MIRA INFORM REPORT

Report No. :	492497
Report Date :	17.02.2018

IDENTIFICATION DETAILS

Name :	BHARAT FORGE LIMITED
Registered Office :	Mundhwa, Pune Cantonment, Pune – 411036, Maharashtra
Tel. No.:	91-20-26702777
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	19.06.1961
Com. Reg. No.:	11-012046
Capital Investment / Paid-up Capital :	INR 465.680 Million
CIN No.: [Company Identification No.]	L25209PN1961PLC012046
IEC No.:	Not Divulged
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 :	Subject is engaged in the manufacturing and selling of forged and machined components for auto and industrial sector.(Registered Activity)
No. of Employees :	4727 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Bharat Forge Limited is a part of “Kalyani Group” and was incorporated in the year 1961. It is based in Pune, Maharashtra and has manufacturing facilities at Mundhwa, Baramati, Chakan and Satara. It is engaged in manufacturing and selling of forged and machined components for auto and industrial sector. For the financial year 2017, the company has reported dip in its revenue by 10.15% as compared to the previous year along with a decent profit margin of 14.39%. The sound financial risk profile of the company is marked by adequate net worth base along with negligible debt balance sheet profile. Further, as per the quarterly financials of December 2017, the company has achieved INR 13905.500 million along with a profit INR 2281.700 million. Rating also takes into account the strong financial and managerial support that company receives from its group backed by its well experienced management team. The rating strengths are partially offset by BFL’s high working capital intensity, with sizeable portion of debt involving bill discounted of reputed customers. Payments seems to be regular. In view of aforesaid, the company can be considered 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	ICRA
Rating	Long term borrowing :AA+
Rating Explanation	High degree of safety and very low credit risk.
Date	04.08.2017

Rating Agency Name	ICRA
Rating	Short term borrowing : A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	04.08.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 17.02.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Sandeep
Designation :	Finance Department
Contact No.:	91-20-26702544
Date :	15.02.2018

Management Non Co-Operative (91-20-26702777/26702476)

91-120-4638000 Ringing

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 :	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
Factory 5 :	CAM, E 1/1 MIDC, Baramati - 413133, Maharashtra, India

DIRECTORS

AS ON 31.03.2017

Name :	Babasaheb Neelkanth Kalyani
Designation :	Managing Director
Address :	Amit, 221/A, Kalyani Nagar, Yerawada, Pune – 411006, Maharashtra, India
Qualification :	B.E. (Mech.) (Hons.), M.S. (M.I.T.)
Date of Appointment :	30.03.1993
DIN No.:	00089380
Name :	Gopal Krishan Agarwal
Designation :	Whole time Director
Address :	B-10, Varsha Park, 263/4, Baner Road, Aundh, Pune – 411045, Maharashtra, India
Date of Appointment :	01.04.2013
DIN No.:	00037678
Name :	Amit Babasaheb Kalyani
Designation :	Director
Address :	Wholetime Director
Date of Birth/Age :	B-10, Varsha Park, 263/4, Baner Road, Aundh, Pune – 411045, Maharashtra, India
Qualification :	Mechanical Engineering from Bucknell University, Pennsylvania, USA
Date of Appointment :	11.05.2009
DIN No.:	00089430
Name :	Subodh Eknath Tandale
Designation :	Wholetime Director
Address :	C-S02, Pride Panorama, Senapati Bapat Road, Pune – 411016, Maharashtra, India
Date of Appointment :	23.05.2006
DIN No.:	00266833
Name :	Basavraj Prabhakar Kalyani
Designation :	Whole time Director
Address :	B 3/4, The Tulips, 211/2, Plot 65, Kalyani Nagar, Pune - 411006, Maharashtra, India
Date of Appointment :	23.05.2006
DIN No.:	00267202
Name :	Kishore Mukund Saletore
Designation :	Wholetime Director
Address :	G-0602, S. No. 133(P), 136(P) and 137(P) One North, Tower / - 411028 Pune 411028, Maharashtra, India
Date of Appointment :	02.02.2015
DIN No.:	01705850
Name :	Vimal Bhandari
Designation :	Director
Address :	164, 16th Floor, Kalpataru Horizon, Tower A, S K Ahire Marg, Worli, Mumbai 400018, Maharashtra, India
Date of Appointment :	08.02.2013
DIN No.:	00001318
Name :	Tridibesh Mukherjee
Designation :	Director
Address :	6A, Road No -10 Circuit House Area (East) Jamshedpur – 831001, Jharkhand, India
Date of Appointment :	23.01.2010
DIN No.:	00004777
Name :	Pratap Govind Pawar
Designation :	Director
Address :	S.no.73 off Baner road near pancard club road, behind Shroff build, Baner, Pune - 411045, Maharashtra, India
Date of Appointment :	24.05.2005
DIN No.:	00018985
Name :	Shobhan Madhukant Thakore
Designation :	Director
Address :	Flat No. B-114, Floor 11, Plot 696b Somerset House, 61-G, Off Bhulabhai Desa I Road, Mumbai – 400026, Maharashtra, India
Date of Appointment :	27.06.1986
DIN No.:	00031788
Name :	Prakash Chandrashekhar Bhalerao
Designation :	Director
Address :	B-7, Varsha Park, 263/4/3, Baner Road, Aundh, Pune - 411045, Maharashtra, India
Date of Appointment :	01.04.1998
DIN No.:	00037754
Name :	Lalita Dileep Gupte
Designation :	Director
Address :	153C, Mhaskar Building Sir Bhalchandra Road, Matunga Mumbai - 400019, Maharashtra, India
Date of Appointment :	06.08.2008
DIN No.:	00043559
Name :	Hayagreeva Ravikumar Puranam
Designation :	Director
Address :	501 Yashowan Towers, Behind Mahim Post Office T. H. Kataria Marg, Mahim – West, Mumbai - 400016, Maharashtra, India
Date of Appointment :	20.05.2009
DIN No.:	00280010
Name :	Naresh Narad
Designation :	Director
Address :	C II/127 Motibagh, New Delhi – 110021, India
Date of Appointment :	24.07.2009
DIN No.:	02737423

