MIRA INFORM REPORT

Report Date :

02.11.2007

IDENTIFICATION DETAILS

Name :	IDMC LIMITED
Formerly Known As :	INDIAN DAIRY MACHINERY COMPANY LIMITED
Registered Office :	Plot No. 124-128, GIDC Estate, Vithal Udyognagar 388 121, Dist. Anand, Gujarat
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	14.09.1992
Com. Reg. No.:	04 -18283
CIN No.: [Company Identification No.]	U29299GJ1992PTC018283
TAN No.: [Tax Deduction & Collection Account No.]	BRDI00332D
PAN No.: [Permanent Account No.]	AAACI4631E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Engaged in the business of manufacturing of equipments and dairy plant.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1532904
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are fair. Financial position is satisfactory. The company is subsidiary of National Dairy Development Corporation. The company is doing well although profit margin is under severe pressure. It can be considered good for any normal business dealing at usual trade terms.

LOCATIONS

Registered Office :	Plot No. 124-128, GIDC Estate, Vithal Udyognagar 388 121, Dist. Anand, Gujarat, India
Tel. No.:	91-2692- 236375/229917 –23
Fax No.:	91-2692-236580 / 236164
E-Mail :	idmc@idmc.coop
Website :	http://www.idmcltd.com / http://www.idmc.coop
Regional Office :	Bangalore Office: Contact No. 91-80-25711984/391 Chennai Office: Contact No. 91-44-28280260/28253252 Delhi Office: Contact No. 91-11-26103363/98 Hyderabad Office: Contact No. 91-40-23543831 / 4584 Kolkata Office Contact No 91-33-23591884 to 87 Ludhiana Office Contact No. 91-161-2456972 Mumbai Office Contact No. 91-22-26856256/6818 Patna Office Contact No. 91-9431020635
Factory 1 :	· Plot No. C-1/11-12, GIDC Estate, Vithal Udyognager 388 121, Dist. Anand, Gujarat, India Phone : 91-2692-236064 · Plot No. 124-128, GIDC Estate, Vithal Udyognagar 388 121, Dist. Anand, Gujarat, India Phone :91-2692- 236375/229917 –23 · Plot No 606-608, GIDC Estate Vithal Udyognagar 388121, Dist. Anand, Gujarat, India Phone : 91- 2692- 22927 – 29 · Plot No.94-97, GIDC Estate Vithal Udygonagar 388 121, Dist. Anadn, Gujarat, India Phone : 91-2692- 236495 / 231179 · Plot No 443-B, GIDC Estate Vithal Anand, Gujarat India

DIRECTORS

Name :	Dr. Amrita Patel
Designation :	Chairman
Address :	Savita” Bungalow, Vallabh Vidhyanagar, Anand – 388 120, Gujarat
Date of Birth/Age :	13.11.1943
Date of Appointment :	16.08.2005
Name :	Mr. Deepak .Tukku
Designation :	Director
Address :	A -1, NDDB Campus, Anand – 388 001, Gujarat
Date of Birth/Age :	19.06.1948
Date of Appointment :	27.07.2006
Name :	Mr. S. R. Lyer
Designation :	Director
Name :	Mr. H. C. Virmani
Designation :	Director
Name :	Mr. V. D. Joshi
Designation :	Director
Name :	Mr. N. K. Ramachandran
Designation :	Additional Director
Address :	B -12, NDDB Campus, Anand – 388 001, Gujarat
Date of Birth/Age :	12.11.1954
Date of Appointment :	27.07.2006
Name :	Mr. Anil Shenoi
Designation :	Additional Director
Address :	B -12, NDDB Campus, Anand – 388 001, Gujarat
Date of Birth/Age :	01.02.1958
Date of Appointment :	01.04.2005
Name :	Mr. Mahesh Chandra
Designation :	Managing Director
Address :	B -9, NDDB Campus, Anand – 388 001, Gujarat
Date of Birth/Age :	21.09.1949
Date of Appointment :	16.01.2005
Name :	Mr. Vasudev Joshi
Designation :	Director
Address :	B -4, NDDB Campus, Anand – 388 001, Gujarat
Date of Birth/Age :	27.02.1948
Date of Appointment :	21.09.2004
Date of Ceasing:	14.03.2006
Name :	Shri Subramaniam Ramachnadran Iyer
Designation :	Director
Address :	R -3, Rao Mansions, No. 4, 17^th A Cross, 8^th Main, Malleswaram , Bangalore- 560 055, Karnataka
Date of Birth/Age :	28.05.1940
Date of Appointment :	16.08.2005
Name :	Mr. Jitendra Prasad Shaw
Designation :	Director
Address :	B -4, NDDB Campus, Anand – 388 001, Gujarat
Date of Birth/Age :	07.09.1951
Date of Appointment :	27.07.2006

