MIRA INFORM REPORT

Report No. :	352723
Report Date :	01.12.2015

IDENTIFICATION DETAILS

Name :	BHARAT FORGE LIMITED
Registered Office :	Mundhwa, Pune Cantonment, Pune – 411036, Maharashtra
Tel. No. :	91-20-26702777/ 26702476/ 26702544/ 67042777
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	19.06.1961
Com. Reg. No.:	11-012046
Capital Investment / Paid-up Capital :	Rs. 465.700 Million
CIN No.: [Company Identification No.]	L25209PN1961PLC012046
IEC No.:	0388013001
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB8519L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Selling of Forged Components. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was established in the year 1961 and it is engaged in manufacturing and selling engine and chassis components. The company is the largest forging company in the world. The company operates in two main segments – manufacturing of automotive and non-automotive components. It manufacturers a wide range of components for CVs, PVs and diesel engines. Sizable proportion of its revenues also come from manufacturing of components for non-automotive sectors such as railways, oil and gas, energy, general engineering and construction equipment. For the financial year ended 2015, company has reported 32.08% sales turnover growth as compared to previous sales turnover and it has maintained decent profitability margins at 15.81% during the year under a review. Ratings also draws comfort from BFL’s dominant position in the global automotive forgings industry, especially in the CV chassis and engine component space, its large scale of operations, strong and diversified customer base across auto and non-automotive segment and geographies and its technical capabilities. However, rating strength is partially offset by moderately leveraged capital structure especially in view of ongoing investments and high working capital intensity, with sizable portion of debt involving bill discounted of reputed customers. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. The company can be considered good for normal business 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Bank Facilities = AA
Rating Explanation	High degree of safety and very low credit risk.
Date	April 2015

Rating Agency Name	ICRA
Rating	Short Term Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	April 2015

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 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON-CO-OPERATIVE

(Contact No.: 91-20-26702777)

LOCATIONS

Registered Office/ Factory 1 :	Mundhwa, Pune Cantonment, Pune – 411036, Maharashtra, India
Tel. No.:	91-20-26702777/ 26702476/ 26702544/ 67042777
Fax No.:	91-20-26822163/ 26822387/ 26820699/ 26824778
E-Mail :	bflpune@bfl.sprintsmg.ems.vsnl.net.in jtarapore@vsnl.com bharatforge@bharatforge.com info@bharatforge.com secretarial@bharatforge.com
Website :	http://www.bharatforge.com
Capital Goods Division :	CS-8-10, 6th Floor, Tower A, The Corenthum Building, A-41, Sector 62, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-4638000
Fax No.:	91-120-4638099
Factory 2 :	Gat No. 635, Kuruli Village, Chakan, District Pune – 410501, Maharashtra, India
Factory 3 :	Opposite Jarandeshwar Railway Station, Vadhuth, District Satara – 415011, Maharashtra, India
Factory 4 :	Tandulwadi and Wanjarwadi, Taluka Baramati, District Pune – 413206, Maharashtra, India

