Foundry Process Introduction

Presenter: Shrikant Mulay

Slide : 1
Foundry Process Flow
Basic Foundry process flow
Core
Pattern making
(If needed)

Moulding
Mould
Sand Pouring Fettling Inspection
Making
Preparation

Melting Dispatch

Slide : 2
Typical Layout : Sand Casting Foundry

Slide : 3
Moulding Sand Preparation

Slide : 4
Sand Preparation
Process Flow for Sand preparation

Mould Magnetic Screening Sand

Shake out separator of sand cooling

Distribution Sand Sand

to Moulding testing mixing

Slide : 5
Sand Preparation
Additives of Moulding sand

Silica sand
Moulding Sand
Binders

Moisture(Water)

Other Additives
(As required)

Slide : 6
Sand Preparation
Silica sand
• Sand is the principal moulding material in foundry &
it is used for all types of casting

• Sand is highly refractory in nature.

It can easily withstand high molten metal
temperature & dose get fused
• Sand has chemical resistivity.
It dose not react with molten metals.
• Sand has high degree of permeability.
It allows gases & air to escape from mould without affecting
rigidity & strength of mould

Slide : 7
Sand Preparation
Binders
• Binders imparts necessary bonding strength to moulding
sand to retain its shape as mould cavity

• Binders produce cohesion between sand

grains in green or dry state

• Binders should be added optimal minimum

• Clay binders are commonly used for bonding moulding

sand

Slide : 8
Sand Preparation
Binders
• Clay binders can be classified as –
• Fire clay
• Bentonite (most commonly used)
• Illite
• Limonite
• Kaolinite
• The best clay is one which imparts best combination of
bonding properties, moisture, life & cost of producing
casting

Slide : 9
Sand Preparation
Moisture
• Clay acquires bonding action only in presence of
requisite amount of Moisture.
• Water activates clay in the sand & clay-sand mixture
develops strength & plasticity
• Water added to sand mixture partly get absorbed by
clay & partly remains free known as Free water.
• The free water acts as a lubricant
• It increases plasticity
• It improves mouldability, but
• It reduces strength of the sand mixture.

Slide : 10
Sand Preparation
Other Additives
• Materials other than basic additives are also added to
moulding sand to
• Enhance existing properties

• Develop certain other properties

• To confer special qualities like resistance to sand

expansion defects etc.

Slide : 11
Sand Preparation
Other Additives
• Some of the other additive materials along with the
specific functions performed

1. Facing Materials – Facing materials tend to obtain

smoother & cleaner surface on the casting.
• Sea coal
• Pinch & Asphalt
• Graphite
• Coke
• Silica flour

Slide : 12
Sand Preparation
Other Additives
2. Cushion Materials – Cushion materials burns when the
molten metal is poured & thus give rise to space for
accommodating expansion of silica sans at the surface
of mould cavity. Few cushion materials are
• Wood floor
• Perlite
• Cerals

Slide : 13
Sand Preparation
Other Additives
3. Other special additives are-
• Cerals or finely ground corn flour
• Fuel oil
• Dextrin & Molasses
• Boric acid
• Diethylene Glycol

Slide : 14
Sand Preparation
Important Process parameters
Sr. Process parameter Specification
No
1 Sand quantity Depend upon batch size
2 Binders(Bentonite) 2 to 3 % of sand
3 Moisture (Water) 2.5 to 5 % of sand
4 Other additives(If required) Depend upon requirement
5 Return sand temperature Ambient +/- 10OC
6 Mixing time Depend upon batch size &
Mixer
7 Sequence of Addition Sand Binder Water

Slide : 15
Sand Preparation
Important moulding sand properties

• Moisture
• Clay
• Permeability
• Green Compressive strength(GCS)
• Green Shear Strength(GSS)
• Loss of ignition
• Volatile mater
• Compactibility

Slide : 16
Sand Preparation
Important moulding sand properties
• Moisture
• Water activates clay in the sand & clay-sand mixture
develops strength & plasticity.