KEY EXECUTIVES

Name :	Shri Krishnakumar Biharilal Mankodi
Designation :	Secretary
Address :	C -7, NDDB Campus, Anand – 388 001, Gujarat, Insdia
Date of Birth/Age :	01.09.1947
Date of Appointment :	30.12.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
National Dairy Development Board	12144320
Dr. Amrita Patel	39
Shri Deepak Tikku	37
Shri Mahesh Chandra	37
Shri N K Ramachandran	37
Shri Jitendra Prasad Shaw	37
Shri S L Pathak	37

Equity Shares Breakup (Percentage of Total Equity):

Sr No.	Category	Percentage
1	Public financial companies	100.00

BUSINESS DETAILS

Line of Business :

Engaged in the business of manufacturing of equipments and dairy plant.

Products :

Item Code No. (ITC Code)	Product Description
84186909	Refrigerated Bulk Cooling Unit
84342000	Dairy Machinery
84195002	Plate type Heat Exchange Unit

PRODUCTION STATUS as on 31.03.2005:-

Particulars		Unit	Actual Production
Equipment		Nos.	343000
Bulk milk cooling tank		Nos.	69000
SS Fitting		Nos.	55278000
Pumps		Nos.	526000
Plant hear exchangers		Nos.	120000
Component, spares and accessories	Nos.		6737000
Polyfilm	Kgs.		128531000

GENERAL INFORMATION

Bankers :

• Indian Bank
• UTI Bank Limited
• National Dairy Development Board

Address: Post Box No. 40

Anand : 388 001

Facilities :

Secured Loan	31.03.2005 (Rs. in millions)
From National Dairy Development Board	315.418
Term Loan
Working Capital Loan	241.983
Loan From IREDA	0.367
Installments Due in next 12 months Rs. 11.882 millions	557.768

Banking Relations :	Good
Auditors :
Name :	C. C. Chokshi & Company Chartered Accountants
Address	31. Nutan Bharat Society, Alkapuri, Baroda-390007
Tel. No.:	91- 265 2333776
Fax No.:	91-265-2339729
E-Mail :	mail@dttindia.com
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity shares	Rs. 10/- each	Rs. 150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12144544	Equity shares	Rs.10/- each	Rs. 121.445 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		121.445	121.445	121.445
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		261.781	223.256	216.285
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		383.226	344.701	337.730
LOAN FUNDS
1] Secured Loans		660.007	607.432	557.768
2] Unsecured Loans		40.992	0.000	0.000
TOTAL BORROWING		700.999	607.432	557.768
DEFERRED TAX LIABILITIES		27.953	11.569	5.042
TOTAL		1112.178	963.702	900.540
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		460.330	442.612	322.092
Capital work-in-progress		61.601	34.102	144.815
INVESTMENT		5.510	5.510	5.510
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	361.946	248.418	246.525
	Sundry Debtors	505.674	402.096	218.949
	Cash & Bank Balances	17.601	7.227	10.565
	Other Current Assets	0.124	0.325	0.130
	Loans & Advances	170.948	127.302	136.120
Total Current Assets		1056.293	785.368	612.289
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	434.497	288.402	172.336
	Provisions	38.609	20.139	11.830
Total Current Liabilities		473.106	308.541	184.166
Net Current Assets		583.187	476.827	428.123
MISCELLANEOUS EXPENSES		1.550	4.651	0.000
TOTAL		1112.178	963.702	900.540