DIRECTORS

As on 04.09.2014

Name :	Mr. Babasaheb Neelkanth Kalyani
Designation :	Chairman and Managing Director
Qualification :	B.E. (Mech.) (Hons.), M.S. (M.I.T.)
Date of Appointment :	01.04.1972
Name :	Mr. Pratap G Pawar
Designation :	Director
Date of Birth/Age :	69 Years
Qualification :	Bachelor of Engineering from Birla Institute of Technology and Science (BITS), Pilani, Rajasthan.
DIN No.:	00018985
Other Directorship :	1) Abhijit Pawar Media Limited 2) Finolex Cables Limited 3) P. P. Holdings Limited 4) Force Motors Limited 5) Kirloskar Oil Engines Limited
Name :	Mr. S. M. Thakore
Designation :	Director
Date of Birth/Age :	66 Years
Qualification :	B.A. (Politics) and Bachelor of Law from the Bombay University
DIN No.:	00031788
Other Directorship :	1) Alkyl Amines Chemicals Limited 2) Morarjee Textiles Limited 3) Uni Klinger Limited 4) Uni Deritend Limited 5) Carborundum Universal Limited 6) Sharda Cropchem Limited
Name :	Mrs. Lalita D Gupte
Designation :	Director
Date of Birth/Age :	65 Years
Qualification :	Bachelor’s Degree in Economics (Hons) and a Master’s Degree in Management Studies.
DIN No.:	00043559
Other Directorship :	1) ICICI Venture Funds Management Co. Limited 2) Kirloskar Brothers Limited 3) Godrej Properties Limited 4) Sesa Sterlite Limited
Name :	Mr. P. H. Ravikumar
Designation :	Director
Date of Birth/Age :	62 Years
Qualification :	Bachelors in Commerce and CAIIB, AIB from London and a Senior Diploma in French.
Experience :	41 Years in Banking and financial services.
DIN No.:	00280010
Other Directorship :	1) Eveready Industries India Limited 2) SKS Microfinance Limited 3) BOB Capital Markets Limited 4) Mcnally Bharat Engg. Co. Limited 5) Sicom Investments & Finance Limited 6) I G Petrochemicals Limited 7) L&T Investment Management Limited 8) Vastu Housing Finance Corporation Limited
Name :	Mr. Prakash Chandrashekhar Bhalerao
Designation :	Executive Director
Qualification :	B.E. (Elect.), M.B.A., D.T.M.
Date of Appointment :	03.03.1987
Name :	Mr. G. K. Agarwal
Designation :	Deputy Managing Director
Qualification :	B.E. (Mech.), M.B.A.
Date of Appointment :	01.11.1976
Name :	Mr. Naresh Narad
Designation :	Director
Date of Birth/Age :	70 Years
Qualification :	Bachelor’s degree in Arts, LL.B. and has been a veteran I.A.S. Civil Servant.
DIN No.:	02737423
Other Directorship :	FAT Pipe Networks Limited
Name :	Dr. Tridibesh Mukherjee
Designation :	Director
Date of Birth/Age :	71 Years
Qualification :	M. Met. and Ph.D.
Experience :	46 Years
DIN No.:	00004777
Other Directorship :	1) TIL Limited 2) Nicco Corporation Limited 3) West Bengal Industrial Development Corporation Limited 4) Rane (Madras) Limited 5) Tata Advanced Materials Limited 6) IFB Industries Limited
Name :	Mr. Vimal Bhandari
Designation :	Director
Date of Birth/Age :	55 Years
Qualification :	Commerce graduate from Mumbai University and a Chartered Accountant.
Experience :	26 Years
DIN No.:	00001318
Other Directorship :	1) Mirc Electronics Limited 2) Kalpataru Power Transmission Limited 3) DCM Shriram Limited 4) Bayer Cropscience Limited 5) The Ratnakar Bank Limited 6) Piramal Glass Limited 7) JK Tyre and Industries Limited
Name :	Mr. G.K. Agrawal
Designation :	Deputy Managing Director
Name :	Mr. Amit B. Kalyani
Designation :	Executive director
Date of Birth/Age :	38 Years
Qualification :	Mechanical Engineering from Bucknell University, Pennsylvania, USA
DIN No.:	00089430
Other Directorship :	1) Kalyani Steels Limited 2) BF Utilities Limited 3) BF-NTPC Energy Systems Limited 4) Kalyani Investment Company Limited 5) BF Investment Limited 6) Kalyani ALSTOM Power Limited 7) Automotive Axles Limited 8) Impact Automotive Solutions Limited 9) Hikal Limited 10) Kalyani Carpenter Special Steels Limited 11) KPIT Technologies Limited
Name :	Mr. B. P. Kalyani
Designation :	Executive Director
Date of Birth/Age :	51 Years
Qualification :	B.E. (Prod. Engg.), M.S. (Mech. Engg.), M.B.A.
Experience :	More than 30 years
Date of Appointment :	23.05.2006
DIN No.:	00267202
Name :	Mr. S. E. Tandale
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. Prashant S. Vaishampayan
Designation :	Company Secretary
Name :	S. G. Joglekar
Designation :	Chief Financial Officer

SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	808115	0.35
Bodies Corporate	108009805	46.40
Sub Total	108817920	46.74
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	108817920	46.74
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	21240593	9.12
Financial Institutions / Banks	7982807	3.43
Insurance Companies	3053931	1.31
Foreign Institutional Investors	32779661	14.08
Any Others (Specify)	9224690	3.96
Foreign Portfolio Investments Corporation	9220416	3.96
Foreign Bank	4274	0.00
Sub Total	74281682	31.91
(2) Non-Institutions
Bodies Corporate	17916998	7.70
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	22810219	9.80
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	7449509	3.20
Any Others (Specify)	1508788	0.65
Non Resident Indians	943360	0.41
Clearing Members	533552	0.23
Trusts	31876	0.01
Sub Total	49685514	21.34
Total Public shareholding (B)	123967196	53.25
Total (A)+(B)	232785116	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	9200	0.00
Sub Total	9200	0.00
Total (A)+(B)+(C)	232794316	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Forged Components.