KEY EXECUTIVES

Name :	Tejawini Ramkrishna Chaudhari
Designation :	Company Secretary
Address :	Flat No.12, Building No.4, Runwal Panorama, Warje, Pune – 411058, Maharashtra, India
Date of Appointment :	16.07.2016
PAN No:	AFTPC8564K
Name :	Kishore Mukund Saletore
Designation :	Chief finance officer
Address :	G-0602, S. No. 133(P), 136(P) and 137(P) One North, Tower / - 411028 Pune - 411028, Maharashtra, India
Date of Appointment :	01.08.2014
PAN No:	ALAPS5378L
Name :	Mr. Sandeep
Designation :	Finance Department

SHAREHOLDING PATTERN

AS ON 31.12.2017

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Promoter & Promoter Group	212981840	45.75
(B) Public	252588392	54.25
(C1) Shares underlying DRs	18400	0.00
Grand Total	465588632	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of Shareholder	No. of Shares	Percentage of Holding
A1) Indian		0.00
Individuals/Hindu undivided Family	1616230	0.35
AMIT BABASAHEB KALYANI	700400	0.15
GAURISHANKAR NEELKANTH KALYANI	690440	0.15
ROHINI GAURISHANKAR KALYANI	101460	0.02
BABASAHEB NEELKANTH KALYANI	78050	0.02
SHEETAL GAURISHANKAR KALYANI	22980	0.00
VIRAJ GAURISHANKAR KALYANI	22800	0.00
SULOCHANA NEELKANTH KALYANI	100	0.00
Any Other (specify)	211365610	45.40
KSL HOLDINGS PRIVATE LIMITED	46285740	9.94
AJINKYA INVESTMENT AND TRADING COMPANY	19637850	4.22
SUNDARAM TRADING AND INVESTMENT PVT LTD	55160174	11.85
KALYANI INVESTMENT COMPANY LIMITED	63312190	13.60
BF INVESTMENT LIMITED	15614676	3.35
RAJGAD TRADING COMPANY PVT.LTD.	1325520	0.28
TANGMARG INVESTMENT AND TRADING PVT.LTD.	776000	0.17
YUSMARG INVESTMENT AND TRADING PVT.LTD.	1644000	0.35
KALYANI CONSULTANTS PRIVATE LIMITED	657000	0.14
JANNHAVI INVESTMENT PVT. LTD.	4435140	0.95
DRONACHARYA INVESTMENT AND TRADING LIMIT	141430	0.03
CORNFLOWER INVESTMENT & FINANCE LIMITED	494000	0.11
DANDAKARANYA INVESTMENT & TRADING PVT LT	1025000	0.22
CAMPANULA INVESTMENT & FINANCE LIMITED	688890	0.15
HASTINAPUR INVESTMENT & TRADING PVT LTD	168000	0.04
Sub Total A1	212981840	45.75
A2) Foreign		0.00
A=A1+A2	212981840	45.75

Statement showing shareholding pattern of the Public shareholder

Category of Shareholder	No. of Shares	Percentage of Holding
B1) Institutions		0.00
Mutual Funds/	36429460	7.82
RELIANCE CAPITAL TRUSTEE CO. LTD A/C RELIANCE EQUITY OPPORTUNITIES FUND	13739327	2.95
UTI-MID CAP FUND	5761715	1.24
Foreign Portfolio Investors	96989359	20.83
GOVERNMENT PENSION FUND GLOBAL	6725132	1.44
FRANKLIN TEMPLETON INVESTMENT FUNDS	4863695	1.04
AMANSA HOLDINGS PRIVATE LIMITED	5000000	1.07
HERMAS INVESTMENT FUNDS PLC	4965122	1.07
Financial Institutions/ Banks	18472537	3.97
LIFE INSURANCE CORPORATION OF INDIA	17514520	3.76
Insurance Companies	5916727	1.27
Any Other (specify)	753259	0.16
Sub Total B1	158561342	34.06
B2) Central Government/ State Government(s)/ President of India		0.00
Central Government/ State Government(s)/ President of India	474140	0.10
Sub Total B2	474140	0.10
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	47585058	10.22
Individual share capital in excess of INR 0.200 Million	10095928	2.17
Any Other (specify)	35871924	7.70
Trusts	2332396	0.50
Foreign Individuals	1012	0.00
NRI – Repat	1397411	0.30
NRI – Non- Repat	1154514	0.25
Clearing Members	535753	0.12
HUF	5551568	1.19
Bodies Corporate	24899270	5.35
Sub Total B3	93552910	20.09
B=B1+B2+B3	252588392	54.25

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and selling of forged and machined components for auto and industrial sector.(Registered Activity)

Products :

NIC Code of the product/service	Name and Description of main products/services
2591	Steel Forgings
2930	Finished Machined Crankshafts
2930	Front Axles assembly and components

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

4727 (Approximately)

Bankers :

Banker Name :	Bank of India
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

• 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
• Credit Agricole CIB
• HSBC

