MIRA INFORM REPORT

Report No. :	353643
Report Date :	09.12.2015

IDENTIFICATION DETAILS

Name :	SIMPLEX CASTINGS LIMITED
Registered Office :	601/602A, Fairlink Centre, Off Andheri Link Road, Andheri (West), Mumbai – 400053, Maharashtra
Tel. No.:	91-22-40034768
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	30.01.1980
Com. Reg. No.:	11-067459
Capital Investment / Paid-up Capital :	Rs.59.842 Million
CIN No.: [Company Identification No.]	L27320MH1980PLC067459
IEC No.:	1188000721
TAN No.: [Tax Deduction & Collection Account No.]	BLRS03006D
PAN No.: [Permanent Account No.]	AABCS4650E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Heavy Engineering Castings in various grades like Steel Plants, Power Plants (Thermal, Hydro, Wind), Railways, Mines, Cement, Chemical, Oil, Defense, Sugar, Earth Moving, Machine Tools, Ship Building etc.[ Confirmed by management]
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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1980 having satisfactory track record. The company possesses an above average financial risk profile marked by satisfactory networth base and decent liquidity position of the company. Moreover, the rating strength is partially offset by low profit margin and intensely competitive steel industry. Trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct. In view of long track record and acceptable financial base, 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit = BB+
Rating Explanation	Moderate risk of default
Date	12.10.2015

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 PARTED BY

Name :	M. Avinash
Designation :	Finance Head
Contact No.:	91-788-2290484
Date :	07.12.2015

LOCATIONS

Registered Office :	601/602A, Fairlink Centre, Off Andheri Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-40034768
Fax No.:	91-22-22871170
E-Mail :	sclbhilai@simplexcastings.com
Website :	http://www.simplexcastings.com
Corporate Office :	Plot No. 32, Shivnath Complex, G E Road, Supela, Bhilai – 490023, Chhattisgarh, India
Factory 1 :	5, Industrial Estate, Bhilai, District: Durg, Chhattisgarh – 490026, India
Tel. No.:	91-788-2382031 / 32
Fax No.:	91-788-2382032
Factory 2 :	Urla Industrial Estate, Raipur, Chhattisgarh – 492001, India
Tel. No.:	91-771-2323805 / 2323483 / 2326301 / 2326302
Fax No.:	91-771-2324090
Factory 3:	223/2 and 224, Industrial Estate, Tedesara, Rajnandgaon – 491443, Chandigarh, India

DIRECTORS

AS ON 31.03.2015

Name :	Ketan M. Shah
Designation :	Chairman and Managing Director
Name :	Sangeeta K Shah
Designation :	Executive Director
Name :	Piyush P Shah
Designation :	Executive Director
Name :	G. Gopalswamy
Designation :	Executive Director
Name :	Ushma Khabaria
Designation :	Independent Director
Name :	Rajendra A. Shah
Designation :	Independent Director
Name :	Kisan R. Choksey
Designation :	Independent Director
Name :	Hasmukhlal S. Parikh
Designation :	Independent Director

KEY EXECUTIVES

Audit Committee:	Kisan R. Choksey – Chairman Ushma Khabaria Member Hasmukhlal S. Parikh Member Rajendra A. Shah Member
Nomination And Remuneration Committee:	Kisan R. Choksey Chairman Hasmukhlal S. Parikh Member Rajendra A. Shah Member
Stakeholders Relationship Committee:	Kisan R. Choksey Chairman Hasmukhlal S. Parikh Member Rajendra A. Shah Member
Corporate Social Responsibility Committee	Kisan R. Choksey Chairman Ketan M Shah Member Sangeeta K Shah Member
Name :	Ms D Meena
Designation :	Company Secretary and Compliance Officer
Name :	Mr. Avinash Hariharno
Designation :	Chief Financial Officer
Name :	M. Avinash
Designation :	Finance Head

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3202147	53.51
Bodies Corporate	293600	4.91
Sub Total	3495747	58.42
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3495747	58.42
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1600	0.03
Sub Total	1600	0.03
(2) Non-Institutions
Bodies Corporate	272195	4.55
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1155272	19.31
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	744061	12.43
Any Others (Specify)	315325	5.27
Clearing Members	11056	0.18
Hindu Undivided Families	149805	2.50
Non Resident Indians	154464	2.58
Sub Total	2486853	41.56
Total Public shareholding (B)	2488453	41.58
Total (A)+(B)	5984200	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5984200	0.00