(Registered Activity)

Products :

NIC Code of the product/service	Name and Description of main products/services
73269099	Steel Forgings
84831099	Finished Machined Crankshafts
87081090	Front Axles assembly and components

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

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 India

· Bank of Baroda

· Bank of Maharashtra

· Canara Bank

· State Bank of India

· HDFC Bank Limited

· ICICI Bank Limited

· Axis Bank Limited

· Citibank N.A.

· Standard Chartered Bank

· The Royal Bank of Scotland N V

· Credit Agricole CIB

Facilities :

SECURED LOANS

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Debentures 2,500 (March 31, 2014: 2,500) - 11.95 % Redeemable non-convertible debentures	833.500	1666.750
1,760 (March 31, 2013: 1,760) - 10.75 % Redeemable non-convertible debentures	528.000	1144.000
3500 (March 31, 2014: 3,500) – 10.75 % Redeemable non-convertible debentures	0.000	0.000
Term loans From banks Foreign currency term loans From Credit Agricole Corporate and Investment Bank, Singapore	0.000	0.000
Other Loans	6.080	0.000
SHORT TERM BORROWINGS
Cash credit from banks	108.500	12.140
Preshipment packing credit - foreign currency (secured)	608.820	673.760
Total	2084.900	3496.650

Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	C-401, 4^th Floor, Panchshil Tech Park, Yerwada (Near Don Bosco School), Pune-411006, Maharashtra, India
Tel. No.:	91-20-66036000
Fax No.:	91-20-66015900
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	· CDP Bharat Forge GmbH · Bharat Forge America Inc. · BF-NTPC Energy Systems Limited · Kalyani ALSTOM Power Limited · BF Infrastructure Limited · BF Infrastructure Ventures Limited · Kalyani Strategic Systems Limited (formerly known as BF Power Equipment Limited) · BF Elbit Advanced Systems Private Limited · Kalyani Polytechnic Private Limited (Section 25 Company) · Analogic Controls India Limited (w.e.f. May 14, 2013)
Step down subsidiaries :	· Bharat Forge Holding GmbH · Bharat Forge Aluminiumtechnik GmbH and Co. KG · Bharat Forge Aluminiumtechnik Verwaltungs GmbH · Bharat Forge Beteiligungs GmbH · Bharat Forge Kilsta AB · Bharat Forge Scottish Stampings Limited · Bharat Forge Hong Kong Limited · FAW Bharat Forge (Changchun) Co. Limited · Bharat Forge International Limited · Bharat Forge Daun GmbH · BF New Technologies GmbH
Joint Ventures :	· ALSTOM Bharat Forge Power Limited · Impact Automotive Solutions Limited
Step down joint venture :	David Brown Bharat Forge Gear Systems India Limited
Enterprises owned or significantly influenced by key management personnel or their relatives :	· Kalyani Carpenter Special Steels Limited · Kalyani Steels Limited · BF Utilities Limited · Automotive Axle Limited

CAPITAL STRUCTURE

AFTER 04.09.2014

Authorised Capital: Rs. 1050.000 Million

Issued Subscribed & Paid-up Capital: Rs.465.682 Million

AS ON 04.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
300,000,000	Equity Shares	Rs. 2/- each	Rs. 600.000 Million
43,000,000	Cumulative Non-Convertible Preference Shares	Rs. 10/- each	Rs. 430.000 Million
2,000,000	Unclassified Shares	Rs. 10/- each	Rs. 20.000 Million
	Total		Rs. 1050.000 Million

Issued Capital:

No. of Shares	Type	Value	Amount
232,970,666	Equity Shares	Rs. 2/- each	Rs. 465.940 Million

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
232,794,316	Equity Shares	Rs. 2/- each	Rs. 465.590 Million
	Add: 172,840 (March 31, 2013: 172,840) forfeited equity shares comprising of 15,010 equity shares (March 31, 2013: 15,010) of Rs. 2/- each (amount partly paid Re. 1/- each) and 157,830 equity shares (March 31, 2013 : 157,830) of Rs. 2/- each (amount partly paid Re. 0.50/- each)		Rs. 0.090 Million
	Total		Rs. 465.680 Million

(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Equity shares	As at March 31, 2014
	No.	Rs. in Million
At the beginning of the year	232,794,316	465.590
Issued during the year	--	--
Outstanding at the end of the year	232,794,316	465.590

(b) Terms / rights attached to equity shares

The Company has only one class of issued equity shares having a par value of Rs. 2/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended March 31, 2014, the amount of per share interim dividend recognised as distributions to equity shareholders was Rs. 2.00/- (March 31, 2013: Re. 1.00/-).