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT TERM BORROWINGS
Preshipment packing credit	417.260	341.540
Bill discounting with banks	4300.220	4100.030
Cash credit	161.090	131.950
Bill discounting with banks	0.000	84.380
Total	4878.570	4657.900
Note: IGSTC R&D project loan Balance outstanding INR 8.100 million (March 31, 2016: INR 6.080 million, April 1, 2015: INR 6.080 million) The loan is secured by bank guarantee executed by the Company in favour of IGSTC. Repayable in 10 half yearly instalments from January 14, 2017, along with interest @ 3.00% per annum. Preshipment packing credit The loan is secured against hypothecation of stocks of semi-finished and finished goods, raw materials, finished dies and die blocks (included in property, plant and equipment), work-in-progress, consumable stores and spares(also refer note 3 and note 11), book debts (also refer note 9), etc. Preshipment packing credit - foreign currency (secured and unsecured) is repayable within 180 days and carries interest @ LIBOR + 10 bps to LIBOR + 45 bps Bill discounting with banks The loan is secured against hypothecation of stocks of semi-finished and finished goods, raw materials, finished dies and die blocks (included in property, plant and equipment), work-in-progress, consumable stores and spares book debts etc. Bill discounting (secured and unsecured) with banks is repayable within 210 days and carries interest LIBOR + 10 bps to LIBOR + 45 bps. Cash credits (secured) Cash credit from banks is secured against hypothecation of stocks of semi-finished and finished goods, raw materials, finished dies and die blocks (included in property, plant and equipment), work-in-progress, consumable stores and spares, book debts etc. Cash credit is repayable on demand and carries interest @ 9.45% to 14.50% per annum.

Auditors :
Name :	S R B C 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:	Bharat Forge Global Holding GmbH Bharat Forge America Inc. BF Infrastructure Limited BF Infrastructure Ventures Limited (merged with BF Infrastructure Limited w.e.f. August 18, 2016) Kalyani Strategic Systems Limited Bharat Forge International Limited (w.e.f. August 26, 2016) Kalyani Polytechnic Private Limited (up to December 16, 2016) BF Elbit Advanced Systems Private Limited Analogic Controls India Limited
Step down subsidiaries:	Bharat Forge CDP GmbH Bharat Forge CDP Trading (w.e.f. February 2, 2016) Bharat Forge Holding GmbH Bharat Forge Tennessee Inc. (w.e.f. December 1, 2016) Bharat Forge PMT Technologie LLC (w.e.f. December 1, 2016) Bharat Forge Aluminiumtechnik GmbH Bharat Forge Kilsta AB Bharat Forge Hong Kong Limited Bharat Forge International Limited (up to August 25, 2016) Bharat Forge Daun GmbH Kalyani Rafael Advanced Systems Private Limited (w.e.f. August 21, 2015) Mecanique Generale Langroise Bharat Forge CDP Trading (w.e.f. February 2, 2016)
Joint Ventures:	ALSTOM Bharat Forge Power Private Limited (up to March 24, 2017) BF NTPC Energy Systems Limited
Joint venture of a subsidiary:	David Brown Bharat Forge Gear Systems India Limited (up to September 30, 2015) BF Premier Energy Systems Private Limited
Enterprises owned or significantly influenced by key management personnel or their relatives:	Kalyani Carpenter Special Steels Private Limited (up to August 4, 2016) Kalyani Steels Limited BF Utilities Limited Khed Economic Infrastructure Private Limited Kalyani Maxion Wheels Private Limited Automotive Axles Limited Daimler India Commercial Vehicles Private Limited (w.e.f. May 19, 2016)

CAPITAL STRUCTURE

AFTER 10.08.2017

Authorised Capital : INR 2400.000 Million

Issued, Subscribed & Paid-up Capital : INR 931.271 Million

AS ON 31.03.2017

Authorised Capital:

No. of Shares	Type	Value	Amount
300000000	Equity Shares	INR 2/- each	INR 600.000 Million
43000000	Cumulative Non-Convertible Preference Shares	INR 10/- each	INR 430.000 Million
2000000	Unclassified Shares	INR 10/- each	INR 20.000 Million
	Total		INR 1050.000 Million

Issued Capital:

No. of Shares	Type	Value	Amount
232970666	Equity Shares	INR 2/- each	INR 465.940 Million

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
232794316	Equity Shares	INR 2/- each	INR 465.590 Million
	Add: 172,840 (March 31, 2016: 172,840 ; April 1, 2015: 172,840) forfeited equity shares comprising of 15,010 equity shares (March 31, 2016: 15,010; April 1, 2015: 15,010) of INR 2/- each (amount partly paid INR 1/- each) and 157,830/- equity shares (March 31, 2016: 157,830; April 1, 2015: 157,830/-) of INR 2/- each (amount partly paid INR 0.50/- each)		INR 0.090 Million
	Total		INR 465.680 Million

Terms / rights attached to equity shares

The Company has only one class of issued equity shares having a par value of ` 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.

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.

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

Equity Shares	Number of Shares	Amount
At the beginning of the year	232794316	465.590
Issued during the year	--	--
Outstanding at the end of the year	232794316	465.590

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.

Aggregate number of bonus 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 for consideration other than cash and shares bought back during the period of

five years immediately preceding the reporting date.

