MIRA INFORM REPORT

Report No. :	344099
Report Date :	06.10.2015

IDENTIFICATION DETAILS

Name :	KALYANI TECHNOFORGE LIMITED (w.e.f.14.01.2013)
Formerly Known As :	KALYANI THERMAL SYSTEMS LIMITED
Registered Office :	S. No. 72-76, Behind Siporex, Mundhwa, Pune – 411036, Maharashtra
Tel. No.:	91-20-66215000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.02.1979
Com. Reg. No.:	11-020973
Capital Investment / Paid-up Capital :	Rs. 49.799 Million
CIN No.: [Company Identification No.]	U29141MH1979PLC020973
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCK0618A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject engaged in the business of manufacture of steel forgings and general engineering services.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 2063000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1979 engaged in manufacturing carbon and alloy steel forged and machined components. For the financial year ended 2014, sales turnover of the company has declined from Rs.2915.867 Million to 2798.598 Million which has resulted into dip in net profit of the company from Rs.90.724 Million to Rs.47.914 Million. Rating takes into consideration company’s established track record of business operation supported by its satisfactory financial base along with sound networth base and favorable liquidity position of the company. Rating also takes into consideration reduction in the company’s client concentration risk on account of scaling up of exports and diversification into automotive bearing and gear cutting businesses. However, rating strength partially offset by company’s exposure to the cyclicality of the automotive business and its moderate profitability indicators. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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	Fund based limits = BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	September 2014

Rating Agency Name	ICRA
Rating	Non-Fund based limits = A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	September 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Jayant Patil
Designation :	Head of department - Accounts
Contact No.:	91-20-66215000

LOCATIONS

Registered Office/ Factory 1 :	S. No. 72-76, Behind Siporex, Mundhwa, Pune – 411036, Maharashtra, India
Tel. No.:	91-20-66441000
Fax No.:	91-20-66441009/ 1034
E-Mail :	supriyatilak@gmail.com supriya.tilak@kalyaniglobal.com jayant.patil@kalyanitechnoforge.com marketing@kalyanitechnoforge.com
Website :	http://www.kalyanitechnoforge.com
Factory 2 :	Plot No. E-84, MIDC Ranjangaon Ind., Village - Karegaon, Taluka - Shirur, District Pune, Maharashtra, India
Tel. No. :	91-2138-674000
Fax No. :	91-2138-674001
Factory 3 :	Plot No. 103, Sector 8, IMT, Manesar, MIDC, Gurgaon – 122001, Haryana, India
Tel. No. :	91-124-4679500
Fax No. :	91-124-4679518
Factory 4 :	Survey No. A-7, MIDC, Baramati, District Pune - 413102, Maharashtra, India
Tel. No. :	91- 2112-243854

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Shriniwas Balawant Kanade

Designation :

Director

Address :

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

Date of Birth/Age :

04.03.1953

Qualification :

B. Com

Date of Appointment :

30.09.2011

DIN No. :

00089063

Name :

Mr. Charuchandra Ganesh Patankar

Designation :

Director

Address :

616, Sindh HSG. Society., Road 6, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

06.06.1956

Date of Appointment :

07.12.1992

DIN No. :

00136573

Name :

Mr. Satish Sekhri

Designation :

Director

Address :

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

Date of Birth/Age :

28.03.1950

Qualification :

BE. MBA. BSC.