During the year ended March 31, 2014, the amount of per share proposed final dividend recognised as distributions to equity shareholders was Rs. 2.50/- (March 31, 2013: Rs. 2.40/-).

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) Shares held by holding / ultimate holding company and / or their subsidiaries / associates

The Company being ultimate holding company there are no shares held by any other holding, ultimate holding company and their subsidiaries / associates.

(d) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date

There are no bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding reporting date.

(e) Details of shareholders holding more than 5% shares in the Company

Name of Shareholder *	As at March 31, 2014
Equity shares of Rs. 2/- each fully paid	No.	% of Holding
Kalyani Investment Company Limited	31,656,095	13.60
KSL Holdings Private Limited	23,142,870	9.94
Sundaram Trading and Investment Private Limited	29,907,087	12.85

* The shareholding information is based on legal ownership of shares and has been extracted from the of the Company including register of shareholders / members.

(f) Shares reserved for issue under options

	March 31, 2014	March 31, 2013
Warrants issued with option to subscribe	--	6500000
The issue of Foreign Currency Convertible Bonds optionally convertible at an initial price specified in offering circular. As the initial price was subject to adjustments specified in the offering circular and hence inability to assess the proportion of conversion, no amounts have been shown under issued equity share capital, in respect of equity shares reserved for issued on exercise of conversion by bondholders	--	--
2,340 equity shares of Rs. 2/- each out of the previous issue of equity shares on a right basis together with 234 detachable warrants entitled to subscription of 1,170 equity shares of Rs. 2/- each, have been kept in abeyance and reserve for issue pending adjudication of title to the pre right holding.	3510.000	3510.000

(g) Terms of securities convertible into equity shares

i) The Company had issued and allotted to Qualified Institutional Buyers, 10,000,000 equity shares of Rs. 2/- each at a price of Rs. 272/- per share aggregating to Rs. 2,720 Million on April 28, 2010, simultaneous with the issue of 1,760 10.75% Non-Convertible Debentures (NCD) of a face value of Rs. 1.000 Million at par, together with 6,500,000 warrants at a price of Rs. 2/- each entitling the holder of each warrant to subscribe for 1 equity share of Rs. 2/- each at a price of Rs. 272/- at any time within 3 years from the date of allotment. The subscription money received on issue of warrants had been credited to capital reserve as the same is not refundable / adjustable.

The Warrant holders were entitled to exercise their right to exchange the warrants in to corresponding number of equity shares, up to April 28, 2013. As no warrants have been exercised on or before the said warrant exercise period, the warrants have lapsed and ceased to be valid.

ii) Regarding Foreign Currency Convertible Bonds.

(h) Global depository receipts

The Company had issued 3,636,500 equity shares of Rs. 10/- each (later sub-divided into 18,182,500 equity shares of Rs. 2/- each) in April and May 2005 represented by 3,636,500 Global Depository Receipts (GDR) (on sub division 18,182,500 GDRs) evidencing “Master GDR Certificates” at a price of USD 27.50 per GDR (including premium). GDRs outstanding at the close of the year are 9,200 (March 31, 2013: 9,200). The funds raised had been utilised towards the object of the issue.

LISTING DETAIL

Subject Stock Code :	BSE : 500493 NSE : BHARATFORG
Stock Exchange Place :	Ø Bombay Stock Exchange Limited, Mumbai Ø National Stock Exchange of India Limited, Mumbai Ø Pune Stock Exchange Limited, Pune
Listed Date :	10.11.2014