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

Name of Shareholder *	Number of Shares	% holding
Equity shares of INR 2/- each fully paid
Kalyani Investment Company Limited	31656095	13.60
Sundaram Trading and Investment Private Limited	27580087	11.85
KSL Holdings Private Limited	23142870	9.94
Life Insurance Coraporation of India	14714074	6.32

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

Shares reserved for issue under option

No

2,340 (March 31, 2016: 2,340, April 1, 2015 : 2,340) equity shares of INR 2/- each out of the previous issue of equity shares on a right basis together with 234 (March 31, 2016: 234, April 1, 2015 : 234) detachable warrants entitled to subscription of 1,170 (March 31, 2016: 1,170, April 1, 2015: 1,170) equity shares of INR 2/- each, have been kept in abeyance and reserve for issue pending adjudication of title to the pre-right holding.

3,510

Global depository receipts

The Company had issued 3,636,500 equity shares of INR 10/- each (later sub-divided into 18,182,500 equity shares of INR 2/- each) in April 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, 2016: 9,200; April 1, 2015: 9,200). The funds raised had been utilized towards the object of the issue.

Holders of GDRs will have no voting rights or other direct rights of a shareholder with respect to the shares underlying the GDRs.

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	465.680	465.680	465.680
(b) Reserves & Surplus	41853.640	35349.520	34491.060
(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)	42319.320	35815.200	34956.740
(3) Non-Current Liabilities
(a) long-term borrowings	7903.470	13932.750	15744.880
(b) Deferred tax liabilities (Net)	3032.920	2369.700	1639.130
(c) Other long term liabilities	298.230	610.050	5.320
(d) long-term provisions	268.920	217.430	252.760
Total Non-current Liabilities (3)	11503.540	17129.930	17642.090
(4) Current Liabilities
(a) Short term borrowings	9076.800	8960.970	779.830
(b) Trade payables	4639.510	4317.020	6286.200
(c) Other current liabilities	8892.880	5263.910	2498.900
(d) Short-term provisions	338.200	304.580	1593.980
Total Current Liabilities (4)	22947.390	18846.480	11158.910
TOTAL	76770.250	71791.610	63757.740
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23609.210	22709.610	19501.260
(ii) Intangible Assets	123.980	59.720	59.650
(iii) Capital work-in-progress	3742.620	3219.430	2076.760
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9489.780	6980.440	6487.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	37.640	203.830	1846.980
(e) Other Non-current assets	3155.430	3709.060	232.480
Trade receivables	5.490	20.870	0.000
Derivative instruments	1564.890	600.580	0.000
Total Non-Current Assets	41729.040	37503.540	30205.030
(2) Current assets
(a) Current investments	8231.660	7232.060	4549.460
(b) Inventories	4264.920	3663.460	5371.810
(c) Trade receivables	13799.410	14201.550	5594.650
(d) Cash and cash equivalents	2781.700	3746.910	5918.120
(e) Short-term loans and advances	252.510	452.970	4744.040
(f) Other current assets	3664.800	3836.800	7374.630
Derivative instruments	1961.970	1154.320	0.000
Asset held for sale	84.240	0.000	0.000
Total Current Assets	35041.210	34288.070	33552.710
TOTAL	76770.250	71791.610	63757.740

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	40661.280	45254.770
	Other Income	994.900	1123.450
	TOTAL	41656.180	46378.220
Less	EXPENSES
	Cost of Materials Consumed	13727.920	14911.630
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(522.540)	(18.050)
	Excise duty on sale of goods	2014.650	1916.660
	Employees benefits expense	3759.450	3725.180
	Other expenses	10955.810	11551.230
	Exceptional items gain/(loss)	(380.240)	42.200
	TOTAL	29555.050	32128.850
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	12101.130	14249.370
Less	FINANCIAL EXPENSES	727.700	905.060
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11373.430	13344.310
Less/ Add	DEPRECIATION/ AMORTISATION	2948.510	3084.510
	PROFIT/ (LOSS) BEFORE TAX	8424.920	10259.800
Less	TAX	2574.150	3283.620
	PROFIT/ (LOSS) AFTER TAX	5850.770	6976.180
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	23405.200	19824.800
	TRANSFER FROM DEBENTURE REDEMPTION RESERVE	1065.000	0.000
	RE-MEASUREMENT OF DEFINED BENEFIT OBLIGATIONS	(41.310)	16.580
	EQUITY INSTRUMENTS THROUGH OCI	90.130	(90.230)
Less	APPROPRIATIONS
	Final equity dividend of previous year	116.400	1047.570
	Tax on final equity dividend of previous year	23.700	213.260
	Interim equity dividend	581.990	1629.560
	Tax on interim equity dividend	118.480	331.740
	Transfer to general reserve	100.000	100.000
	Balance Carried to the B/S	29429.220	23405.200
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. value of exports	NA	24298.520
	Insurance and freight on exports	NA	262.110
	Die design and preparation charges	NA	303.210
	Interest on loan to subsidiary	NA	7.760
	Guarantee commission	NA	8.190
	TOTAL EARNINGS	NA	24879.790
	IMPORTS
	Raw Materials and Components	NA	491.640
	Die Blocks, Die Steel, Tool Steel and Stores Spares	NA	653.050
	Capital Goods	NA	2417.470
	TOTAL IMPORTS	NA	3562.160
	Earnings / (Loss) Per Share (INR)	25.13	29.97