• Moisture in sand should in range of 2.5 to 5 %.

• Low moisture in sand effects on bonding of mould &

results in sand inclusion defect in casting.

• High moisture increases amount of free water &

results in to blow holes in casting.

Slide : 17
Sand Preparation
Important moulding sand properties
• Clay
• Clay % in sand is expressed in terms of
• Total Clay %
• Active Clay %
• Dead Clay %
•Active clay – The clay present in total clay which
contributes effectively in developing bonding strength
Active clay should be in range of 6 to 8 %

• Dead Clay – When sand is used & reused for moulding the clay
particles being subjected to high temperature loose their
bonding properties. This clay is called as dead clay
Dead clay should not be more than 4%

Slide : 18
Sand Preparation
Important moulding sand properties
• Permeability
• Due to high temperature of molten metal, the gases are getting
evolved from mould & cores. Ability of sand to escape these gases out
of mould cavity is called as permeability

• Permeability is primarily depend upon the size & shape of sand grains
& the clay content.

• Permeability is expressed in terms of permeability number.

• Permeability should be in range of 90 to 150.

High permeability results in to less strength of mould & low
permeability result in to entrapment of gases & in turn blow holes in
castings

Slide : 19
Sand Preparation
Important moulding sand properties
• Green compressive strength (GCS)
• It is the compressive strength of sand in green state

• A mould having adequate green strength will retain its shape,

will not distort
will not collapse
even after pattern has been removed from the moulding box

• In absence of adequate green strength it is not possible to achieve

dimensional stability & high accuracy

• Green strength helps in making & handling the moulds

• GCS should be in range of 15 to 22 psi

Slide : 20
Mould Making

Slide : 21
Mould Making
• The cavity in the sand mold is formed by packing sand
around a pattern, then separating the mold into two halves
and removing the pattern
• The mold must also contain gating and riser system
• If casting is to have internal surfaces, a core must be
included in mold
• A new sand mold must be made for each part produced

Slide : 22
Mould Making
Process Flow for Mould making
Drag pattern Cope pattern
preparation preparation

Drag Core Cope

Sand from
Mould setting in mould
Sand mixer
making drag making

Cope &
To pouring Drag
assembly

Slide : 23
Mould Making
Preparation of Pattern

Solid Pattern Split Pattern Match Plate Pattern Cope and Drag Pattern

Slide : 24
Mould Making
A mould frame (flask) consists of two parts: cope (the upper part) and

drag (the lower part).

Slide : 25
Core Making

Slide : 27
Core making
To achieve an intricate interior cavity
• It is inserted into the mold cavity prior to pouring
• The molten metal flows and solidifies between the mold cavity and the core
to form the casting's external and internal surfaces may require supports to
hold it in position in the mold cavity during pouring, called chaplets

Figure ‑ Core held in place in the mold cavity by chaplets

Slide : 28
Core making
Different purposes of cores
• For Hollow casting, cores provide the means of forming the main
internal cavities
• Cores may form a part of green sand mould
• Cores may provide external undercut features
• Cores may be employed to improve the mould surface
• Cores may be inserted to achieve deep recesses in casting
• Cores may be used to strengthen the mould
• Cores may be used to form the gating system of large size of
moulds
Slide : 29
Core making
Process Flow for Core making

Core sand Core Core Core

making making Venting assembly

Core Core
Coat Core
inspection venting
drying coating
& testing (If required)

To moulding

Slide : 30
Core making
Core sand preparation
• Core sand ingredients

Silica sand
Core sand

Core binders

Special additives
(If required)

Slide : 31
Core making
Core sand preparation
Core sand binders
• Core binder hold
• Holds sand grains together
• Gives strength to the cores
• Make cores resistant to erosion & breaking
• Impart adequate collapsibility to cores
• Core Binder types
• Organic binders
• Inorganic binders
• Other binders

Slide : 32
Core making
Core sand preparation
Core making
• Types of core making process
• Shell core
• Cold box
• Hot box
• Sodium silicate-Co2
• Oil sand cores
• Furan-No-Bake system

Slide : 33
Core making
Shell core making
• Sand for shell core making is mixed with organic binders

• Shell sand are classified as per the % resin content in sand.