Date of Appointment :

30.09.2011

DIN No. :

00211478

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25199MH1989PLC050925	PRECISION SEALS MANUFACTURING LIMITED	Director	01/04/1995	01/04/1995	31/03/2010	Active	NO
2	U34300PN1982PLC027224	BOSCH CHASSIS SYSTEMS INDIA LIMITED	Managing director	01/04/1995	01/04/1995	31/03/2010	Active	NO
3	U34300PN2005PTC021321	BREMBO BRAKE INDIA PRIVATE LIMITED	Director	27/05/2008	14/10/2005	19/11/2008	Active	NO
4	L34300DL1971PLC005634	CLUTCH AUTO LIMITED	Director	29/09/2010	01/04/2010	14/05/2011	Active	NO
5	U29117PN2001PLC018092	VICTOR GASKETS INDIA LIMITED	Director	27/07/2010	19/05/2010	10/02/2014	Active	NO
6	L34300HR1983PLC023187	RICO AUTO INDUSTRIES LIMITED	Director	30/09/2010	28/05/2010	-	Active	NO
7	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	24/12/2010	29/07/2010	-	Active	NO
8	L51909KA1981PLC004198	AUTOMOTIVE AXLES LIMITED	Director	21/01/2011	18/11/2010	-	Active	NO
9	U29141MH1979PLC020973	KALYANI TECHNOFORGE LIMITED	Director	30/09/2011	11/04/2011	-	Active	NO
10	U28112PN2009FTC134406	HIRSCHVOGEL COMPONENTS INDIA PRIVATE LIMITED	Director	11/11/2011	11/11/2011	04/05/2012	Active	NO
11	U34300DL2011PLC227272	MINDA DISTRIBUTION AND SERVICES LIMITED	Director	12/08/2015	26/03/2012	-	Active	NO

Name :

Mr. Shivkumar Jayabasappa Tatti

Designation :

Director

Address :

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

Date of Birth/Age :

15.07.1949

Date of Appointment :

10.03.2003

DIN No. :

02421231

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51399PN1981PLC025156	OPAL TRADING LIMITED	Director	28/09/1991	28/09/1991	-	Active	NO
2	U29141MH1979PLC020973	KALYANI TECHNOFORGE LIMITED	Director	10/03/2003	10/03/2003	-	Active	NO

Name :

Mr. Ravindra Bhaskarrao Nagarkar

Designation :

Whole-time director

Address :

A-106, Anusha Residency, Opposite Swamisamarth, Pune-411021, Maharashtra, India

Date of Birth/Age :

25.01.1969

Date of Appointment :

01.04.2014

DIN No. :

03483435

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29100PN2011PTC139166	GRP MACHINED COMPONENTS PRIVATE LIMITED	Director	11/04/2011	11/04/2011	26/03/2012	Active	NO
2	U29199PN2010PLC137321	KALYANI TECHNOTHERM LIMITED	Director	15/11/2012	15/11/2012	-	Active	NO
3	U29222PN2013PTC146849	Kalyani Transmission Technologies Private Limited	Director	05/04/2013	05/04/2013	-	Active	NO
4	U29141MH1979PLC020973	KALYANI TECHNOFORGE LIMITED	Whole-time director	01/04/2014	01/04/2014	-	Active	NO
5	U27107PN2006PTC131128	BODYCOTE METALLURGICAL SERVICES INDIA PRIVATE LIMITED	Additional director	11/09/2015	11/09/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jayant Patil
Designation :	Head of department - Account

MAJOR SHAREHOLDERS

AS ON 30.09.2014

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

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

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

BUSINESS DETAILS

Line of Business :

Subject engaged in the business of manufacture of steel forgings and general engineering services.

Products :

ITC Code No.	Product or Service
73261990	Metal Forging Services
73269099	General Machining Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

Raw Material

Countries :

Japan

Terms :

Selling :

Cash and Credit (30/60/90 days)

Purchasing :

Cash and Credit (30/60/90 days)

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

• Ashok Leyland Limited
• Renault Nissan
• Cummins
• Gabriel India Limited
• Anadolu Motor

No. of Employees :

500 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch Address :	SMECCC, Hira Baug Chowk, Maharashtra Cultural Centre, D Building, 989, Shukrawar Peth, Tilak Road, Pune - 411002, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Rs.1.481 million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Bank of Baroda Corporate Financial Services Branch, Mantri Court Ambedkar Road, Pune - 411002, Maharashtra, India

