MIRA INFORM REPORT

Report Date :

17^th May, 2006

IDENTIFICATION DETAILS

Name :	LLOYD INSULATIONS (INDIA) LIMITED
Registered Office :	M-13, Connaught Place, New Delhi – 110 001, India
Date of Incorporation :	6^th June, 1977
CIN No.:	U74210DL1977PLC008629
Com. Reg. No.:	55-8629
TAN No.: (Tax Deduction & Collection Account No.)	DELL00101D DELL02416B
PAN No.: (Permanent Account No.)	AAACL0486E
Legal Form :	Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing, Exporting and Marketing of Insulation Products, Systems, Ceramic Fibre Products, Rigid Polyurethane Foam Sandwich Panels, Rigid Polyurethane Foam Slaps, Pipe Sections, Pipe Supports and other products and Isothane Products.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 2250000
Status :	Satisfactory
Payment Behaviour :	Slow and Delayed
Litigation :	Clear
Comments :	Subject is a well established and reputed company controlled and financed by divided Punj family. Some companies are separated from the group, few years back. It is gathered that the group is not doing well. Financial position of the Company is not satisfactory. The company's payments are reported as slow and delayed. The company can be considered for normal business dealings with some caution.

LOCATIONS

Registered Office :	M-13, Connaught Place, New Delhi – 110 001, India
Tel. No.:	91-11-23416111, 23416378, 23323621, 23324599, 23324696, 51517245
Fax No.:	91-11-23724134, 23416255
E-Mail :	lloyd@del2.vsnl.net.in
Website :	http://www.lloydinsulation.com http://www.lloydindia.com
Location:	Commercial
Head Office :	Punj House, M-13, Connaught Place, New Delhi – 110 001
Tel. No.:	91-11-23416111, 23416378, 23323621, 23324599, 23324696, 51517245
Fax No.:	91-11-23724134, 23416255
E-Mail :	lloyd@del2.vsnl.net.in
Website :	http://www.lloydinsulation.com http://www.lloydindia.com
Location:	Commercial
Regional Offices :	CONTRACT / SALES / TECHNICAL AND MARKETING DIVISION v 386, Veer Savarkar Marg, Prabhadevi, Mumbai - 400 025, Maharashtra Tel. 91-22-24304367/4876/2317/24301722/0007 Fax. 91-22-24376858 / 3557 E-Mail. lloyd@giasbm01.vsnl.net.in CONTRACT DIVISION v 6, Middleton Street, Kolkata - 700 071, West Bengal Tel. 91-33-22401606/22475479 Fax. 91-33-22402629 E Mail : lloyd@cal2.vsnl.net.in v Sainara Building, Prakash Pethe Marg, Colaba, Mumbai – 400 005, Maharashtra Tel. 91-22-22180528/22180558/24211238 Fax. 91-22-22180558 E Mail: lloyd@giasbm01.vsnl.net.in CONTRACT / SALES / TECHNICAL AND MARKETING DIVISION v 5-A, Haddows Lane, II Floor, Off Haddows Road, Nungambakkam, Chennai - 600 006, Tamilnadu Tel. 91-44- 28273753/5506/28267964/7953/28278418/9724 Fax 91-44-28279728 E Mail : lloyds@md3.vsnl.net.in PRODUCTS / CONTRACTS / AUXILIARIES / TECHNICAL AND MARKETING DIVISION v Post Box No. 4321, Punj Sons Premises, 2, Kalkaji Industrial Area, New Delhi - 110 019 Tel. 91-11-26449391 / 7254 Fax. 91-11-26478601 / 26467259 E Mail : lloyd@del2.vsnl.net.in Location: Industrial SALES / TECHNICAL & MARKETING DIVISION v 55-B, Mirza Ghalib Street (6^th Floor), Kolkata – 700 016, West Bengal Tel No. 91-33-22475479 / 22401606 Fax No. 91-33-22402629 v Plot No. 102,103, MPAKVN Industrial Area, Sector III, Pithampur, District Dhar – 454 774, Madhya Pradesh Tel No. 91-7292-256236 / 509886 Fax No. 91-7292-256111 E Mail : lloydpthgen@mantrafreenet.com
Overseas Associates :	v Ineko UK Limited 13, Albion St., Hyde Park, London W22.AS, UK Tel 44-171-2628654 / 4022212 Fax 44-171-7244340 E Mail : inecoeng@aol.com v Ineco Limited P. O. Box 3278, Abu Dhabi, UAE Tel 97-12-325946 / 313315 Fax 97-12-315544 E Mail : ineco@emirates.net.ae v Lloyd Insulations Qatar P. O. Box 9201, Doha, Qatar Tel 00-974-358212 / 311019 E Mail : lins@qatar.net.qa
Plants :	v Plot No. 103, MPAKVN Industrial Area, Sector III, Pithampur, District Dhar – 454 774, Madhya Pradesh v Jamshedpur, Bihar v Bhilai, Madhya Pradesh
Branches :	Located at: - · Bangalore, Karnataka · Baroda, Gujarat · Bharuch, Gujarat · Bhopal, Madhya Pradesh · Chandigarh · Kochi, Kerala · Haridwar, Uttar Pradesh · Hyderabad, Andhra Pradesh · Indore, Madhya Pradesh · Kanpur, Uttar Pradesh · Kota, Rajasthan · Mangalore, Karnataka · Pune, Maharashtra · Rourkela, Orissa · Surat, Gujarat · Visakhapatnam, Andhra Pradesh