• Resin %age ranges from 3.5% to 6% depending on the application

of cores

Slide : 34
Core making
Shell core process
Blow
Head

Sand
Hopper

Sand
magzine

Top
ejector
Top Half
Die

Curing
Bottom time –
Half Die 100 sec

Susha 24-
4
machine

Slide : 35
Core making
Shell core making
Procedure of shell core making
• Core box is heated up to temperature 400 to 600OF
• Resin coated sand is either dumped or blown in to pre-heated
core box
• Resin is allowed to melt to specified thickness & get cured
• The hardened core is extracted from core box
• Fins from parting line removed
• Vent holes drilled in core if required

Slide : 36
Core making
Shell core making
Important process parameters in Shell core making
Sr. Process parameter Specification
No
1 Resin % age 3.5 to 6 % depend upon
application
2 Core box temperature 175 to 300OC
3 Curing time 90 to 300 Sec
4 Blow pressure 5 to 6 Kg/cm2
5 Blow time 2 to 3 sec

Slide : 37
Core making
Shell core making
Advantages of shell core making
• Shell cores possess very smooth surface & close tolerances
• High permeability is achieved in shell cores
• Shell cores can be easily made hollow
• Best suited for thin cores

Disadvantages of shell core making

• Shell cores are costly as compared to other core making methods
• High gas generation from cores

Slide : 38
Core making
Cold box core making
Procedure of cold box making
• Sand is prepared by mixing Resin & binder
• Mixed sand blown in to core box
• Gaseous catalyst (Tri-ethylamine) is passed through blown sand
in core box
• Reaction of Binder & Tri-ethylamine gets core cured
• Core is extracted from core box

Slide : 39
Core making
Cold box core making
Important process parameters in cold box core making
Sr. Process parameter Specification
No
1 % Resin & binder(Each) 0.8 to 1.2 %
2 Blow pressure 3 to 5 Kg/cm2
3 Blow time 1 to 3 sec
4 Gassing time Depend upon core size
5 Gassing temperature 80 to 125OC

Slide : 40
Core making
Cold box core making
Advantages of cold box core making
• Cold box process is very cost effective as compared to other core
making process
• Very fast & excellent for mass production
• Lower gas evolution, better collapsibility, high resistance to
erosion
Disadvantages of cold box core making
• Process involves gaseous catalyst which is dangerous to human
health
• Requires equipment with high cost

Slide : 41
Core making
Need of core coating
• When liquid metal comes in contact with core
surface it penetrates the pores of the core
giving a rough surface to the casting

• A refractory coating on the mould or core can

reduce or eliminate metal penetration

Slide : 42
Core making
Coating characteristics
An effective coating should have the following characteristics:

• Sufficiently refractory properties to resist the metal being poured.

• Good adhesion to the substrate.
• No blistering, cracking or scaling tendency on drying.
• Good suspension and remixing properties.
• Good stability in storage.
• Good covering power.
• Good application properties.

Slide : 43
Core making
Components of a coating
Foundry coatings consist of:

Core coatings
Refractory filler

Liquid carrier

Binder

Rheology control
system

Slide : 44
Core making
Components of a coating
The refractory filler
• Zircon, being highly refractory, is used for the most
demanding
applications such as steel or iron castings

• Graphite and coke are commonly used for lighter iron

castings, often in combination with zircon, silica or talc

• A combination of silica and iron oxide is frequently used

as an inexpensive refractory blend for cores for
automotive castings

Slide : 45
Core making
Components of a coating
The liquid carrier
• The liquid carrier is the vehicle for the total coating
composition and serves to transport the filler onto the
sand substrate

• The most commonly used carriers are water and

Isopropanol

• Water is cheap and readily available but drying in an oven

is usually necessary to remove it before casting

Slide : 46
Core making
Components of a coating
The binder
• The function of the binder is to bond together the filler
particles and to provide adhesion to the mould or core.
The rheology control system
• This provides the suspension system that prevents the
filler from separating out during storage of the coating
over extended periods

• It ensures that the coating is homogeneous and ready for

application with the minimum of agitation.