· CITI Bank N A, 2413 Kumar Capital, East Street, Pune - 411001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks	177.479	222.638
Foreign currency term loans from banks	330.731	325.710
SHORT TERM BORROWINGS
Rupee term loans from banks	105.841	34.088
Total	614.051	582.436

Auditors :
Name :	S. B. Sabne Chartered Accountants
Address :	1, Vasant Apartments, 106 / 2, Erandawana, Off Prabhat Road, Opp. Dr. Kalmadi Shamrao High School, Pune Maharashtra, India
Tel. No.:	91-20-25435388/ 25423302
E-Mail :	sbsabne@gmail.com
PAN No. :	ADXPS4414L
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Kalyani Technotherm Limited CIN No.: U29199PN2010PLC137321

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

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

Issued Capital:

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

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4977724	Equity Shares	Rs.10/- each	Rs.49.777 Million
	Add: Forfeited Shares		Rs. 0.022 Million
	Total		Rs. 49.799 Million

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	49.799	49.799	49.799
(b) Reserves & Surplus	672.405	624.490	533.766
(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)	722.204	674.289	583.565
(3) Non-Current Liabilities
(a) long-term borrowings	510.782	553.272	205.982
(b) Deferred tax liabilities (Net)	87.138	98.620	101.025
(c) Other long term liabilities	0.000	0.000	45.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	597.920	651.892	352.007
(4) Current Liabilities
(a) Short term borrowings	653.586	705.267	957.026
(b) Trade payables	505.219	320.568	378.927
(c) Other current liabilities	288.955	308.719	275.306
(d) Short-term provisions	29.184	18.829	14.915
Total Current Liabilities (4)	1476.944	1353.383	1626.174
TOTAL	2797.068	2679.564	2561.746
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1387.415	1157.730	1273.138
(ii) Intangible Assets	22.456	18.904	9.339
(iii) Capital work-in-progress	64.441	200.318	0.032
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	34.845	5.982	129.727
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	57.766	64.441	141.834
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1566.923	1447.375	1554.070
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	384.497	401.617	458.800
(c) Trade receivables	501.141	377.206	431.255
(d) Cash and cash equivalents	240.568	325.722	5.323
(e) Short-term loans and advances	97.963	122.679	51.967
(f) Other current assets	5.976	4.965	60.331
Total Current Assets	1230.145	1232.189	1007.676
TOTAL	2797.068	2679.564	2561.746

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	2756.448	2896.337	2664.028
		Other Income	42.150	19.530	28.707
		TOTAL	2798.598	2915.867	2692.735
Less	EXPENSES
		Cost of Materials Consumed	1360.777	1518.378	1416.398
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	18.729	27.651	46.347
		Employees benefits expense	292.997	259.891	241.328
		Other expenses	747.796	756.341	685.703
		Extraordinary Item	0.000	(44.149)	9.443
		TOTAL	2562.787	2399.219	2562.030
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		378.299	397.755	293.516
Less	FINANCIAL EXPENSES		147.688	112.283	160.440
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		230.611	285.472	133.076
Less/ Add	DEPRECIATION/ AMORTISATION		172.687	161.058	122.077
	PROFIT/ (LOSS) BEFORE TAX		57.924	124.414	10.999
Less	TAX		10.010	33.690	(9.738)
	PROFIT/ (LOSS) AFTER TAX		47.914	90.724	20.737
	Earnings / (Loss) Per Share (Rs.)
	Basic		0	0	2.65
	Diluted		9.63	18.23	4.17

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	160.308	217.785	196.202
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	414.737	373.486	(83.783)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.74	3.13	0.78
Operating Profit Margin (PBDIT/Sales)	(%)	13.72	13.73	11.02
Return on Total Assets (PBT/Total Assets}	(%)	2.15	5.03	0.45
Return on Investment (ROI) (PBT/Networth)		0.08	0.18	0.02
Debt Equity Ratio (Total Debt/Networth)		1.83	2.19	2.33
Current Ratio (Current Asset/Current Liability)		0.83	0.91	0.62