DIRECTORS

Name :	Mr. Nilender P. Punj
Designation :	Chairman and Managing Director
Date of Birth/Age :	2^nd April 1939
Date of Appointment :	11^th December, 1986
Name :	Mr. Chander Prakash Khanna
Designation :	Joint Managing Director
Date of Birth/Age :	18^th March 1931
Date of Appointment :	10^th June 1977
Name :	Mr. Prem Prakash Munjal
Designation :	Wholetime Director
Date of Birth/Age :	27^th August, 1932
Date of Appointment :	10^th June 1977
Name :	Mr. M Srinivas Murthy
Designation :	Whole time Director
Date of Birth/Age :	19^th June 1940
Date of Appointment :	30^th June 1993
Name :	Mr. Mohit Khanna
Designation :	Wholetime Director
Date of Birth/Age :	23^rd August, 1960
Date of Appointment :	30^th June 1993
Name :	Mr. Vineet Prakash Munjal
Designation :	Wholetime Director
Date of Birth/Age :	30^th September, 1961
Date of Appointment :	30^th June 1993
Name :	Mrs. Gita Rani Punj
Designation :	Wholetime Director
Date of Birth/Age :	15^th April 1948
Date of Appointment :	31th July 1990
Name :	Mrs. Gauri Talwar
Designation :	Director
Date of Birth/Age :	25^th February, 1972
Date of Appointment :	11^th December, 1991
Name :	Mr. Mohan Venkat Raman
Designation :	Director
Date of Birth/Age :	6^th May 1951
Date of Appointment :	7^th August, 1991
Name :	Mr. Gautam Narendra Punj
Designation :	Director
Date of Birth/Age :	8^th January, 1974
Date of Appointment :	19^th April 2003
Name :	Mrs. Gayatri Punj
Designation :	Director
Date of Birth/Age :	6^th June 1978
Date of Appointment :	19^th April 2003
Name :	Mr. Brij Kumar Mehra
Designation :	Company Secretary
Date of Birth/Age :	4^th July 1945
Date of Appointment :	1^st April 1999

MAJOR SHAREHOLDERS

Names of Shareholders	Percentage of Holding
Bodies and Corporate	100.00 %

BUSINESS DETAILS

Line of Business :	Manufacturing and Marketing of Ceramic Fibre Products, Rigid Polyurethane Foam Sandwich Panels, Rigid Polyurethane Foam Slaps, Pipe Sections, Pipe Supports and other products and Isothane Products.
Products :	· Thermal Insulation · Lloyd Panel System · Lloyd Shelter · Roofing and Wall Cladding · Anti Corrosive Materials · Water Proofing · Lloyd Enclosures · Passive fire Protective System · Mechanical · Technical Surveys · Flase Ceiling and False Flooring
Imports from :	Europe and Far East
Terms :
Purchasing :	L/C, D/A and D/P

PRODUCTION STATUS

The company’s production status as on 31^st March, 2004 was as under:

Class of goods	Unit	Installed Capacity	Production
Ceramic Fibre Products	MT	2,500	1,445
Rigid Polyurethane Foam Sandwich Panels	M^2	374,500	139,334
Rigid Polyurethane Foam Slabs, Pipe Sections, Pipe Supports & other Products	M^3	12,000	3,283
Prefabricated buildings, doors of iron & steel	Nos	4,000	1,784
Shape & section of steel sheetings	M^2	2000,000	644,377
Insulated beams, PVC strip curtain	RMT	5,300	--
Insulated Panels (Rockwool Composite)	M^2	150,000	28
Isothane Products	MT	1,500	41