Slide : 47
Core making
Important characteristics of cores
• Cores must have sufficient hardness & strength in both green
& dry states to support its own weight & withstand metal
forces

• Cores must be permeable to allow core gases to escape

easily

• Cores must withstand high temperatures of molten metal

• Cores must be easily collapsible i.e. they should disintegrate

& collapse after the metal solidifies.

Slide : 48
Melting & pouring

Slide : 49
Melting & pouring
Process Flow for Melting & Pouring

Liquid
Charge Charging in
Melting Metal
preparation to furnace
inspection

Treatment
Cooling & Pouring in
To Fettling &
Solidification to mould
inoculation

Slide : 50
Melting & pouring
• Before pouring in to mould the metal to be cast has to be in
molten or liquid state

• A furnace is used to melt the metal

• Heat in melting furnaces is created by combustion of fuel,

electric arc, electric resistance etc.

• A furnace contains refractory wall structure which

withstands high temperatures.

Slide : 51
Melting & pouring
Charge preparation
• The metal charge varies with end product & to some extent
on the type of furnace used for melting

• Cast iron castings produced by melting Pig iron, steel scrap,

foundry return(Gates, riser, rejected castings) & Ferro-alloys

• Non-ferrous castings are produced by melting primary or

secondary ingot & foundry returns.

Slide : 52
Melting & pouring
Charging in to furnace

• Pre-weighted metal charge is fed to vibratory charger &

thereby in to the furnace.

• For small furnaces charge addition may also be done

manually.

• During charge addition care to be taken to follow sequence

of addition for correct composition & sound castings.

Slide : 53
Melting & pouring
Melting
• Furnaces most commonly used in foundries:

a) Cupolas
b) Crucible furnaces
c) Electric‑arc furnaces
d) Induction furnaces

Slide : 54
Melting & pouring
Metal inspection
• Once the solid charge is converted in to liquid metal, temperature
of liquid metal is checked by pyrometers.

• After attaining the required metal temperature metal composition

is checked. It is essential for producing high quality & sound
castings

• The classical wet methods using acids & reagents, gradually are
being replaced by emission spectroscopy, X-ray fluorescence &
atomic absorption spectroscopy

Slide : 60
Melting & pouring
Metal treatment
• Metal is been treated in ladle before pouring in to moulds to
- adjust final liquid composition
- to remove harmful elements &
- to control the growth of specific phases on solidification.
• Some current metal treatments include
• Removal of magnesium
• Hydrogen degassing
• Nucleation of silicon
• Modification & grain size control in aluminum melts
• Nucleation of flake & nodular graphite in iron & steel melts.

Slide : 61
Melting & pouring
Metal pouring
• Molten metal is brought in ladles from the melting furnace & it is
poured in to the mould cavity through the pouring cup, sprue ,
runner & gates etc., to obtain a casting.

• Metal pouring in to the moulds is the culmination of a long series

of critical steps leading to production of a sound metal casting.

• Metal pouring in to moulds is done manually by ladles or with

auto poring system.