	PARTICULARS	31.03.2015
	SALES
	Income	45480.540
	Other Income	933.150
	TOTAL	46413.690
Less	EXPENSES
	Cost of Materials Consumed	17558.640
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(160.310)
	Employees benefits expense	3319.300
	Other expenses	11463.080
	Exceptional Items	36.320
	TOTAL	32217.030
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	14196.660
Less	FINANCIAL EXPENSES	1118.350
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	13078.310
Less/ Add	DEPRECIATION/ AMORTISATION	2505.120
	PROFIT/ (LOSS) BEFORE TAX	10573.190
Less	TAX	3383.350
	PROFIT/ (LOSS) AFTER TAX	7189.840
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	13439.310
Add	Transfer from debenture redemption reserve	875.000
Less	APPROPRIATIONS
	Interim Dividend on Equity Shares	698.380
	Tax on above Dividend	139.640
	Proposed Final Dividend on Equity Shares	1047.570
	Tax on above Dividend	213.260
	Debenture Redemption Reserve	87.290
	Transfer to General Reserve	719.000
	Balance Carried to the B/S	18599.010
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. value of exports	27010.760
	Insurance and freight on exports	277.210
	Die design and preparation charges	195.930
	Interest on loan to subsidiary	2.380
	Guarantee commission	10.130
	TOTAL EARNINGS	27496.410
	IMPORTS
	Raw Materials and Components	670.930
	Die Blocks, Die Steel, Tool Steel and Stores Spares	680.260
	Capital Goods	523.300
	TOTAL IMPORTS	1874.490
	Earnings / (Loss) Per Share (INR)	30.88

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	7244.500	3791.640	1449.250
Cash generated from operations	11562.570	16071.540	12647.220
Net cash flow from operating activities	8923.820	13063.600	9027.060

QUARTERLY RESULTS

Particulars	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)	31.12.2017 (Unaudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net sales	12577.700	12580.200	13905.500
Total Expenditure	9244.600	8885.800	9742.200
PBIDT (Excluding Other Income)	3333.100	3694.400	4163.300
Other income	259.300	366.100	219.300
Operating Profit	3592.400	4060.500	4382.600
Interest	185.400	216.700	143.000
Exceptional Items	NA	NA	NA
PBDT	3407.000	3843.800	4239.600
Depreciation	774.000	781.100	807.300
Profit Before Tax	2633.000	3062.700	3432.300
Tax	882.200	1025.500	1150.600
Provisions and contingencies	NA	NA	NA
Profit after tax	1750.800	2037.200	2281.700
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	1750.800	2037.200	2281.700

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	123.87	114.54	44.90
Account Receivables Turnover (Income / Sundry Debtors)	2.95	3.19	8.13
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	123.36	105.67	130.67
Inventory Turnover (Operating Income / Inventories)	2.84	3.89	2.64
Asset Turnover (Operating Income / Net Fixed Assets)	0.44	0.55	0.66

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.50	0.51	0.44
Debt Equity Ratio (Total Liability / Networth)	0.57	0.75	0.51
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.54	0.53	0.32
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.65	0.73	0.62
Interest Coverage Ratio (PBIT / Financial Charges)	16.63	15.74	12.69

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	14.39	15.42	15.81
Return on Total Assets ((PAT / Total Assets) * 100)	%	7.62	9.72	11.28
Return on Investment (ROI) ((PAT / Networth) * 100)	%	13.83	19.48	20.57

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.53	1.82	3.01
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.34	1.62	2.53
G-Score Ratio Financial (Networth / Total Assets)	0.55	0.50	0.55
G-Score Ratio Debt (Debts / Equity Capital)	52.02	57.30	38.60
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.53	1.82	3.01

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 2/-
Market Value	INR 747.15/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	465.680	465.680	465.680
Reserves & Surplus	34491.060	35349.520	41853.640
Share Application money pending allotment	0.000	0.000	0.000
Net worth	34956.740	35815.200	42319.320
Long-Term Borrowings	15744.880	13932.750	7903.470
Short Term Borrowings	779.830	8960.970	9076.800
Current Maturities of Long term debt	1449.250	3791.640	7244.500
Total borrowings	17973.960	26685.360	24224.770
Debt/Equity ratio	0.514	0.745	0.572

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	45480.540	45254.770	40661.280
		(0.496)	(10.150)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	45480.540	45254.770	40661.280
Profit	7189.840	6976.180	5850.770
	15.81%	15.42%	14.39%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	465.680	465.680
(b) Reserves & Surplus	40697.990	33666.540
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Non-controlling interests	100.400	-42.630
Total Shareholders’ Funds (1) + (2)	41264.070	34089.590
(3) Non-Current Liabilities
(a) long-term borrowings	10590.700	16381.410
(b) Deferred tax liabilities (Net)	2606.190	1964.100
(c) Other long term liabilities	569.460	633.630
(d) long-term provisions	1315.380	1163.070
Total Non-current Liabilities (3)	15081.730	20142.210
(4) Current Liabilities
(a) Short term borrowings	12621.790	13052.170
(b) Trade payables	8463.340	8372.050
(c) Other current liabilities	10438.540	6770.650
(d) Short-term provisions	537.970	492.920
Total Current Liabilities (4)	32061.640	28687.790
TOTAL	88407.440	82919.590
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32208.870	30777.540
(ii) Intangible Assets	134.790	118.470
(iii) Capital work-in-progress	3997.320	3918.430
(iv) Intangible assets under development	534.470	169.700
Goodwill	424.180	443.720
(b) Non-current Investments	3686.810	1625.750
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	37.640	127.850
(e) Other Non-current assets	3609.900	2572.870
Trade receivables	8.070	20.870
Derivative instruments	1564.890	600.580
Total Non-Current Assets	46206.940	40375.780
(2) Current assets
(a) Current investments	8231.660	7231.260
(b) Inventories	10752.030	9967.820
(c) Trade receivables	13410.690	14017.430
(d) Cash and cash equivalents	3360.820	4492.930
(e) Short-term loans and advances	392.000	266.020
(f) Other current assets	4074.610	5414.030
Derivative instruments	1961.970	1154.320
Asset held for sale	16.720	0.000
Total Current Assets	42200.500	42543.810
TOTAL	88407.440	82919.590