GENERAL INFORMATION

Customers :

v ABB

v ABB Alstom

v Ansaldo SPA

v Babcock

v Bechtel

v BF Goodrich

v Bharat Heavy Electronics Limited

v BHPV

v Chemico

v Chemtech

v Chemtex

v Daelim

v DESEIN

v Deustche Babcock

v Eicher India Limited

v EIL

v FL Schmidt

v Flour Daniel

v Halder Topsoe

v Holtech

v Humphrey’s & Glasgow

v Hyundai

v ICI

v IOCL

v Jacobs H & G

v John Brown

v KTI

v Kvaerner Corporation

v Kvaerner Powergas

v L’Air Liquide

v Larsen & Toubro India Limited

v Linde

v Lurgi

v MECON

v Mitsubishi Heavy Industries

v Mitsui

v MW Kellogg

v National Thermal Power Corporation

v Oil & Natural Gas Corporation

v PDIL

v Praxair

v Samsung

v Sargent & Lundy

v Siemens

v Snam Progetti

v TCE

v Toyo Engineering

v Udhe

v UHDE India Limited

v UOP

v International Consulting Engineers / Process Licensors

No. of Employees :

2000

Bankers :

v Punjab & Sind Bank

Worli, Mumbai - 400 018, Maharashtra

v IDBI Bank Limited

v ICICI Bank Limited

v BNP Paribas

v HDFC Bank

v ABN-Amro

Facilities :

(Figures are in Rupees Millions)

	31.03.2003	31.03.2002
Secured Loan
From Financial Institutions
Term Loan from IDBI Bombay (in foreign exchange)	0.000	2.326
(Secured by hypothecation of assets financed)
from scheduled banks & others
Cash credit from IDBI Bank Limited	41.207	19.310
(Secured by parri passu charge with Punjab & Sind Bank over current assets & immovable properties)
Car Finance
Secured by hypothecation of car financed
ICICI Limited
BNP Paribas	11.992	6.456
HDFC Bank
ABN Amro Bank

Subject has availed the following facilities with Punjab and Sind Bank, Nehru Place, New Delhi 110 019 as per the agreement dated December 14, 2004

BG : Rs. 460.000 millions

ILC/ FLC : Rs. 200.000 millions

Cheque Purchase : Rs. 50.000 millions

Cash Credit facilities from IDBI Limited

Banking Relations :	Satisfactory
Auditors :	v Suresh C. Mathur & Company Chartered Accountants 64 Regal Building, 2^nd Floor, Connaught Place, New Delhi – 110 001 Tel. No.:91-11-51501620, 23346733 E-Mail : scmca@del3.vsnl.net.in BRANCH AUDITORS v Suresh C. Mathur & Company Chartered Accountants v Mahesh C. Mathur & Company Chartered Accountants v K L Chatrath & Company Chartered Accountants v P Jayaraman & Company Chartered Accountants
Associates :	v Rockwell Industries, Bhilai, Madhya Pradesh v Punjstar Industries Private Limited v Punj Sons Private Limited v Rockwell India Limited v Lloyd Tar Products v Supercera Fibres v Thermon Heat Tracers Limited v Interarch Buildings Products
Subsidiaries :	v Chamion Industries Limited Formation: 1^st January, 1971 v Supertech (India) Private Limited Formation: 2^nd September, 1987

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
5,00,000	Equity Shares	Rs. 100/- each	Rs. 50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,00,000	Equity shares	Rs. 100/- each	Rs. 30.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2004	31.03.2003	31.03.2002
SHAREHOLDERS FUNDS
1] Share Capital		30.000	30.000	30.000
2] Reserves & Surplus		527.969	488.063	450.291
NETWORTH		557.969	518.063	480.291
LOAN FUNDS
1] Secured Loans		30.098	53.199	28.093
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		30.098	53.199	28.093
DEFERRED TAX LIABILITIES		10.767	11.169	0.000
TOTAL		598.834	582.431	508.384
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		125.085	128.531	95.594
Capital work-in-progress		0.386	0.000	0.138
INVESTMENT		1.382	1.124	1.124
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	135.060	146.402	131.940
	Sundry Debtors	581.760	584.017	544.689
	Cash & Bank Balances	153.077	127.502	150.287
	Loans & Advances	184.389	197.220	168.982
Total Current Assets		1054.286	1055.141	995.898
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities & Provisions	582.305	602.365	584.232
Total Current Liabilities		582.305	602.365	584.232
Net Current Assets		471.981	452.776	411.666
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		598.834	582.431	508.384