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		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	KETAN SHAH	22,07,765	36.89	36.89
2	PRABHA SHAH	6,96,600	11.64	11.64
3	SIM PRABHA ESTATES AND TRADING CO PRIVATE LIMITED	2,37,500	3.97	3.97
4	KETAN SHAH	1,99,900	3.34	3.34
5	HEM HOLDING AND TRADING LIMITED	45,700	0.76	0.76
6	TARULATA HEMANT SHAH	47,721	0.80	0.80
7	JAYSHREE SANJIV HARIA	38,300	0.64	0.64
8	PRABHA PLANTATIONS (PRIVATE) LIMITED	7,400	0.12	0.12
9	PIYUSH SHAH	4,486	0.07	0.07
10	USHA PIYUSH SHAH	1,000	0.02	0.02
11	KISAN RATILAL CHOKSEY	2,500	0.04	0.04
12	SANGEETA KETAN SHAH	2,025	0.03	0.03
13	G GOPALSWAMY	200	0.00	0.00
14	KETAN SHAH	50	0.00	0.00
15	HEM HOLDING AND TRADING LIMITED	3,000	0.05	0.05
16	USHA PIYUSH SHAH	1,600	0.03	0.03
	Total	34,95,747	58.42	58.42

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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	DHIREN SHEVANTILAL SHAH	95597	1.60	1.60
2	CHANDAN ESTATES TRADING CO (PRIVATE) LIMITED	81165	1.36	1.36
	Total	176762	2.95	2.95

BUSINESS DETAILS

Line of Business :	Manufacturer of Heavy Engineering Castings in various grades like Steel Plants, Power Plants (Thermal, Hydro, Wind), Railways, Mines, Cement, Chemical, Oil, Defense, Sugar, Earth Moving, Machine Tools, Ship Building etc.[ Confirmed by management]
Products :	Steel Plants Power Plants (Thermal, Hydro, Wind) Railways Mines Cement Chemical Oil Defense Sugar Earth Moving Machine Tools Ship Building Etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L\C and Credit [60,90 Days]
Purchasing :	L\C and Credit [60,90 Days]

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

1000 (Approximately)

Bankers :

• Bank of Baroda, Civic Center, Bhilai- 490006, Chhattisgarh, India

Banker Name	State Bank of India
Branch Address	Commercial Branch, Sector – 1, Bhilai – 490001, District – Chhattisgarh,
Person Name (With Designation)	Not Available
Contact Number	91-788-2227784
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Banker Non Co-operative.

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term Loan - from banks	0.000	49.200
SHORT TERM BORROWING
Cash Credit - from banks	218.878	409.968
Working Capital Demand Loan - from banks	174.524	0.000
Stand-by Line of Credit	50.000	50.000
Export Packing Credit	0.000	15.000
Total	443.402	524.168

Notes:

LONG TERM BORROWING:

1) Term Loans from Banks (State Bank of India (SBI) and Bank of Baroda (BOB)) are secured by 1st Pari Passu charge by way of Equitable Mortgage of factory leasehold land located at Bhilai and Urla including hypothecation of Plant and Machineries and entire existing and proposed Fixed Assets of the company and 2nd Pari-passu charge on the entire Current Assets of the company by way of hypothecation/pledge.

2) Vehicle Loans from Banks are secured by Hypothecation of respective vehicles purchased under the loan.

SHORT TERM BORROWING:

1) Cash credit, WCDL, Stand-by line of credit and Export Packing credit facility from Banks (State Bank of India (SBI) and Bank of Baroda (BOB)) under Cash Credit facilities are secured by 1st Pari Passu charge by way of Hypothecation /

Pledge of entire Current Assets including Raw-Materials, Stock-in-Process, Finished Goods, Stores and Spares at factory premises or such other places as may be approved by bank and assignment of Book Debts both present and future and 2nd Pari-passu charge on the entire Fixed Assets (existing and proposed) of the company by way of hypothecation/ mortgage.

STATUTORY AUDITORS:
Name :	M/s. Taunk and Srikanth, Chartered Accountant
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Simplex Mash LLP
Associates:	Sangam Forgings Private Limited Prabha Plantations Private Limited Sim Prabha Estates and Trading Co. Private Limited Sim Amrit Estates & Trading Co. Private Limited. Simplex Developers Private Limited SEFW Projects Private Limited. Simplex Tefico Industries Private Limited.

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Million

Issued:

No. of Shares	Type	Value	Amount
6093000	Equity Shares	Rs.10/- each	Rs.60.930 Million

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
5984200	Equity Shares	Rs.10/- each	Rs.59.842 Million

Rights of shareholders:

The Company has only one class of equity shareholders. Each holder is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval by the shareholders at the ensuing Annual General Meeting. In the event of liquidation, the shareholders of equity shares are eligible to receive in proportion to their shareholdings, the remaining assets of the company after distribution of all preferential amounts.