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	65981.560	70015.560
	Other Income	1192.790	1321.270
	TOTAL	67174.350	71336.830
Less	EXPENSES
	Cost of Materials Consumed	24843.580	27116.250
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(485.800)	(1435.940
	Excise duty on sale of goods	2020.120	1924.080
	Project cost	20.620	80.240
	Employees benefits expense	9309.230	9152.630
	Other expenses	17763.320	19097.490
	Exceptional items gain/(loss)	(1284.290)	54.690
	Share of profit/(loss) of associates and joint ventures ( net of tax)	(0.200)	0.000
	TOTAL	52186.580	55989.440
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	14987.770	15347.390
Less	FINANCIAL EXPENSES	999.620	1159.600
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	13988.150	14187.790
Less/ Add	DEPRECIATION/ AMORTISATION	4520.470	4529.760
	PROFIT/ (LOSS) BEFORE TAX	9467.680	9658.030
Less	TAX	2491.670	3164.760
	PROFIT/ (LOSS) AFTER TAX	6976.010	6493.270
	Share of profit/(loss) of joint ventures ( net of tax)	131.170	260.330
	Profit for the year	7107.180	6753.600
	Other comprehensive income
	Other comprehensive income to be reclassified to profit or loss in subsequent period (net of tax)
	Net movement on cash flow hedges	1100.980	(2238.510
	Foreign Currency Monetary Items Translation Difference Account	472.420	(38.210)
	Foreign Currency Translation reserve	(522.250)	384.580
		1051.150	(1892.140)
	Other comprehensive Income not be reclassified to profit or loss in subsequent period (net of tax)
	Re-measurement gains / (losses) of defined benefit plans	(98.260)	44.090
	Net gain/(loss)on FVTOCI equity securities	90.130	(90.230)
	Share of other comprehensive income in associates and joint ventures	0.020	0.000
	Share of other comprehensive income arising from discontinued operations	(6.820)	0.270
		(14.930)	(45.870)
	Other comprehensive income for the year (net of tax)	1036.220	(1938.010
	Total comprehensive income for the year	8143.400	4815.590
	Profit for the year
	Attributable to:
	Equity holders of the parent	7046.160	6784.550
	Non-controlling interests	61.020	(30.950
	Total comprehensive income for the year
	Attributable to:
	Equity holders of the parent	8082.380	4846.540
	Non-controlling interests	61.020	(30.950
	Earnings per share for continuing operations [nominal value per share INR 2/- (March 31, 2016: INR 2/- )]
	Basic	29.70	28.03
	Diluted	29.70	28.03
	Earnings per share for discontinued operations [nominal value per share INR 2/- (March 31, 2016: INR 2/- )]
	Basic	0.56	1.12
	Diluted	0.56	1.12
	Earning per equity share for continuing and discontinued operations [nominal value per share INR 2/- (March 31, 2016: INR 2/- )]
	Basic	30.26	29.15
	Diluted	30.26	29.15

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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject is a public Company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company’s shares are listed on two stock exchanges in India. The Company is engaged in the manufacturing and selling of forged and machined components for auto and industrial sector. The Company caters to both domestic and international markets. The registered office of the Company is located at Bharat Forge Limited, Mundhwa, Pune. Also the Company has manufacturing facilities at Mundhwa, Baramati, Chakan and Satara locations. The Company’s CIN is L25209PN1961PLC012046. The financial statements were authorized for issue in accordance with a resolution of the directors on May 24, 2017.

PERFORMANCE OF THE COMPANY

FORMANCE OF THE COMPANY

Total Income:

During the year, the total income of the Company on a standalone basis amounted to INR 41,656.180 Million as against INR 46,378.220 Million in the previous year, representing a decrease of 10.20%. The total domestic revenue of the Company has grown by 4.80%. Further, during the year, the Company has secured long term export orders of US$ 80 Million and domestic order of INR 2,700.000 Million from the domestic market across various segments and geographies for the existing as well as new products.

REVENUE FROM EXPORTS:

During the year, the exports turnover of the Company on a standalone basis was INR 19,418.000 Million against INR 24,985.00 Million in the previous year, representing a decrease of 22.3%. The decline in exports was primarily on account of weakness in end demand from the North American market. The Company has continued to de-risk its export business through new product development and new order wins across sectors and geographies.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

Global Economy

The world economy grew by 3.1% in 2016, mainly due to recovery in industrial activity and rise in commodity prices. The US economy strengthened after a weak start to 2016. This up-trend was mainly driven by a strong labour market and improved household balance sheets, which are translating into higher consumption, increased manufacturing sales and better investment prospects. In Europe, industrial activity recovered, and economic expectations have risen in several large developed economies.

Outlook

The IMF expects the global economy to grow by 3.4% in 2017 and by 3.6% in 2018. The outlook for emerging market economies is expected to improve; however, capital flow volatility will remain a concern as markets adjust to the higher US interest rate environment, likely capital revival in emerging market countries, and capital outflows in China. This is expected to be accompanied by the projected policy impetus of the new US administration and its global consequences.