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2004	31.03.2003	31.03.2002
Sales Turnover [including other income]	994.552	897.093	778.103
Profit/(Loss) Before Tax	112.610	69.241	122.027
Provision for Taxation	39.098	22.053	38.500
Profit/(Loss) After Tax	73.512	47.188	83.527
Export Value	2.473	5.026	11.403
Import Value	204.540	203.646	101.339
Total Expenditure	881.942	827.852	656.076

KEY RATIOS

PARTICULARS		31.03.2004	31.03.2003	31.03.2002
PAT / Total Income	(%)	7.39	5.26	10.73
Net Profit Margin (PBT/Sales)	(%)	11.32	7.72	15.68
Return on Total Assets (PBT/Total Assets}	(%)	9.53	5.84	11.17`
Return on Investment (ROI) (PBT/Networth)		0.20	0.13	0.25
Debt Equity Ratio (Total Liability/Networth)		1.10	1.27	1.27
Current Ratio (Current Asset/Current Liability)		1.81	1.75	1.70

LOCAL AGENCY FURTHER INFORMATION

HISTORY

Subject was originally incorporated in the year 1956 as a Partnership Concern at New Delhi in India. On 6^th June, 1977, it was converted into a Private Limited Liability Company under the name and style of Lloyd Insulations (India) Private Limited having Company Registration Number 8629. Subsequently, it was converted into a Public Limited Liability Company.

Subject was established in 1956 as a contracting outfit to offer a single source multi discipline package covering a wide variety of specialised services, servicing a broad spectrum of industries. They had built reputation on solid professionalism, track record are a single source for supply and execution of jobs in all fields of operations. They are pioneers in the Indian market involved with continuous development of advanced insulation products and systems to set the standard in the industry.

BUSINESS

Subject is engaged in manufacturing and marketing of Ceramic Fibre Products, Rigid Polyurethane Foam Sandwich Panels, Rigid Polyurethane Foam Slaps, Pipe Sections, Pipe Supports and other products and Isothane Products.

It is also engaged in designing, fabricating, supplying and installing advanced insulation and allied systems.

The company offers the following services to current international standards:

v Thermal insulation of plant, equipment and piping from Cryogenic to Furnace temperature in large projects. Acoustical engineering and noise reduction in industrial and commercial applications.

v Specialty lining and refractory applications vibrocast, abrasion resistant, guniting and ceramic fiber lining systems.

v Waterproofing of buildings including spray applied polyurethane thermal barrier with elastomeric polymer coatings / polymer modified systems.

v Prefabricated sandwich panels featuring rigid polyurethane and rockwool insulation cores.

v Highest quality corrosion protection of buried pipelines both cross country and inplant.

v Decorative and functional suspended ceiling / cavity flooring systems.

v Industrial roofing / exterior cladding system with pre-engineered building

v Passive and active fire protection of buildings and industrial structures.

v Turnkey packages featuring mechanical, electrical, civil and instrumentation work.

v Electrical heat tracing of all designs.

v Stress relieving of fabricated pressure vessels.

v Insulated enclosures for telecom industry and for armed forces / railway

v Spray applied insulation – for building protection

v Turbine cleading – both acoustical and general

v Technical surveys and energy audit services.

Generic Names of Principal Products/Services of the company are: -

· Polyurethane Products

· Ceramic Fibre

· Rockwool Products

Subject is pioneered in the Indian market involved with continuous development of advanced insulation products and systems.

It is pioneered in manufacturing of mineral wool, ceramic fibre products in all forms, cryogenic grade polyurethane foam insulation systems, sandwich panels in cold storage and prefab buildings, membrane type waterproofing system etc.

It imports raw materials, components and spare parts and capital goods from Europe and Far East against L/C, D/A and D/P terms.

Its’ major customers include international consulting engineers / process licensors.

Some of the industries served by the company are:

v Oil refineries and petrochemicals

v Power generation

v Fertiliser

v Cement

v Pharmaceuticals

v Onshore Oil & Gas

v Building & civil engineering

v Chemical processing

v Metallurgical industries

v Ceramics

v Electronics manufacturing

v Marine engineering

v Nuclear

v Food processing

v Sugar

v Transportation (Road tankers and Railway coaches)

v Military / Armed Forces

v Electronic & Telecommunication Industry

The company's fixed assets of important value include land, building, factory, furniture and fixtures, plant & machinery, office equipments, vehicles and electronics.