Reconciliation of the shares outstanding at the beginning and at the end of the year

Particulars	31.03.2015
	No. In Million	Rs. In Million
At the beginning of the year	5.894	58.942
At the end of the year	5.894	58.942

Shareholders holding more than 5% shares in the company

Name	31.03.2015
	Shares held	% of Holding
Ketan M Shah	484,150	8.09%
Shailesh A Shah	345,963	5.78%
Amrit A Shah	733,826	12.26%
Prabha M Shah	696,600	11.64%

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	59.842	59.842	59.842
(b) Reserves & Surplus	710.880	729.155	704.415
(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)	770.722	788.997	764.257
(3) Non-Current Liabilities
(a) long-term borrowings	173.924	178.798	248.769
(b) Deferred tax liabilities (Net)	91.511	94.853	87.810
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	265.435	273.651	336.579
(4) Current Liabilities
(a) Short term borrowings	443.402	474.968	544.352
(b) Trade payables	404.123	361.005	304.681
(c) Other current liabilities	481.189	395.238	338.572
(d) Short-term provisions	0.048	3.548	7.015
Total Current Liabilities (4)	1328.762	1234.759	1194.620
TOTAL	2364.919	2297.407	2295.456
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	785.755	870.256	871.180
(ii) Intangible Assets	0.739	2.239	3.407
(iii) Capital work-in-progress	7.669	7.640	40.713
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.447	1.447	1.447
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	60.760	56.698	48.232
(e) Other Non-current assets	173.613	100.404	80.916
Total Non-Current Assets	1029.983	1038.684	1045.895
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	724.678	734.364	575.344
(c) Trade receivables	343.127	344.293	496.828
(d) Cash and cash equivalents	32.977	43.785	46.707
(e) Short-term loans and advances	232.760	134.250	126.562
(f) Other current assets	1.394	2.031	4.120
Total Current Assets	1334.936	1258.723	1249.561
TOTAL	2364.919	2297.407	2295.456

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1698.671	1587.562	2031.436
	Other Income	8.214	14.214	13.213
	TOTAL (A)	1706.885	1601.776	2044.649
Less	EXPENSES
	Cost of Materials Consumed	870.019	874.672	1116.753
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(36.915)	(94.248)	2.513
	Employees benefits expense	162.466	159.213	161.620
	Other expenses	472.670	432.796	476.652
	TOTAL (B)	1468.240	1372.433	1757.538
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	238.645	229.343	287.111
Less	FINANCIAL EXPENSES (D)	149.908	141.476	154.162
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	88.737	87.867	132.949
Less/ Add	DEPRECIATION/ AMORTISATION (F)	77.996	59.821	59.872
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	10.741	28.046	73.077
Less	TAX (H)	(1.193)	12.714	23.523
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	11.934	15.332	49.554
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	160.645	120.641	103.578
	TOTAL EARNINGS	160.645	120.641	103.578
	IMPORTS
	Raw materials & components	6.347	0.155	16.281
	Capital Goods		0.000	20.638
	TOTAL IMPORTS	6.347	0.155	36.919
	Earnings / (Loss) Per Share (Rs.)	1.99	2.56	8.28

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	49.200	71.600	120.000
Cash generated from operations	181.411	348.919	225.459
Net Cash generated from Operating Activities	176.925	343.476	195.722

QUARTERLY RESULTS

Particulars	30.06.2015 (Unaudited)	30.09.2015 (Unaudited)
Net Sales	401.300	551.410
Total Expenditure	355.210	506.120
PBIDT (Excl OI)	46.090	45.290
Other Income	3.820	3.790
Operating Profit	49.910	49.080
Interest	29.480	29.120
Exceptional Items	NA	NA
PBDT	20.430	19.960
Depreciation	16.400	17.490
Profit Before Tax	4.030	2.470
Tax	0.500	0.700
Provisions and contingencies	NA	NA
Profit After Tax	3.530	1.770
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	3.530	1.770

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.70	0.97	2.44
Operating Profit Margin (PBIDT/Sales)	(%)	14.05	14.45	14.13
Return on Total Assets (PBT/Total Assets}	(%)	0.46	1.23	3.24
Return on Investment (ROI) (PBT/Networth)		0.01	0.04	0.10
Debt Equity Ratio (Total Debt /Networth)		0.86	0.92	1.19
Current Ratio (Current Asset/Current Liability)		1.00	1.02	1.05