Slide : 62
Melting & pouring
Metal pouring

Slide : 63
Melting & pouring
Metal pouring

Slide : 64
Melting & pouring
Important process parameters in melting & pouring
Sr. No Process parameter
1 Charge weight
2 Metal temperature
3 Chemical composition
4 Treatment % age
5 Pouring temperature
6 Mould pouring time
7 Time from treatment to last mould poured from
ladle

Slide : 65
Fettling

Slide : 66
Fettling
Process Flow for Fettling

Cleaning Removal
Removal
Shake out of casting of gates &
of cores
surface risers

Removal of
Dispatch to Casting Surface
fins & other
customer inspection treatments
projections

Slide : 67
Shake out
• After the molten metal has been poured in to the mould, it is
been allowed to cool & solidify.

• When the casting has solidified, it is removed from (the sand

in) mould box. This operation is called as Shakeout.

• Moulding boxes with casting are placed upon the shake out
unit

• Moulding boxes are shaken to loosen & break up sand

portion of the mould

Slide : 68
Shake out

• Moulding boxes & castings remain on shakeout platform

whereas loose sand falls through (the holes of the
platform) in to hopper situated beneath the shaking
platform.

Slide : 69
Removal of cores
• It is difficult to remove dry sand & hardened cores from
casting without suitable instruments

• Hammering or vibrations imparted to cores, loosen & break

them up

• Sand portions sticking inside the castings are removed with

metal rods or specially made chisels.

• Cores from larger castings may be removed by pneumatic

rapping or hydroblasting.

Slide : 70
Surface cleaning
• Outside & inside surfaces of casting are cleaned of adhering
refractory(sand) & oxide scale.

• The extent of cleaning required depends upon the

metal/alloy of the casting & size of casting.

• Steel castings require more cleaning than iron & brass

castings

• Aluminum castings require minimal of cleaning

Slide : 71
Surface cleaning
• Sand may be removed from casting surfaces using hand
methods or mechanical equipment

• Hand methods
- Wire brush
- File
- Pick
- Crowbar

• Hand methods are slow , tedious & costly especially when

large number of castings to be cleaned.

Slide : 72
Surface cleaning
• Mechanical equipment(or methods)
- Tumbling
- Air blasting – Sand or Shot blasting
- Mechanical blast cleaning(wheelabrator system)
- Hydroblasting
- Chemical cleaning
• Blast cleaning is well known & wide spread method of
cleaning casting surfaces

• Blast cleaning with metallic shot or grit is a relatively

modern cleaning technique.

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Surface cleaning
• In blast cleaning , abrasives are hurled by centrifugal force
from a bladed wheel on casting surface.

Slide : 74
Removal of gates & risers
• Numerous methods are available for removing feeding &
gating systems.
• A few commonly used
methods are
• Chipping hammers
• Shearing
• Sawing
• Abrasive wheel slitting
• Machining
• Flame cutting
• Plasma cutting
• In modern foundries Robots are used for removing gates &
risers.

Slide : 75
Removal fins & other projections
• Castings are trimmed to remove fins, chaplets, wires,
parting line flash, pads of feeder gates & ingates.

• The methods employed to remove unwanted projections from

castings are:
• Chipping
• Sawing
• Flame cutting
• Grinding
• Abrasive belt machines
• Rotary tools
• Trimming & sizing

Slide : 76
Removal fins & other projections
• Most commonly used method for removing fins &
projections is the Grinding
• Following types of grinders are used
• Portable grinders
• Swing frame grinders – Most popularly used
• Floor stand grinders
• Now a days modern foundries are using robot operated
automatic grinding machines for removing fins & projections

Slide : 77
Surface Treatments
• Number of surface treatments can be given to impart
special properties to castings
• Some of them with their purpose have been named below
Sr. no Type of treatment Purpose
1 Painting
2 Enamelling
For improving
3 Electroplating appearance & resistance
to corrosion
4 Polishing
5 Anodizing & pickling
Sr. no Type of treatment Purpose
1 Carburizing & nitriding
2 Flame & induction hardening
For improving wear
3 Chilling ( CI) resistance & mechanical
properties
4 Hard Surfacing
5 Shot peening
Slide : 78
Inspection of castings
• Casting quality is one of the key for survival in foundry
industry today.
• The main objective of inspection is not only detect defective
casting but also to prevent defects occurring in future castings.
• Inspection tests & procedures may be classed as below

• Visual surface inspection for foundry defects

• Geometric checking fro shape & dimensions
• Physical, metallurgical, & chemical tests
• Testing of mechanical properties
• Non-destructive test.