INDIAN ECONOMY

According to the Economic Survey 2016–17, India’s real GDP growth is projected at 7.1% for 2017, and could remain in the range of 6.75–7.5% in 2018. This posits India as one of the fastest growing economies amidst an environment of global economic uncertainty. The decline in consumption due to demonetization along with slowdown in the industrial sector resulted in moderated growth rate towards the end of 2017. However, the agriculture sector showcased enhanced performance, owing to a favourable monsoon after two consecutive droughts. the US was accompanied by a surge in sales in most emerging markets.

Globally, 77.3 million passenger cars were sold in 2016, which was 5.5% more than the previous year.

Overall global vehicle sales grew by 5.4% in 2016 to an all-time high of 93.57 million. In Europe, 14.6 million passenger cars were registered in 2016, up by 6.8% compared to 2015. This was the third consecutive year of growth in passenger cars in Europe. At 16.5 million units, Europe’s passenger car production increased by 2.7% in 2016. The EU accounted for more than 21% of global passenger car production in 2016.

North America posted record annual sales for the second year in a row, with 21.5 million vehicles sold.

This was around 1.5% higher than in 2015. Vehicle production in North America also saw a modest increase of 1.2%, to 18.16 million units.

OUTLOOK

GDP growth is expected to exceed the 7% mark in 2018, absorbing the short-term turmoil in the aftermath of demonetization. Having traversed this phase, the country is set to realize demonetization’s long-term gains in terms of greater tax compliance, increased digitization and investments in capital formation. The expected fiscal deficit for 2017–18 is 3.2% of the GDP. This looks achievable, given the thrust on tax collection as India enters the GST era, as also greater tax compliance post demonetization.

UNSECURED LOAN:

PARTICULARS

31.03.2017

INR In Million

31.03.2016

INR In Million

LONG TERM BORROWINGS

Foreign currency term loans

On syndication basis

6081.770

13043.810

On bilateral basis

1383.000

0.000

Buyers line of credit for import of goods

432.400

883.470

Other loans

IGSTC R&D project loan

6.300

5.470

SHORT TERM BORROWINGS

Preshipment packing credit

523.110

0.000

Bill discounting with banks

3641.980

4301.960

Bill discounting with banks

33.140

1.110

Total

12101.700

18235.820

Note:

Foreign currency term loans

Foreign currency term loans on Syndicated basis (Unsecured)

Repayable in 3 half yearly / yearly instalments from date of start of repayment, along with interest ranging from LIBOR + 65 bps to LIBOR + 225 bps.

Date of repayment	Balance outstanding
	As at March 31, 2017		As at March 31, 2016
From	USD	INR In Million	USD	INR In Million
October 31, 2016 (half yearly)	60.00	3,891.600	80.00	5,300.800
October 31, 2016 (half yearly)	30.00	1,945.800	40.00	2,650.400
October 31, 2017 (half yearly)	60.00	3,891.600	60.00	3,975.600
March 16, 2019 (yearly)	50.00	3,243.000	50.00	3,313.000
	EUR	INR In Million
August 30, 2020 (yearly)	10.00	691.500
August 30, 2020 (yearly)	10.00	691.500

Buyers line of credit for import of goods from banks (Unsecured)

Balance outstanding USD 13.34 million(INR 864.80 million) (March 31, 2016 : USD 20 million (INR 1325.20 million), April 1, 2015: Nil) Repayable in 3 equal yearly instalments starting from May 2016, along with interest @ LIBOR + 135 bps

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	AMOUNT	ADDRESS
1	Y10171292	90086271	SUMITOMO MITSUI BANKING CORPN.	06/01/2003	06/06/2003	600000000.0	7/8F; ONE INTERNATIONAL FINANCE CENTRE1; HARBOUR VIEW STREET; CENTRALHONGKONGNAHK
2	Y10171202	90086181	EXPORT IMPORT BANK OF INDIA	23/09/2002	-	242300000.0	CENTRE ONEWORLD TRADE CENTRE; CUFFE PARADEMUMBAIMH400005IN
3	C00634261	80022454	BANK OF INDIA	18/03/2002	26/02/2014	16000000000.0	PUNE LARGE CORPORATE BRANCH,C.T.S. NO. 1290,PLOT NO. 675, OFF. J. M. ROAD, SHIVAJINAGAR,PUNEMH411005IN
4	Y10171066	90086045	BANK OF INDIA	18/03/2002	30/07/2003	1350000000.0	INDUSTRIAL FINANCE BRANCH1162/6; SHIVAJINAGAR; UNIVERSITY ROADPUNEMH411005IN
5	Y10170510	90085489	EXPORT IMPORT BANK OF INDIA	23/09/2000	04/05/2004	300000000.0	CENTRE ONEWORLD TRADE CENTRE; CUFFE PARADEMUMBAIMH400005IN
6	Y10170504	90085483	ICICI LIMITED	15/09/2000	22/05/2001	300000000.0	ICICI TOWRES;BANDRA-KURLA COMPLEX; BANDRA(EAST)MUMBAIMH400051IN
7	Y10170119	90085098	ICICI LIMITED	28/06/1999	14/06/2002	500000000.0	C-23; 'G' BLOCK; BANDRA KURLA COMPLEXBANDRA (EAST)MUMBAIMH400051IN
8	Y10169918	90084897	EXPORT IMPORT BANK OF INDIA	16/09/1998	-	100000000.0	CENTRE ONEWORLD TRADE CENTRE; CUFFE PARADEMUMBAIMH400005IN
9	Y10169793	90084772	BANK OF INDIA	27/01/1998	-	1000000000.0	INDUSTRIAL FINANCE BRANCHLIC BUILDING; 6/7; SHIVAJINAGAR; UNIVERSITY ROADPUNEMH411005IN
10	Y10169770	90084749	EXPORT IMPORT BANK OF INDIA	27/12/1997	-	150000000.0	CENTRE ONEWORLD TRADE CENTRE; CUFFE PARADEMUMBAIMH400005IN