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.77.05/-

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	59.842	59.842	59.842
Reserves & Surplus	704.415	729.155	710.880
Net worth	764.257	788.997	770.722
Long-term borrowings	248.769	178.798	173.924
Short term borrowings	544.352	474.968	443.402
Current maturities of long-term debts	120.000	71.600	49.200
Total borrowings	913.121	725.366	666.526
Debt/Equity ratio	1.195	0.919	0.865

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	2031.436	1587.562	1698.671
		(21.850)	6.999

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	2031.436	1587.562	1698.671
Profit	49.554	15.332	11.934
	2.44%	0.97%	0.70%

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	Yes
8	Designation of contact person	Yes
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	Yes
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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE REVIEW:

The highlights of the Company’s performance are as under:

• Revenue from operation increased by 7% to Rs 1698.671 million.

• Exports increased by 74.67% to Rs 222.510 million.

• Order book position as on 31st March 2015 stood at Rs 927.180 million.

• Profit before tax reduced by 61.70% to Rs 10.741 million.

• Profit after tax reduced by 22.16% to Rs 11.934 million.

• Earning per share reduced by 22.26% to Rs 0.199 million

FUTURE PROSPECTS

India’s steel industry is passing through one of the most challenging phases. It has been impacted by sluggish domestic demand and dumping of Steel into India by steel surplus countries, primarily china, Russia, Japan and Korea and uncompetitive steel export due to stable Rupees .Though the market has down but the company has registered 7% growth in turnover and the management is quite confident that coming year will be more better. The massive investment in power sector will be added in the coming year. It has already put in to the action plan and initial working has already started. This will give sufficient load for Fabrication work.

The present Modi Government has placed area by encouraging to Indian Manufacturer through make in India project to associate for making Equipment in India. The opening of the strategic defence sector for private sector participation will help foreign original equipment manufacturers to enter into strategic partnerships with Indian companies and leverage the domestic markets and also aim at global business. Besides helping build domestic capabilities, this will bolster exports in the long term. In coming year, the huge investment will be introduced in Mining Industry and your Company is focusing on this area so that the Company can tie up for manufacturing of

Equipment related to Coal Mining.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Subject is engaged in manufacturing of Heavy Engineering Castings in various grades (in cast, machined & assembled condition) for all industrial sectors (both from Domestic and International markets) like Steel Plants, Power Plants (Thermal, Hydro, Wind), Railways, Mines, Cement, Chemical, Oil,Defence, Sugar, Earth Moving, Machine Tools, Heavy Valves and Pumps Castings, Ship Building etc.

ECONOMIC OVERVIEW

GLOBAL

Global growth is projected at 3.3 percent in 2015, marginally lower than in 2014, with a gradual pickup in advanced economies and a slowdown in emerging market and developing economies. In 2016, growth is expected to strengthen to 3.8 percent. During CY 2014 slowing demand in some of the major developing economies led to the softening in crude and other global commodity prices. Though the price correction created financial stress in oil exporting countries and also resulted in disinflationary environment in many oil importing economies, it is expected to be a net positive to world economy in the short to medium term-especially for oil/commodity importing economies like

India.

OUTLOOK

GLOBAL

Global growth remains moderate, with uneven prospects across the main countries and regions. Growth is projected to be stronger in 2015 relative to 2014 in advanced economies, but weaker in emerging markets, reflecting more subdued prospects for some large emerging market economies and oil exporters. Global growth is forecast at 3.5 percent in 2015 and 3.8 percent in 2016. The global steel demand in CY 2015 is expected to increase by 0.5% to 1544 MnT, while in CY 2016 it is projected to grow by 1.4% to 1566 MnT. Steel demand in the developed economics is projected to grow by 0.2% in CY 2015 and by 1.8% in CY 2016. Chinese steel demand is projected to record a negative growth of 0.5% in CY 2015 as well as in CY 2016.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Loans from Directors	39.992	24.080
Loans from Companies	133.285	104.684
Security Deposits	0.647	0.834
Total	173.924	129.598

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2015

(Rs. In Million)