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	465.680	465.680	465.680
(b) Reserves & Surplus	34,491.060	26,467.400	22,645.640
(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)	34,956.740	26,933.080	23,111.320
(3) Non-Current Liabilities
(a) long-term borrowings	15,744.880	13,599.950	14,489.800
(b) Deferred tax liabilities (Net)	1,639.130	1,791.030	1,364.300
(c) Other long term liabilities	5.320	4.670	7.400
(d) long-term provisions	322.760	303.270	332.920
Total Non-current Liabilities (3)	17,712.090	15,698.920	16,194.420
(4) Current Liabilities
(a) Short term borrowings	779.830	1,070.150	390.110
(b) Trade payables	6,286.200	5,624.970	4,241.150
(c) Other current liabilities	2,498.900	6,616.430	6,282.110
(d) Short-term provisions	1,523.980	1,041.480	908.040
Total Current Liabilities (4)	11,088.910	14,353.030	11,821.410
TOTAL	63,757.740	56,985.030	51,127.150
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19,501.260	20,207.530	19,988.080
(ii) Intangible Assets	59.650	46.810	0.000
(iii) Capital work-in-progress	2,076.760	1,314.020	2,228.060
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6,487.900	5,703.520	5,453.460
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1,846.980	1,516.910	3,563.350
(e) Other Non-current assets	232.480	261.430	423.890
Total Non-Current Assets	30,205.030	29,050.220	31,656.840
(2) Current assets
(a) Current investments	4,549.460	7,705.400	3,852.990
(b) Inventories	5,371.810	5,084.100	4,757.010
(c) Trade receivables	5,594.650	5,252.140	4,742.320
(d) Cash and cash equivalents	5,918.120	2,516.620	2,790.780
(e) Short-term loans and advances	4,744.040	3,465.770	2,570.550
(f) Other current assets	7,374.630	3,910.780	756.660
Total Current Assets	33,552.710	27,934.810	19,470.310
TOTAL	63,757.740	56,985.030	51,127.150

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	45,480.540	33,992.730	31,512.270
	Other Income	933.150	1,147.000	916.250
	TOTAL	46,413.690	35,139.730	32,428.520
Less	EXPENSES
	Cost of Materials Consumed	17,558.640	14,105.490	13,430.860
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(159.660)	(367.510)	141.460
	Employees benefits expense	3,319.300	2,788.460	2,573.880
	Other expenses	11,462.430	8,829.500	8,210.320
	Exceptional Items	36.320	(123.500)	(105.690)
	TOTAL	32,217.030	25,232.440	24,250.830
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	14,196.660	9,907.290	8,177.690
Less	FINANCIAL EXPENSES	1,118.350	1,495.720	1,533.590
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	13,078.310	8,411.570	6,644.100
Less/ Add	DEPRECIATION/ AMORTISATION	2,505.120	2,453.150	2,239.330
	PROFIT BEFORE TAX	10,573.190	5,958.420	4,404.770
Less	TAX	3,383.350	1,959.130	1,348.840
	PROFIT AFTER TAX	7,189.840	3,999.290	3,055.930
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	13439.310	11469.410	10051.890
Less	APPROPRIATIONS
	Interim Dividend on Equity Shares	698.380	465.590	232.790
	Tax on above Dividend	139.640	79.130	37.760
	Proposed Final Dividend on Equity Shares	1,047.570	581.990	558.710
	Tax on above Dividend	213.260	98.910	94.950
	Debenture Redemption Reserve	87.290	403.770	408.600
	Transfer to General Reserve	719.000	400.000	305.600
	BALANCE CARRIED TO THE B/S	16344.450	13439.310	11469.410
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. value of exports	NA	18268.670	15613.350
	Insurance and freight on exports	NA	207.870	189.200
	Die design and preparation charges	NA	213.460	252.950
	Interest received on fixed deposits / others	NA	0.000	0.090
	Interest on loan to subsidiary	NA	48.930	29.560
	Guarantee commission	NA	9.060	4.590
	TOTAL EARNINGS	NA	18747.990	16089.740
	IMPORTS
	Raw Materials and Components	NA	590.880	661.380
	Die Blocks, Die Steel, Tool Steel and Stores Spares	NA	592.350	718.260
	Capital Goods	NA	217.000	865.890
	TOTAL IMPORTS	NA	1400.230	2245.530
	Earnings Per Share (Rs.)
	Basic	30.88	17.18	13.13
	Diluted	30.88	17.18	13.13

QUARTERLY RESULTS

Particulars	30.06.2015	30.09.2015
	UNAUDITED
Net Sales	11285.400	11168.200
Total Expenditure	7824.400	7953.600
PBIDT (Excl OI)	3461.000	3214.600
Other Income	288.300	254.500
Operating Profit	3749.300	3469.100
Interest	212.900	222.300
Exceptional Items	NA	NA
PBDT	3536.400	3246.800
Depreciation	642.800	653.100
Profit Before Tax	2893.600	2593.700
Tax	940.400	843.100
Provisions and contingencies	NA	NA
Profit After Tax	1953.200	1750.600
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	1953.200	1750.600