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		1304.428	1020.907	739.113
Other Income		35.557	31.937	0.000
Total Income		1339.985	1052.844	739.113
Profit/(Loss) Before Tax		83.155	23.107	4.299
Provision for Taxation		29.977	7.827	0.903
Profit/(Loss) After Tax		53.178	15.280	5.202
Export Value		108.537	45.903	59.253
Import Value		NA	NA	248.087
Expenditures :
	Raw Material Consumed	866.152	679.805
	Purchases made for re-sale	95.491	32.425
	Consumption of stores and spares parts	61.346	42.141
	Increase/(Decrease) in Finished Goods	[43.896]	25.863
	Salaries, Wages, Bonus, etc.	91.642	73.483	734.814
	Managerial Remuneration	2.036	1.826
	Payment to Auditors	0.909	0.443
	Interest	43.384	40.792
	Insurance Expenses	0.551	0.391
	Power & Fuel	19.524	13.565
	Depreciation & Amortization	35.524	30.683
	Other Expenditure	192.704	134.223
Total Expenditure		1365.367	1075.64	734.814

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	3.96	1.45	0.703
Net Profit Margin (PBT/Sales)	(%)	0.06	0.02	0.581
Return on Total Assets (PBT/Total Assets}	(%)	5.26	1.83	0.396
Return on Investment (ROI) (PBT/Networth)		0.21	0.06	0.007
Debt Equity Ratio (Total Liability/Networth)		3.06	2.65	2.196
Current Ratio (Current Asset/Current Liability)		2.23	2.54	3.324

LOCAL AGENCY FURTHER INFORMATION

History

Subject is a wholly owned subsidiary of National Dairy Development Board (NDDB). The company was incorporated as a private limited company on September 14, 1992.

The company was set up in the year 1978 to manufacture equipments and dairy plants to set up by NDDB under operation flood project.

The company is now a large equipment manufacturing and project engineering company in India in the field of dairy, food processing, brewery and beverage, refrigeration and pharmaceutical industries. Subject is supplying international quality dairy plants and equipments to the Indian dairy industry. The company also undertakes turnkey execution of projects, fabrication and manufacturing of equipments and plant and component for domestic and exports market.

Name of the company

IDMC LIMITED

Presented By

Managing Director

1) Date and description of instrument creating the change

Loan agreement dated 19.07.1994

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 48.279 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of fixed assets, movable and current assets both present and future.

4) Gist of the terms and conditions and extent and operation of the charge.

Particulars	Rs. In millions
Term loan	24.279
Working Capital	24.000
Total	48.279

Interest payable on the principal amount outstanding from time to time at the rate of 14% per annum for loan of Rs. 24.279 millions and 10% per annum on Rs. 24.000 millions or such other rates as may be decided by national Dairy Development Board.

5) Name and Address and description of the person entitled to the charge.

National Dairy Development Board

Address: Post Box No. 40

Anand : 388 001

6) Date and brief description of instrument modifying the charge

05.06.2002

Modification of loan agreement

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Original charge created at Rs. 24.279 millions against term loan is now modified by Rs. 49.744 millions and total limit against term loan is increased to Rs. 74.023 millions Whereas original charge created against working capital is intact i.e, Rs. 24.000 millions and now overall charged is increased to Rs. 98.023 millions.

Fixed Assets:

• Land
• Building, Road and Housing Property
• Plant and machinery
• Electric installation
• Furniture and fixture
• Office Equipment and Air Conditioner
• Computer
• Vehicle
• Solar Power Systems

OTHER INFORMATION:

Project Engineering

Turnkey project engineering and project execution is a key business area of the Company's operation since its inception. In the recent years, the company has made forays in project execution in the pharmaceutical, refrigeration, beverages and food processing sectors. The expertise in project engineering coupled with excellent infrastructure facilities for fabrication has established the company as a major player in the turnkey project engineering and execution for dairy, beverage, pharmaceutical and refrigeration industries.

During the year under review, the Company executed dairy expansion projects from 3 LLPD to 3.5 LLPD at Vadodara. from 10 KLPD to 20 KLPD at Karaikal and from 60KLPD to 100 KLPD at Tumkur. The Company installed a 20 KLPD pasteurisation plant and clean-in-place system at the Delhi Milk Scheme and milk pouch packing system at Mother Dairy, Pilkhuva.