Particulars	Quarter Ended		Half Year Ended
	30.09.2015	30.09.2015	30.06.2015
	( Unaudited)	( Unaudited)	( Unaudited)
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	551.405	401.297	952.702
b) Other operating income	--	--	--
Total income from Operations(net)	551.405	401.297	952.702
2.Expenditure
a) Cost of material consumed	170.837	229.376	400.213
b) Purchases of stock in trade	--	--	--
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	127.630	3.353	130.983
d) Employees benefit expenses	44.220	32.615	76.834
e) Depreciation and amortization expenses	17.494	16.400	33.894
f) Other expenditure	163.424	89.867	253.291
Total expenses	523.605	371.611	895.215
3. Profit from operations before other income and financial costs	27.800	29.686	57.487
4. Other income	3.786	3.822	7.608
5. Profit from ordinary activities before finance costs	31.586	33.508	65.095
6. Finance costs	29.117	29.479	58.596
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	2.469	4.029	6.499
8. Exceptional item	--	--	--
9. Profit from ordinary activities before tax Expense:	2.469	4.029	6.499
10.Tax expenses	0.700	0.500	1.200
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	1.769	3.529	5.299
12.Extraordinary Items (net of tax expense)	--	--	--
13.Net Profit / (Loss) for the period (11 -12)	1.769	3.529	5.299
14.Paid-up equity share capital (Face value Rs.10/- per share)	598.42	598.42	598.42
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--	--
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	0.29	0.59	0.88
(b) Diluted	0.29	0.59	0.88

Particulars	Quarter Ended		Half Year Ended
	30.09.2015	30.09.2015	30.09.2015
	( Unaudited)	( Unaudited)	( Unaudited)
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	2488453	2490058	2488453
- Percentage of shareholding	41.58	41.61	41.58
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	NIL	NIL	NIL
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	NA	NA	NA
Percentage of shares (as a % of total share capital of the company)	NA	NA	NA
b) Non Encumbered
Number of shares	3495747	3494147	3495747
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	58.42	58.39	58.42
B. Investor Complaints	3 Months Ended
	30.09.2015
Pending at the beginning of the quarter	0
Receiving during the quarter	3
Disposed of during the quarter	3
Remaining unreserved at the end of the quarter	0

1. The above results were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors at their meeting held on 7th November, 2015.

2. Previous year's figure has been rearranged/regrouped wherever necessary.

3. The company has only one business i.e. Castings, hence 'Segment Reporting' as defined in 'Accounting Standard 17 is not applicable.

STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	30.09.2015
	( Unaudited)
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	59.842
(b) Reserves & Surplus	725.247
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	785.089
(3) Non-Current Liabilities
(a) long-term borrowings	227.262
(b) Deferred tax liabilities (Net)	90.211
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	317.473
(4) Current Liabilities
(a) Short term borrowings	473.799
(b) Trade payables	393.409
(c) Other current liabilities	467.589
(d) Short-term provisions	0.048
Total Current Liabilities (4)	1334.845
TOTAL	2437.407
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	761.091
(ii) Intangible Assets
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b) Non-current Investments	8.737
(c) Deferred tax assets (net)	91.988
(d) Long-term Loan and Advances	150.947
(e) Other Non-current assets	0.000
Total Non-Current Assets	1012.763
(2) Current assets
(a) Current investments	0.000
(b) Inventories	603.815
(c) Trade receivables	553.169
(d) Cash and cash equivalents	33.200
(e) Short-term loans and advances	233.668
(f) Other current assets	0.792
Total Current Assets	1424.644
TOTAL	2437.407

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10571666	16/05/2015	1,217,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, BHILAI, BHILAI-  490023, CHHATTISGARH, INDIA	C54773486
2	10415643	28/02/2013	159,300,000.00	BANK OF BARODA	CIVIC CENTER, BHILAI- 490006, CHHATTISGARH, INDIA	B71966469

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Bank Guarantees (Time deposits pledged with banks agst. above)	192.861 9.643	227.516 18.765
Letters of Credit	192.366	240.439
Excise/Service Tax matters	2.656	0.410
Income Tax matters	14.921	133.156
ESI Demand	0.000	1.018
Penalties for late deliveries / liquidated damages in respect of contracts are accounted for as and when claims are received and accepted. Aggregate amount of possible claims as at the year-end is not ascertained.
Pursuant to the judgement of the State Industrial Court, Raipur, on the labour case relating to strike declared in the year 1990, the Company has been directed to pay compensation to the retrenched workers amounting to Rs.8.280 million in total. However the company has obtained a stay against the said order from the High Court, Bilaspur vide order dated 28.11.2001, on account of a petition contending the order which is yet to be heard. Since the management is hopeful of favourable decision, no provision has been made in the accounts for the said liability of Rs. 8.880 million

FIXED ASSETS

Tangible Assets:

• Land
• Building
• Plant & Machinery
• Mould Boxes
• Patterns
• Office Equipment
• Furniture and Fixtures
• Computers
• Vehicles
• Jigs and Fixtures

Intangible Assets:

• Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.80
UK Pound	1	Rs.100.49
Euro	1	Rs.72.52

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	DIV
Report Prepared by :	GEET

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--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		44

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.