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt
Secured	1,817.590	5273.130	1689.800
Unsecured	1.290	0.000	2167.370
Total	1,818.880	5273.130	3857.170
Cash generated from operations	12647.830	9022.290	6376.230

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	15.81	11.77	9.70
Operating Profit Margin (PBDIT/Sales)	(%)	31.21	29.15	25.95
Return on Total Assets (PBT/Total Assets}	(%)	19.16	11.92	10.14
Return on Investment (ROI) (PBT/Networth)		0.30	0.22	0.19
Debt Equity Ratio (Total Debt /Networth)		0.47	0.54	0.64
Current Ratio (Current Asset/Current Liability)		3.03	1.95	1.65

STOCK PRICES

Face Value	Rs.2.00 /- each
Market Value	Rs. 885.05 /- each

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	465.680	465.680	465.680
Reserves & Surplus	22645.640	26467.400	34491.060
Net worth	23111.320	26933.080	34956.740
long-term borrowings	14489.800	13599.950	15744.880
Short term borrowings	390.110	1070.150	779.830
Current Maturities of Long Term Debt	3857.170	5273.130	0.000
Total borrowings	18737.080	19943.230	16524.710
Debt/Equity ratio	0.811	0.740	0.473

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	31512.270	33992.730	45480.540
		7.871	33.795

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	31512.270	33992.730	45480.540
Profit	3055.930	3999.290	7189.840
	9.70%	11.77%	15.81%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	----------------------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS

Particulars	31.03.2015 (Rs. In. Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
On syndication basis	14377.300	10789.200
SHORT TERM BORROWINGS
Preshipment packing credit - foreign currency	62.510	384.250
Total	14439.810	11173.450

LITIGATION DETAILS:

CASE DETAILS
BENCH:-BOMBAY
LODGING NO.:-	CEXAL/147/2015	FILING DATE:-	13/07/2015
PETITIONER:-	THE PRINICPAL COMMISSIONER IF SERVICE TAX - PUNE	RESPONDENT:-	BHARAT FORGE LIMITED
PETN.ADV.:-	JITENDRA BRIJBHUSHAN MISHRA (I2937)
DISTRICT:-	MUMBAI
BENCH:-	DIVISION
STATUS:-	PRE-ADMISSION	CATEGORY:-	CENTRAL EXCISE APPEAL (CEXA)
ACT :-	CENTRAL EXCISE & SALT ACT	UNDER SECTION:-	35G

CORPORATE INFORMATION

Subject is a public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on three stock exchanges in India. The Company is engaged in the manufacturing and selling of forged components. The Company caters to both domestic and international markets. The Company’s CIN is L25209PN1961PLC012046.

PERFORMANCE OF THE COMPANY

During the year, the total income of the Company was Rs.35140.000 Million (previous year Rs.32428.000 Million), representing an increase of 8.36%.

Indian automotive Industry witnessed another year of de-growth across all segments. Motor and Heavy Commercial Vehicle Sector de-grew by 18% after 26% de-growth in FY 2012-13. Tractor Industry, however, witnessed a growth of 20%. Domestic sales for the Company had a drop of 3%. The Company was able to largely offset the adverse impact of market conditions in Auto Industry through higher sales to Tractor Industry and other non-automotive sectors.

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Rs. In Million)
Sales bills discounted	10057.830
Of which:
- Bills since realised	1460.740
- Matured, overdue and outstanding since close of the period	0.000
Guarantees given by the Company on behalf of other companies:
Balance Outstanding	2273.450
(Maximum Amount)	(2437.170)
Claims against the Company not acknowledged as Debts - to the extent ascertained * #	174.080
Excise / Service tax demands - matters under dispute #	394.160
Entry Tax	89.300
Sales tax demand matters under dispute #	14.050
Customs demands - matters under dispute #	50.970
Income tax matters under dispute #	55.580
others	13.330
Total	12146.320

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2015

(Rs. In Million)

