.03.2011 (Rs. In Million)	31.03.2010 (Rs. In Million)
Current maturities of long-term borrowings	62.300	167.761	157.167
Total	62.300	167.761	157.167

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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

After achieving an unprecedented growth of over 8 per cent for a decade, India witnessed a slowdown in the past couple of years. The country’s GDP was recorded at below 5 per cent for the second consecutive year in 2013-14, at a humble 4.7 per cent. The slowdown was fuelled by persistent uncertainty in the global outlook, caused by crisis in the Euro area and a general slowdown in the global economy. External factors were compounded by domestic structural constraints and inflationary pressures.

The industrial sector which comprises manufacturing, mining, electricity and construction recorded a marginal growth of 0.4 per cent in 2013-14, even lower than 1.0 per cent recorded in 2012-13. The performance of the sector was impaired by weakened domestic demand, higher raw material prices, interest rate hikes, supply side bottlenecks, low business sentiments and the slow movement in implementation of reforms.

Despite the challenging scenario, there were positive takeaways from the year, largely in the second half. A dramatic improvement was witnessed in the economic situation with the Current Account Deficit (CAD) declining to manageable levels, after two years of worryingly high rates. Inflation declined in the second half of 2013- 14, but it was still outside the comfort zone. The fiscal deficit at the Centre witnessed a decline for the second year in a row, as per the announced medium term policy stance. Lastly, there was a definite pick-up in sentiments, as reflected in an upsurge in the capital markets towards the end of the year, which spilled over to the next fiscal as well.

The economy can look forward to better growth prospects in 2014-15 and beyond, on account of moderation in inflation and healthier deficit levels. These factors are expected to help ease monetary policy stance and revive the investment climate. A single-minded reform agenda is likely to be triggered on account of political stability, emanating from the formation of the new Government at the Centre. The agenda is likely to support policies that address supply-side concerns, boost infrastructure investment, revive the investment climate and thereby inject growth, positivity and confidence in the economy. These factors, coupled with expectations of moderate recovery of some advanced economies, are likely to brighten up, the country’s growth prospects.

OVERVIEW OF THE INDUSTRY

The Indian metal casting (foundry) industry forms the crux of the country’s industrial growth. It has come a long way from the days when it was predominantly used for die-casting in the automobile industry and a few electronic goods. Today, it manufactures various types of castings comprising ferrous and non-ferrous, which include aluminium alloys, graded cast iron, ductile iron, steel etc. It also caters to a wide range of end-user industry segments such as automobiles, tractors, railways, machine tools, defence, etc.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10548582	04/02/2015	90,000,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA	C43295229
2	10514691	27/06/2014	50,000,000.00	ING VYSYA BANK LIMITED	928, MANTRI CENTRE, F.C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA	C16271355
3	10427026	28/03/2013	300,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS,2ND FLOOR,  OLD PUNE MUMBAI HIGHWAY, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA	B75589002
4	10376466	25/07/2012	35,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, WAKDEW  ADI, MUMBAI-PUNE ROAD, PUNE, MAHARASHTRA - 411003, INDIA	B58088360
5	10364828	18/06/2012	91,000,000.00	ING VYSYA BANK LIMITED	928, MANTRI CENTRE, F.C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA	B43346527
6	10364822	18/06/2012	200,000,000.00	ING VYSYA BANK LIMITED	928, MANTRI CENTRE, F.C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA	B43344472
7	10274563	28/03/2011 *	320,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, WAKDEWADI, PUNE, MAHARASHTRA - 411083, INDIA	B12631008
8	10225304	26/08/2011 *	164,200,000.00	ING VYSYA BANK LIMITED	928, MANTRI CENTRE, F.C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA	B22089965
9	10225303	02/06/2010	50,000,000.00	ING VYSYA BANK LIMITED	928 MANTRI CENTRE, F.C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA	A88121611
10	10135067	05/02/2009 *	200,000,000.00	BANK OF TOKYO-MITSUBISHI UFJ LIMITED	HOECHST HOUSE, 15TH FLOOR, 193, VINAY K. SHAH MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A55693097

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term Loans
From Financial Institutions	0.000	44.541
Less: Current maturity of long term borrowings	0.000	44.541
SHORT TERM BORROWINGS
Term loans From Banks	32.872	4.050
Total	32.872	4.050

Notes:

LONG TERM BORROWINGS

Long-term borrowings include unsecured term loans obtained from Bajaj Finance Limited repayable through monthly instalments. Of these, two loans are borrowed at fixed interest rates of 12.50% and another is at a floating interest rate. Of these, Rs. Nil (PY Rs. 44.541 Million) are classified as current liabilities.