WEBSITE DETAILS ATTACHED:

Lloyd Insulations was established in 1956 as a contracting outfit to offer a single source multi-discipline package covering a wide variety of specialised services, serving a broad spectrum of industries. We have built our reputation on solid professionalism, track record and are a single source for supply and execution of jobs in all our fields of operation. We are pioneers in the Indian market involved with continuous development of advanced insulation Products and systems to set the standard in the industry.

PROFILE

Lloyd Insulations was established in 1956 as a contracting outfit to offer a single source multi-discipline package covering a wide variety of specialised services, serving a broad spectrum of industries. We have built our reputation on solid professionalism, track record and are a single source for supply and execution of jobs in all our fields of operation. We are pioneers in the Indian market involved with continuous development of advanced insulation Products and systems to set the standard in the industry.

This has enabled us to keep in step with upgraded products and engineering techniques to match contemporary global standards. We have network of Regional and Zonal offices across India with manufacturing units located in Central India for optimum logistics, easier project management essential for customer satisfaction and maintain high business standards.  We pioneered manufacturing of mineral wool forty years ago and then on to ceramic fiber products in all forms, cryogenic grade Polyurethane foam insulation systems, Sandwich panels for cold storage and prefab buildings, membrane type waterproofing system etc. As a leading Indian company in the global market, we have kept abreast with the latest insulation trends worldwide.

With the competitive edge engined by employees with over 40 years of experience in the respective fields, Lloyd Insulations keeps all important issues at the core while extending quality products and services to its clients :
              * High priority to safety, innovation, improvement and cost consciousness
              * Declared commitment to environmental issues
              * First insulation company in India and one of the very few construction 
                 companies in South East Asia to be ISO accredited
              * Support extended to various Government Trade / Industry associations on 
                 energy conservation by carrying out Energy Audits at running plants
              * Capabilities to design a system, erect with in house and outside materials 
                 right up to commissioning with Guaranteed Performance

We have a sound financial base with a turnover  of more than 2 billions in Indian currency and  are capable to handle projects of any size with 
speedy mobilisation.

Subject is ISO 9002 certified company.

Products

Lloyd Insulations has an exhaustive product list covering every insulation and allied 
requirements of the customers from cryogenic to furnace temperatures. It has a well developed wide selection of sources for all thermal insulating materials, while being manufacturer of bulk of materials inhouse. With an unflinching commitment to quality
in its products and services, Lloyd has become a name to recon with - nationally and internationally.

v Thermal Insulation

v Hot Insulation

v Cold Insulation

v Refractory Range

v Lloyd Panel System

v Lloyd Shelter

v Roofing & Wall Cladding

v Anti Corrosive Materials

v Water Proofing

v Lloyd Enclosures

v Passive Fire Protective System

v Mechanical

v Technical Surveys

v False Ceiling & False Flooring

HAPPENINGS:

Completed Specialised Refractory (Vibrocast, Anti-Abrastive and  Stainless steel Fibre reinforced gumiting lining) work for the largest FCC Reactor/Regenerator (R&R) package in the world at Reliance Refinery, Jamnagar.

- Complete single order for 70,000 m² of metallic roofing at Mahindra Ford factory,Manimalai Nagar.irst 
- First and only insulation company in India to be accredited with ISO-9002   certification. 
- Serving the nation by building pre-insulated shelters at high altitudes of Leh & other Himalayan sites for the defence sector.
- Erected the first 6000 tons capacity modern potato cold storage of height 18 mtrs. at Indore with pre-fabricated polyurethane sandwich panels.
- Completed insulation of 2 x 145 MW gas turbine of National Thermal Power Corp. (NTPC), Combined Cycle Power Plant at Faridabad (Near-Delhi).
- Completed insulation of 6 mtpa refinery at Panipat.