Particulars	3 Months Ended	3 Months Ended	Half Year Ended
	30.09.2015	30.06.2015	30.06.201
1. Income from operations
a) Sales and income from operations
- Within India	5010.100	4838.100	9848.200
- Outside India	6379.300	6670.000	1,3049.300
Total sales	11389.400	1,1508.100	2,2897.500
Less : Excise duty	470.900	472.300	943.200
Total net sales	1,0918.500	1,1035.800	2,1954.300
b) Other operating income	249.700	249.600	499.300
Total income from Operations(net)	1,1168.200	1,1285.400	2,2453.600
2.Expenditure
a) Cost of material consumed	4104.400	4231.500	8335.900
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	(30.900)	(253.000)	(283.900)
d) Employees benefit expenses	920.600	924.400	1845.000
e) Depreciation and amortization expenses	653.100	642.800	1295.900
f) Manufacturing expenses	1820.700	1825.000	3645.700
g) Other expenditure	1138.800	1096.500	2235.300
Total expenses	8606.700	8467.200	1,7073.900
3. Profit from operations before other income and financial costs	2561.500	2818.200	5379.700
4. Other income	254.500	288.300	542.800
5. Profit from ordinary activities before finance costs	2816.000	3106.500	5922.500
6. Finance costs	222.300	212.900	435.200
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	2593.700	2893.600	5487.300
8. Exchange Currency Fluctuation Loss/ (Gain)	--	--	--
9. Profit from ordinary activities before tax Expense:	2593.700	2893.600	5487.300
10.Tax expenses	843.100	940.400	1783.500
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	1750.600	1953.200	3703.800
12.Extraordinary Items (net of tax expense)	--	--	--
13.Net Profit / (Loss) for the period (11 -12)	1750.600	1953.200	3703.800
14.Paid-up equity share capital (Nominal value Rs.2/- per share)	465.700	465.700	465.700
15. Paid-up Debt capital of the Company *	--	--	2194.800
16. Debenture redemption reserve	--	--	1065.000
17.i) Earnings per share (before extraordinary items) of Rs.02/- each) (not annualised):
(a) Basic earnings per share of Rs. 2/- each before and after extraordinary item (not nnualized for the quarters)	7.52	8.39	15.91
(b) Diluted earnings per share of Rs. 2/- each before and after extraordinary item (not annualised for the quarters)	7.52	8.39	15.91
18. Debt equity ratio **	--	--	0.22
19. Debt service coverage ratio ***	--	--	6.87
20. Interest service coverage ratio ****	--	--	16.59
Additional Information Profit before tax, before exchange gain / (loss) and exceptional items	2741.600	3022.800	5764.400
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	123,967,196	123,967,196	123,967,196
- Percentage of shareholding	53.25%	53.25%	53.25%
2. Promoters and Promoters group Shareholding-	-	-
a) Pledged /Encumbered
Number of shares	0	0	0
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	0	0	0
Percentage of shares (as a % of total share capital of the company)	0	0	0
b) Non Encumbered	108,817,920	108,817,920	108,817,920
Number of shares
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%	100%	100.00%
Percentage of shares (as a % of total share capital of the company)	46.75%	46.75%	46.75%
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	1
Disposed of during the quarter	1
Remaining unreserved at the end of the quarter	Nil

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2015

Rs. In Million

SOURCES OF FUNDS	30.09.2015 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	465.700
(b) Reserves & Surplus	3,5289.200
(c) Pending Call Money	0.000
Sub-total Shareholders’	3,5754.900
(2) Non-Current Liabilities
(a) long-term borrowings	1,6802.200
(b) Deferred tax liabilities (Net)	1620.500
(c) Other long term liabilities	3.800
(d) long-term provisions	297.800
Sub-total of Non-Current liabilities	1,8724.300
(3) Current liabilities
(a) Short term borrowings	757.400
(b) Trade payables	5864.000
(c) Other current liabilities	2857.200
(d) Short-term provisions	691.700
Sub-total of Current liabilities	1,0170.300
TOTAL	6,4649.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	2,4041.800
(b) Non-Current investments	6565.200
(c) Deferred tax assets (net)	0.000
(d) Long term loans and advances	2222.200
(e) Other non-current assets	321.400
Sub-total of Non-Current Assets	3,3150.600
(2) Current assets
(a) Current investments	6576.000
(b) Inventories	5573.000
(c) Trade receivables	6626.400
(d) Cash and cash equivalents	4508.300
(e) Short-term loans and advances	3621.800
(f) Other current assets	4593.400
Sub-total of Current Assets	3,1498.900
TOTAL	6,4649.500