CONTINGENT LIABILITIES

PARTICULARS	31.03.2017 INR In Million	31.03.2016 INR In Million
Guarantees given by the Company on behalf of other companies
Balance outstanding	1644.140	1496.840
(Maximum amount)	(1644.140)	(1496.840)
Claims against the Company not acknowledged as Debts - to the extent ascertained * #	194.900	173.790
Excise/Service tax demands - matters under dispute #	243.080	421.590
Customs demands - matters under dispute #	50.970	50.970
Sales tax demands - matters under dispute #	27.470	23.640
Income tax demands - matters under dispute #	54.920	99.930
Note: * The claim against the Company comprise of dues in respect to personnel claims (amount unascertainable), local taxes etc. # The Company is contesting the demands and the management, including its tax/legal advisors, believe that its position will likely be upheld in the appellate process. No tax expense has been accrued in the financial statements for the tax demand raised. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the Company's financial position and results of operations. Note: In cases where the amounts have been accrued, it has not been included here.

STATEMENT OF UN-AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2017

(INR in million)

Particulars				Quarter Ended		Nine months ended
				31.12.2017	30.09.2017	31.12.2017
				Unaudited	Unaudited	Unaudited
	Income from Operations
	Net Sales/Income from Operations (net of excise duty)			13905.500	12580.200	39063.400
	Other Income			219.300	366.100	844.700
	Total Income from Operations (Net)			14124.800	12946.300	39908.100
	Expenses
			Cost of Materials consumed	5171.800	4507.300	13804.300
			Changes in inventories of finished goods, work-in-progress and stock-in-trade	(216.200)	(98.300)	(231.900)
			Excise duty on sale of goods	0.000	0.000	569.800
			Employee benefit expenses	1109.200	1070.500	3243.900
			Finance Costs	807.300	781.100	2362.400
			Depreciation and amortization expense	143.000	216.700	545.100
			Other expenses	3677.400	3406.300	10486.500
	Total Expenses			10692.500	9883.600	30780.100
		Profit /(Loss) before tax		3432.300	3062.700	9128.000
	Tax Expense
	Current tax			1129.200	1027.800	3015.000
	Deferred tax			21.400	(2.300)	43.300
	Total Tax Expense			1150.600	1025.500	3058.300
		Profit /(Loss) after tax		2281.700	2037.200	6069.700
	Other Comprehensive Income
	Item that will not be reclassified to profit or loss in subsequent period/year			260.200	(486.700)	(463.100)
	Items not be reclassified to profit or loss in subsequent period/year			31.700	41.600	62.500
	Other Comprehensive Income			291.900	(445.100)	(400.600)
	Total Other Comprehensive Income for the year			2573.600	1592.100	5669.100
	Earnings per share (EPS) (INR) 2/-
	Basic			4.90	4.37	13.03
	Diluted			4.90	4.37	13.03
	Additional information
	Profit before tax, before exchange gain/(loss) and exceptional items			3384.200	3183.200	9324.300

FIXED ASSETS

Tangible Assets

• Free hold land
• Lease hold land
• Buildings
• Plant and machinery
• Office equipments
• Railway sidings
• Electrical installations
• Factory equipments
• Furniture and fixtures
• Vehicles and aircraft
• Power line

Intangible Assets

• Computer software

WEBSITE DETAILS

PRESS RELEASES/NEWS

BHARAT FORGE ACQUIRES STAKE IN PUNE-BASED TORK MOTORCYCLES

Auto components maker Bharat Forge Limited said it was buying a 45% stake in Tork Motorcycles at a cost of up to INR 300.000 Million, taking yet another step towards adapting to the upcoming shift from internal combustion engines to electric vehicles.

Tork has designed, developed and built a complete electric motorcycle, the company said.

Tork Motorcycles, based in Pune, grew out of the experiments conducted by college student Kapil Shelke a decade ago. It is widely credited with bringing out India’s first all-electric motorcycle.

The strategic investment is a part of its overall E-Mobility powertrain development and will result in Bharat Forge getting a stake of 45% “eventually”.

“Their knowledge in the overall EV powertrain development will help Bharat Forge gain access to technologies in personal E-mobility space,” the autoparts maker said.

In its push towards electric vehicles, the company had recently set up a powertrain development center at Mira, UK.

“Bharat Forge is strategically aligning to develop solutions across the entire spectrum from low voltage powertrains in personal mobility to high voltage applications for commercial vehicles,” said Amit Kalyani, Executive Director of the company.

“We is well prepared for the increased penetration of electric vehicles globally through offering solutions on light weighting, components for drivetrain and creating supply chain capabilities for electric powertrain,” he added.

He said there is “huge potential” for electric vehicles in India “driven by regulatory push through various initiatives” and the improving economics of Electric Vehicles. The investment into Tork will help Bharat Forge develop components/ sub systems to address this market, he added.

Bharat Forge Limited is the flagship company of the Kalyani Group and supplies components to sectors including Automotive, Railways, Power, Defence, Construction and Mining, Aerospace, Marine and Oil and Gas.

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 records 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	INR
US Dollar	1	INR 63.91
UK Pound	1	INR 90.31
Euro	1	INR 80.17

INFORMATION DETAILS

Information Gathered by :	SHL
Analysis Done by :	PRY
Report Prepared by :	KVT

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.