Completed insulation of 1350 tpd ammonia, 2250 tpd urea plant of Chambal Fertilizers at Gadepan (Near Kota).
- Completed overdeck insulation and waterproofing of Mints at Salboni & Mysore for Reserve Bank Of India Ltd. -area involving 70,000 M².
- Designing, engineering & installation of the fire fighting facilities involving - high capacity fire water pumps, long range specialized water / foam monitors, jumbo water curtains, gas detection systems, remote control systems & cement linings for LPG Jetty at Vizag outer harbour.
- Completed thermal insulation & fire proofing of 9 nos. ethylene horton spheres at GAIL plant of approximate area 900 M² each.
- Completed insulated metallic wall cladding (5000M²) work at NTPC combined cycle project at Faridabad (Near Delhi). 

- Completed insulation for cryogenic temperatures at (-)105 deg.C for ethylene tank / cross country piping installations at IPCL Dahej and Reliance Industries Ltd., Hazira. 
- Completed roof insulation & water proofing works at ITC Sunrise project, Banglore involving 69000 M² area.
- Completed insulation of butane line 4.5 kms. from Haldia Port to Haldia Petrochemicals with polturethane foam insulation.
- Laid cross country Naptha pipeline of 21 kms. from IOCL Ernakulam terminal to Fact Udyogmandal at Tamilnadu passing below railway line & through marshy land.
- Recently bagged the single largest order in the country for supplying and installing pre-fabricated insulated enclosures (1381 nos.) from Tata Lucent Technologies Ltd. for developing MTNL's telecom network all over the country.

CLIENT LIST:

Lloyd Insulations has worked at all major projects meeting the requirements of almost all the best known international consulting engineers / process licensors such as MW  Kellogg, Lurgi, Fluor Daniel, ABB Lummus, Bechtel, Du Pont, Stone and Webster, Toyo Engineering, Mitsui, Mitsubishi Heavy Industries, Kvaerner Corpn., Chemtech, Daelim, Haldar Topsoe,
Snam Progetti, Linde, L'Air Liquide, KTI, BF Goodrich, UOP, ICI, UHDE, Ansaldo SPA, FL Schmidt, Holtech, Humphrey's & Glasgow, Siemens, ABB Alstom, Babcock including Indian 
engineering consultants and public sector undertakings like  EIL, NTPC, BHEL, ONGC, IOCL, MECON, PDIL, DESEIN, TCE, L&T etc.

ACCOMPLISHMENT

Our experts serve on the various committees of Bureau of Indian            Standards (BIS) and International Standard Organisation (ISO).
- We are the first and only thermal insulation company among the very few contracting organisations in India to be accredited with ISO - 9002 certification.
- We are the initiators of Indian standards on thermal insulation and its applications.
- We serve as visiting faculty at various seminars, institutions like CII, PHDCCI, CBRI, All India Radio, Central Public Works Department, Engineers India Ltd., National Thermal Power Corporation, National Association of Corrosion Engineers etc.

Completed thermal insulation of all DHDS units at nine refineries spread all over the country simultaneously (involving total area of more than 7,20,000 M²).
- Completed insulation works at various petrochemical units of Reliance, Indian Petrochemicals, Gas Authority Of India at Hazira, Dahej, Gandhar, Guna and Patna.
- Supplied and erected a laboratory and a clinic building with insulated panels at Antarctica for the Indian Mission.
- Erected first modern potato cold storage of height 18 mts. at Indore with prefabricated polyurethane panels.

Completed thermal insulation works of super thermal power stations ; each of 500 MW units for the National Thermal Power Corporation (NTPC) - Vindhyachal, Rihand and Farakka.
- Executed thermal insulation works for cryogenic temperatures of ethylene / propylene tanks and cross country pipeline systems.
- Designed and implemented structural fire proofing works of ethylene / propylene spheres including allied works conforming to UL - standards.
- Designed, supplied and installed passive fire protection systems for electrical and instrumentation cables in more than 250 power generating units and core industries.

- Executed roof insulation and water proofing jobs for thousands of SQM areas on commercial and industrial buildings with single largest order involving 69000 M².
- Completed thermal insulation works for over 50 cement plants each of capacity one million tonnes per annum.
- Completed metallic wall cladding works at 8 nos. power plants all over the country - involving total area of 80,000 M².
- Pioneers in prefabricated buildings in India.
- Designed, supplied and handled pipe laying, heat tracing and thermal insulation work of cross country fuel oil pipe line.
- Executed thermal insulation works at over 20 giant fertilizer plants.
- Revolutionised the telecom industry by introducing pre-fabricated insulated roof top enclosures for building its network.

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 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	Indian Rupees
US Dollar	1	Rs. 45.34
UK Pound	1	Rs. 85.68
Euro	1	Rs. 58.33

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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