Slide : 79
Inspection of castings
Visual Inspection
• Visual inspection is carried out for 100 % castings to detect any
surface defects.
• Visual inspection may be carried out with naked eye or with
magnifying lens
• Following are the major casting defects observed on casting
surface

Slide : 80
Inspection of castings
Dimensional inspection
• Dimensional inspection is highly essential especially in those
castings which are machined later on.
• It should be checked that adequate machining allowance is
available on all castings surfaces to be machined.
• Dimensional inspection of castings is carried out against
drawings, aided by gages, jigs, templates etc.

Slide : 81
Inspection of castings
Testing of Mechanical properties
• Generally following mechanical properties are checked in
castings
• Hardness
• Tensile strength
• Fracture testing
• Fatigue testing
• Creep testing

• Mechanical properties are

checked on separately cast bar

Universal testing machine

Slide : 82
Inspection of castings
Non destructive tests
• Nondestructive testing is the powerful tool for inspection with
potential for cost reduction.
• Following are the popular non-destructive tests carried on
castings
• Radiography
• Magnetic particle inspection
• Dye penetration inspection
• Ultrasonic inspection
X-Ray Radiography

Magnetic particle inspection test Die Penetration test

Slide : 83
 Thank you
Visit us at www.mahindra.com

Disclaimer
Mahindra & Mahindra herein referred to as M&M, and its subsidiary companies provide a wide array of presentations and reports, with the
contributions of various professionals. These presentations and reports are for informational purposes and private circulation only and do not
constitute an offer to buy or sell any securities mentioned therein. They do not purport to be a complete description of the markets conditions or
developments referred to in the material. While utmost care has been taken in preparing the above, we claim no responsibility for their accuracy.
We shall not be liable for any direct or indirect losses arising from the use thereof and the viewers are requested to use the information contained
herein at their own risk. These presentations and reports should not be reproduced, re-circulated, published in any media, website or otherwise,
in any form or manner, in part or as a whole, without the express consent in writing of M&M or its subsidiaries. Any unauthorized use, disclosure
or public dissemination of information contained herein is prohibited. Unless specifically noted, M&M or any of its subsidiary companies is not
responsible for the content of these presentations and/or the opinions of the presenters. Individual situations and local practices and standards
may vary, so viewers and others utilizing information contained within a presentation are free to adopt differing standards and approaches as they
see fit. You may not repackage or sell the presentation. Products and names mentioned in materials or presentations are the property of their
respective owners and the mention of them does not constitute an endorsement by M&M or its subsidiary companies. Information contained in a
presentation hosted or promoted by M&M is provided “as is” without warranty of any kind, either expressed or implied, including any warranty of
merchantability or fitness for a particular purpose. M&M or its subsidiary companies assume no liability or responsibility for the contents of a
presentation or the opinions expressed by the presenters. All expressions of opinion are subject to change without notice.

Copyright © 2012 Mahindra & Mahindra Ltd. All rights reserved.

Slide : 84
Types of Equipment

Slide : 85
Core making

Core making
• Types of core making process
• Shell core
• Cold box
• Hot box
• Sodium silicate-Co2
• Oil sand cores
• Furan-No-Bake system

Slide : 86
Core Making
Types of equipment for Shell core making

Following are the types of Shell core making equipment

• Vertical parting
• Horizontal parting
• Multiple parting
• Electrical heating
• Gas heating
• Various sizes depend upon core sizes
• Blow type
• Dump type

Slide : 87
Core Making
Vertical parting Shell core machine
• In Vertical parting machine
two halves of core is divided
at vertical axis of core

