Craftsman I

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Established in 1984 with its headquarters in Coimbatore, Tamil Nadu, Craftsman offers contract manufacturing and machining services and also manufactures tools and dies. Currently, the Company has 7 operational facilities (with total built up area of 41,200 sqm) across India such as: Coimbatore (3 locations), Chennai, and Sriperumbudur in south India, Pithampur near Indore in central India, Jamshedpur in eastern India. In addition, Craftsman is developing a new facility in Pune in western India. Apart from one small-sized aluminum foundry in Coimbatore, all the facilities are mainly machine shops. All the facilities are located in established industrial areas (except for Unit 1 – a small facility in Coimbatore, which is co-located with the corporate office in a semi-residential area). The Company has expansion plans to create capacity to grow its domestic automotive business by setting up and expanding satellite units close to major auto manufacturers and to further expand its products such as windmill gears, products for the marine industry and material handling systems (“Project”). The Project involves the setting up of up to four new units in strategic locations close to Original Equipment Manufacturers (OEMs) and their subsidiaries in the commercial vehicles and tractors segment. These new units will provide machining services to the OEM’s and their subsidiaries. In addition to the new units, the Project will also involve the expansion of the Project Company’s existing facilities in India. IFC is considering a corporate equity investment in this Company to support the Project and to enable the Company to attain a sustainable capital structure.