The Company is also executing turnkey dairy projects of 60 KLPD capacities at Sikar, expansion of Godhra Dairy from 2 LLPD to 4 LLPD, ice cream plant expansion at Bangalore from 3 KLPD to 10 KLPD, and expansion of Jaipur Dairy.

The company has executed refrigeration projects for Kanakpura chilling centre, expansion of refrigeration plant at Tumkur Dairy and Mehsana Dairy. The expansion of the refrigeration plant at Mother Dairy's ice cream plant at New Delhi is under progress. The company is executing a heat pump project to recover sensible heat from the refrigeration plant at Mother Dairy. Delhi.

In the pharmaceutical sector, the company executed turnkey projects including sterile piping for reputed pharmaceutical firms. The company has executed a turnkey plant for a major ayurvedic formulation company that would enable them to process Chywanprash, Janamghutti, lal tel and Hajmola.

The company has executed a large fruit processing plant of 12 TPH capacity at Bangalore, consisting of fruit handling, fruit processing and packaging, steam generation, air handling system, refrigeration, product and process piping. The company has also installed and commissioned a finish syrup preparation section for a fruit juice processing plant at Vijaywada.

Projects abroad were also executed for a sugar syrup plant in Bangladesh and a refrigeration plant for a cold store in Sri Lanka.

Fabrication Shop

The Company's fabrication shop manufactured process equipment for dairy, food processing, pharmaceutical, beverage and brewery Industries. The fabrication shop produces high quality fabricated stainless steel equipment. Up gradation of the technical capabilities of fabrication shop is an on-going activity.

The fabrication shop manufactured equipment for the dairy sector. Stainless steel milk storage tanks, milk silos of 30KL and 60KL capacities, cream and ghee storage tanks, ghee boiler, storage tanks for clean in place systems, funnel venturi, butter trolleys, curd milk and lassi storage tanks, etc. were fabricated. Raw syrup tanks, ready syrup tanks and juice blending tanks for beverage plants were also manufactured.

The fabrication shop also manufactured equipment for the pharmaceutical industry and these include harvesters, dissolution and solvent vessels for fermentation plants, fermenters of 3 KL, 10 KL and 60 KL capacities, sterile reactors, clean in place systems, blending vessels, mixing and storage vessels, I. V. fluid sterilises, etc. The company manufactured extraction vessels, purified water storage tanks for a pharmaceutical grade soft gelatine manufacturing company. The fabrication shop also fabricated mixing, heating and cooling equipment and storage tanks for an ayurvedic formulation unit.

The fabrication shop manufactured sorbitol storage tanks of 50 KL capacity for a toothpaste manufacturing company. The Company also manufactured stainless steel fabricated equipment, CIP systems, dosing tanks for the brewery sector. Equipment manufactured at the fabrication shop were also exported to Bangladesh, Ugada and Nigeria.

Machine Shop

It has been the company's endeavour to create a state of the art machine shop where sanitary stainless steel fittings are manufactured. The major products are stainless steel plug valves, butterfly valves, pneumatic valves, non return valves, pipe clamps and holders, inline strainers, sight glass, sampling cocks, bends, tees, etc.

Besides supplies to the domestic market, the products are being exported to Europe on a regular basis. These export products are customer specific and need great precision. The company's products have gained acceptance in markets abroad.

In order to maintain and increase the market-share of the company's products, the technical capability of the machine shop is upgraded periodically. Improvement and modification of the existing products and introduction of new products in the manufacturing range is an on-going activity at the machine shop.

The company is also manufacturing sanitary centrifugal, self priming pumps and lobe pumps. The pumps manufactured have gained acceptance in the domestic market and the market-share is on the increase. Pump parts manufactured by the company are also exported. In addition to pump and pumps parts, turbo blenders, agitators, blenders and jet mixers are also manufactured at the machine shop.

Bulk Milk Cooler Division

In technical collaboration with M/s Ro-Ka Industry A/S, Denmark, the company has been manufacturing bulk milk cooling tanks for the domestic market and is now a major player in this business. Milk cooling tanks of 500 L, 1000 L and 2000 L capacities are manufactured at the company's facility. Milk cooling tanks of 3000 L and 5000 L are imported from its collaborators.