Total number of installments = 11 EMI

Number of installments due outstanding as at 31st March, 2014 = Nil (PY = 20)

SHORT TERM BORROWINGS

Unsecured term loans from banks includes loans obtained from Kotak Mahindra Bank for funding purchase orders. These loans, obtained at floating interest rates, are repayable through weekly instalments.

Total number of installments = 11 Installments

Number of installments outstanding as at 31st March, 2014 = 8 (PY = 2)

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Letters of Credit issued by the bank against Purchase of goods	32.694	28.282
Performance and Financial Guarantees issued by the banks	24.888	34.440
Customs and related duties for non fulfillment of Export Obligation	60.314	41.852
Liability Under VAT/CST Act	89.979	0.000
Pending Case in local Civil Court	35.363	34.967
Total	243.238	139.541

FIXED ASSETS

• Freehold Land
• Building
• Factory Equipments
• Plant and Machinery
• Electrical Installations
• Furniture and Fixtures
• Computers
• Office Equipments
• Quality Control Equipments
• Motor vehicle
• Dies and Patterns

UN AUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31^ST DECEMBER 2014

Particulars		Quarterly Ended		Nine Months Ended
		31.12.2014	30.09.2014	31.12.2014
		Unaudited	Unaudited	Unaudited
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	1324.176	1273.000	3631.016
	(b) Other Operating Income	9.062	3.545	18.894
	Total income from operations (net)	1333.238	1276.545	3649.910
2	Expenses
	(a) Cost of materials consumed	638.497	712.684	1941.639
	(b) Purchases of stock-in trade	0.000	0.000	0.000
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	92.925	(12.660)	52.006
	(d) Employee benefits expense	160.154	153.808	453.519
	(e) Depreciation and Anmortisation Expenses	50.562	42.419	129.893
	(f) Other Expenses	308.338	305.814	861.578
	Total expenses	1250.477	1202.065	3438.635
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	82.761	74.480	211.274
4	Other Income	8.579	6.521	20.389
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	91.340	81.001	231.663
6	Finance Costs	30.533	28.136	83.338
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	60.807	52.865	148.325
8	Exceptional items	0.000	0.000	0.000
9	Profit/ (Loss) from ordinary activities before tax (7+8)	60.807	52.865	148.325
10	Tax expenses	18.619	14.364	37.519
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	42.189	38.501	110.806
12	Extraordinary item (net of tax expense)	0.000	0.000	0.000
13	Net Profit / (Loss) for the period (11-12)	42.189	38.501	110.806
17	Paid up equity share capital (Face Value of Rs.5/-each)	55.000	55.000	55.0000
18	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	1085.453	1085.453	1085.453
19.i	Earnings per share (before extraordinary items) of Rs.10/- each (not annualised):
	(a) Basic	3.84	3.50	10.07
	(b) Diluted	3.84	3.50	10.07
19.ii	Earnings per share (after extraordinary items) of Rs.10/- each (not annualised)
	(a) Basic	3.84	3.50	10.07
	(b) Diluted	3.84	3.50	10.07
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of shares	3554809	3569961	3554809
	- Percentage of shareholding	32.32%	32.45%	32.32%
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	NIL	NIL	NIL
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	NIL	NIL	NIL
	- Percentage of shares (as a % of the total Share Capital of the Company)	NIL	NIL	NIL
	b) Non Encumbered
	- Number of shares	7445191	7430039	7445191
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100.00%	100.00%	100.00%
	- Percentage of shares (as a % of the total Share Capital of the Company)	67.68%	67.55%	67.68%
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	NIL	NIL	NIL
	Received during the quarter	NIL	NIL	NIL
	Disposed of during the quarter	NIL	NIL	NIL
	Remaining unresolved at the end of the quarter	NIL	NIL	NIL

Note :

The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors at their respective meetings held on January 31, 2015.

The Company has single business segment that of aluminum castings. Accordingly, disclosure requirements as per Accounting Standard (AS) 17 - Segment Reporting ' are not applicable to the Company.

Tax expense for the current quarter ended December 31, 2014 has been computed on estimated basis.

The Limited Review as required under clause 41 of the listing agreement with stock exchanges has been carried out by the statutory auditors of the Company.

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. 62.16
UK Pound	1	Rs. 92.73
Euro	1	Rs. 68.23

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.