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	49.799	49.799	49.799
Reserves & Surplus	533.766	624.490	672.405
Net worth	583.565	674.289	722.204
Long-term borrowings	205.982	553.272	510.782
Short term borrowings	957.026	705.267	653.586
Current Maturities of Long-Term Debts	196.202	217.785	160.308
Total borrowings	1359.210	1476.324	1324.676
Debt/Equity ratio	2.329	2.189	1.834

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	2664.028	2896.337	2756.448
		8.720	(4.830)

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	2664.028	2896.337	2756.448
Profit	20.737	90.724	47.914
	0.78%	3.13%	1.74%

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)	Yes
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

COMPANY OVERVIEW

Subject is a public limited company, engaged in the business of manufacture of steel forgings and general engineering.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10578202	01/07/2015	800,000,000.00	BANK OF BARODA	FINANCIAL SERVICES BRANCH, MANTRI COURT, 1ST FLOOR, 39 RAMABAI AMEDKAR ROAD, PUNE - 411001, MAHARASHTRA, INDIA	C58062167
2	10560964	12/03/2015	374,270,400.00	ICICI BANK Limited	1504B-1505, LEVEL -15, INTERNATIONAL COMMERCE, 1,  AUGSTIN ROAD, WEST, KOWLOON, - 48619, HONG KONG	C49886682
3	10567671	18/02/2015	263,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2 KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY,  PLOT NO.12, MULA ROAD, SANGAMWADI, PUNE - 411003, MAHARASHTRA, INDIA	C52781846
4	10567677	18/02/2015	32,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2 KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY,  PLOT NO.12, MULA ROAD, SANGAMWADI, PUNE - 411003, MAHARASHTRA, INDIA	C52787231
5	10553908	31/12/2014	3,349,000.00	UCO BANK	CAMP BRANCH, PUNE - 411001, MAHARASHTRA, INDIA	C46049078
6	10484998	22/03/2014	1,481,000.00	STATE BANK OF INDIA	SMECCC,HIRA BAUG CHOWK,MAHARASHTRA CULTURAL CENTRE, D BUILDING,989,SHUKRAWAR PETH, TILAK ROAD, PUNE - 411002,  MAHARASHTRA, INDIA	C00539395
7	10398862	08/09/2014 *	330,000,000.00	ICICI BANK LIMITED ACTING THROUGH ITS HONKONG BRAN  CH	HONG KONK BRANCH, UNIT 1504 B-1505 ,LEVEL-15,, INTERNATIONAL COMMERCE CENTER, 1 AUSTIN ROAD WEST, KOWLOON, - 48619, HONG KONG	C22484356
8	10378683	06/09/2012	300,000,000.00	BANK OF MAHARASHTRA	CORPORATE FINANCE BRANCH, 1183/A, F. C. ROAD,, PUNE - 411005, MAHARASHTRA, INDIA	B58962895
9	10291920	03/06/2011	34,400,000.00	STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH	2ND FLOOR,TARA CHAMBERS,NEAR MARIAAI POLICE CHOWKY  , MUMBAI PUNE HIGHWAY,WAKDEWADI, PUNE, MAHARASHTR  A - 411003, INDIA	B14899637
10	90092201	30/06/2003	33,245,000.00	BANK OF BARODA	LAXMI ROAD BRANCH, 64 BUDHWAR PETH, PUNE, MAHARAS  HTRA - 411002, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Deferred sales tax loan	2.572	4.924
SHORT TERM BORROWINGS
Loans repayable on demand from banks	547.745	487.491
Other loans and advances	0.000	183.688
Total	550.317	676.103

CHANGE IN NAME: (As on 31.03.2013)

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

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Leasehold improvements

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration:

No 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.65.29
UK Pound	1	Rs.99.31
Euro	1	Rs.73.39

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.