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on October 29, 201 5. The Statutory Auditors of the Company have carried out a "Limited Review" of the results for the quarter and half year ended September 30, 2015.
2. During the quarter, the Company's subsidiary BF Infrastructure Ventures Limited, has divested its 50% stake in its Joint Venture i.e. David Brown Bharat Forge Gear Systems India Limited to its Joint Venture partner David Brown Systems India (Holdings) Limited, fora sum of 73.09 Crores.
3. Restructuring of subsidiaries:

a. During the quarter, a Scheme of Amalgamation under Sections 391 to 394 of the Companies Act, 1 956, has been filed with the Hon'ble High Court of Bombay amongst wholly owned subsidiaries of Bharat Forge Limited viz. BFInfrastructure Ventures Limited (Transferor Company) and BF Infrastructure Limited (Transferee Company) and their respective Shareholders and Creditors.

b. CDP Bharat Forge GmbH, Germany (CDP BF), a direct subsidiary of the Company in Germany, has undertaken a corporate reorganization along with its subsidiaries. This restructuring will not have any adverse impact on the consolidated financial statements of the Company.

4. The Company has identified its business segment as its primary reporting segment where "Steel forging" is the only business segment. As a result, the disclosure requirement of primary reporting segment as per Accounting Standard (AS-1 7) "Segment Reporting" is not applicable to the Company on standalone results.
5. Earnings per share have been computed in accordance with the principles laid down by the Accounting Standard (AS-20) "Earnings Per Share".
6. Previous period's / year's figures are regrouped / restated, wherever necessary to conform to current period's presentation.

v Paid up Debt Capital represents Non-Convertible Debentures.

v Debt to Equity : Net Debt /Net Worth (Net Debt : Secured Loan + Unsecured Loan - Cash and bank balances - Current Investments) (Net Worth : Equity Share Capital + Reserves & Surplus - Foreign Currency Monetary Item Translation Difference Account [FCMITDA]).

v Debt Service Coverage Ratio : EBDIT / (Finance Costs + Principal Repayment during the period/year) (EBDIT : Profit before Taxes + Finance Costs + Depreciation)

v Interest Service Coverage Ratio : EBDIT/ Finance Costs.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10227088	15/03/2014 *	1,760,000,000.00	GDA TRUSTEESHIP LIMITED	GDA HOUSE, FIRST FLOOR, PLOT NO. 85, S. NO. 94 &  95, BHUSARI COLONY (RIGHT), KOTHRUD, PUNE, MAHARASHTRA - 411038, INDIA	C00628982
2	10158557	15/03/2014 *	2,500,000,000.00	GDA TRUSTEESHIP LIMITED	GDA HOUSE, FIRST FLOOR, PLOT NO. 85, S. NO. 94 & 95, BHUSARI COLONY (RIGHT), KOTHRUD, PUNE, MAHARAS  HTRA - 411038, INDIA	C00630376
3	90086271	06/06/2003 *	600,000,000.00	SUMITOMO MITSUI BANKING CORPN.	7/8F; ONE INTERNATIONAL FINANCE CENTRE, 1; HARBOUR VIEW STREET; CENTRAL, HONGKONG, , HONG KONG	-
4	90086181	23/09/2002	242,300,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE, WORLD TRADE CENTRE; CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
5	80022454	26/02/2014 *	16,000,000,000.00	Bank of India	PUNE LARGE CORPORATE BRANCH,C.T.S. NO. 1290,, PLOT NO. 675, OFF. J. M. ROAD, SHIVAJINAGAR,, PUNE, MAHARASHTRA - 411005, INDIA	C00634261
6	90086045	30/07/2003 *	1,350,000,000.00	BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1162/6; SHIVAJINAGAR; UNIVERSITY ROAD, PUNE, MAHARASHTRA - 411005, INDIA	-
7	90085489	04/05/2004 *	300,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE, WORLD TRADE CENTRE; CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
8	90085483	22/05/2001 *	300,000,000.00	ICICI LIMITED	ICICI TOWRES;, BANDRA-KURLA COMPLEX; BANDRA(EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	-
9	90085098	14/06/2002 *	500,000,000.00	ICICI LIMITED	C-23; 'G' BLOCK; BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	-
10	90084897	16/09/1998	100,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE, WORLD TRADE CENTRE; CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible assets

· Free hold land

· Leasehold land

· Buildings

· Plant and machinery

· Office equipments

· Railway sidings

· Electrical installations

· Factory equipments

· Furniture and fixtures

· Vehicles and aircraft

· Power line

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. 66.17
UK Pound	1	Rs. 100.66
Euro	1	Rs. 70.97

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KYP
Report Prepared by :	SYL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		72

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.