• Suitable for small size cores

such as
• Port cores in cylinder
heads
Vertical Parting core shooter
• Water jacket cores
• Oil passage cores in engine blocks

Slide : 88
Core Making
Horizontal parting Shell core machine

• In Horizontal parting
machine two halves of
core is divided at
horizontal axis of core

• Suitable for bulky or

heavy cores such as
• Cylinder head slab
cores Horizontal Parting core shooter
• End cores for cylinder blocks

Slide : 89
Core Making
Multiple parting Shell core machine

• In some cases core construction

is so complicated that it can not
be divided exactly along one axis

• Multiple parting machine is

combination of vertical &
horizontal parting.

• Suitable for cores such as

• Crankcase barrel cores Multiple Parting core shooter
• Tractor trans case cores

Slide : 90
Core Making
Electric heating core machine
• In shell core making heated
core box is the primary
requirement
Top
Half
• In Electric heating type machines Heaters

transformer is fitted in machine

Bottom
panel which in turn gives electric Half

supply to heaters.
Electrical heating core shooter
• Heaters are fitted in to the core box,
which in turn heats the core box

• Core box temperature is controlled by temperature controllers

Slide : 91
Core Making
Gas heating core machine
• In gas heating type machines core box is heated with gas burners

• Burners are fitted at back side of core boxes.

• LPG is commonly used for heating.

• Most suitable for heavy or bulky cores.

Slide : 92
Core Making
Core blowing machine
• Core blowing machines are most popular choice in today’s foundries

• Core Sand is forced in to the core box

with the stream of high velocity air
at pressure of about 5 – 6 kg/cm2

• The core box has number of vent

holes suitably placed to escape the
air from core box

• It is important to maintain sand level

in sand magazine to get required
core density. Core blowing principle

Slide : 93
Core Making
Types of equipment for Cold box core making
• Construction wise cold box core making machines are similar to
shell core machines

• Only difference is cold box core machines dose not have core box
heating arrangement

• Cold box machines has Amine dosing unit

Slide : 94
Moulding

Moulding

Slide : 95
Moulding

Slide : 96
Moulding

Slide : 97
Moulding

Slide : 98
Moulding

Slide : 99
Moulding

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 Thank you
Visit us at www.mahindra.com

Disclaimer
Mahindra & Mahindra herein referred to as M&M, and its subsidiary companies provide a wide array of presentations and reports, with the
contributions of various professionals. These presentations and reports are for informational purposes and private circulation only and do not
constitute an offer to buy or sell any securities mentioned therein. They do not purport to be a complete description of the markets conditions or
developments referred to in the material. While utmost care has been taken in preparing the above, we claim no responsibility for their accuracy.
We shall not be liable for any direct or indirect losses arising from the use thereof and the viewers are requested to use the information contained
herein at their own risk. These presentations and reports should not be reproduced, re-circulated, published in any media, website or otherwise,
in any form or manner, in part or as a whole, without the express consent in writing of M&M or its subsidiaries. Any unauthorized use, disclosure
or public dissemination of information contained herein is prohibited. Unless specifically noted, M&M or any of its subsidiary companies is not
responsible for the content of these presentations and/or the opinions of the presenters. Individual situations and local practices and standards
may vary, so viewers and others utilizing information contained within a presentation are free to adopt differing standards and approaches as they
see fit. You may not repackage or sell the presentation. Products and names mentioned in materials or presentations are the property of their
respective owners and the mention of them does not constitute an endorsement by M&M or its subsidiary companies. Information contained in a
presentation hosted or promoted by M&M is provided “as is” without warranty of any kind, either expressed or implied, including any warranty of
merchantability or fitness for a particular purpose. M&M or its subsidiary companies assume no liability or responsibility for the contents of a
presentation or the opinions expressed by the presenters. All expressions of opinion are subject to change without notice.

Copyright © 2012 Mahindra & Mahindra Ltd. All rights reserved.

Slide : 110