During the year under review, 104 bulk coolers were supplied to various cooperative milk unions in the country. The major orders were executed for milk unions of Gujarat and Tamil Nadu.

The bulk coolers business requires good after sales service to save the perishable milk from deterioration. The company has formed a team of service engineers to attend to the service calls at various locations across the country. Two bulk cooler service centres equipped with repair tools, spare parts, accessories and kits have also been setup.

The bulk milk cooling tank business saw stiff competition from domestic players. This necessitated a review of production costs, greater indigenisation of components, changes in work methods, etc. All these activities are receiving the company's continued attention.

Engineering Design

The company's design group has contributed immensely, not only in the manufacture of the existing range of machinery and equipment, but also in the development of new products.

The engineering design group is also working on the standardisation of technical specifications and design. Skid mounted designs are under development for pasteurisation modules, clean in place systems, mix preparation, de-aeration, sugar syrup preparation and similar other systems. This will greatly reduce the installation time at project sites.

Over a period of years, the design group has greatly contributed to its performance in supplies to the pharmaceutical and ayurvedic formulation sectors. Automated clean in place systems, fermenters, reactors, biotech mobile vessels, WFI storage vessels, process vessels were designed for reputed companies.

In the process of catering to multifarious industries, the company has acquired expertise in creating design that conforms to good manufacturing practices in the pharmaceutical sector. Designing vessels in terms of various international codes is competently handled by the design group and clients have come to

have a greater confidence in the technical capabilities of the company.

The company's design group is equipped with the latest engineering software and the requisite hardware backup there-for. A new design graphic and 3D pipeline software have been acquired to enhance its capabilities.

Sales and Marketing

While the business environment continued to open up in the pharmaceutical and food sectors, the competition was fierce. The marketing group netted an order booking of Rs. 793.30 Million, a growth of 30% over the previous year.

The company received orders for expansion jobs in the dairy industry. Pasteurisers, chillers and components business also contributed to the healthy order booking. The company received good orders for centrifugal and self priming pumps. Several new customers from cooperative and private sector were added; orders for 160 numbers bulk milk coolers of various capacities were received during the year.

The company received orders for new and expansion of refrigeration plants in dairies. Several orders were received for plate heat exchanger based condensers and evaporators. The company received orders in refrigeration for marine application, chilled water system for fruits and vegetable processing, package chillers, heat pump and up-gradation of refrigeration system in breweries.

The competition in plate heat exchangers continues to be difficult, but the company managed to receive orders for large plate heat exchangers for the power sector and infrastructure projects. The company is now one of the key layers in the plate heat exchanger market for the power sector and industrial applications.

The company received orders for fruit processing plant, syrup preparation and blending section, juice handling line for the beverage sector, etc. The orders booked in breweries have been less than expected.

The company has established itself as reputed equipment and module supplier in the pharmaceutical and biotechnology segments. Orders were received from large and reputed pharmaceutical companies for fermenters, reactors, sterile piping, specialised water treatment system and mobile vessels. The company also received orders for a sterilise for intravenous fluid applications. An order for ayurvedic formulation plant on turnkey basis was also received and executed. Besides, the company received orders for the supply of special vessels fabricated from stainless steel and used for critical applications.

Export orders were received for pharmaceutical vessels, sterile piping, juice preparation and blending vessels, syrup-line and bulk coolers from Bangladesh, Uganda, Nigeria, Nepal and Yemen, etc. Orders have also been received from European companies for stainless steel valves, fittings and components.

The spares and service group lent support to the existing customers and helped the company generate revenue in the spare parts business. To increase the awareness about the Company's products and engineering capabilities, the marketing group participated in the Chemtech Pharma exhibition in Mumbai during the year.

Product Development

Business in the capital goods sector has become extremely competitive. The reduction in the rate of customs duties has also aggravated the situation. All these factors have necessitated establishment of a product development group within the company. This group is assigned with the responsibility of creation of indigenous cost effective equipment and process to meet the needs of the customers. The products developed during the year under review include:-

• Compact high-pressure crate washer
• Direct coupled turbo blender
• Sanitary safety valve
• Aseptic sampling cock
• Compact non return valve
• Level gauge fittings with sampling cock
• Butter churn of 1 KL and 2 KL capacity

The product development group is also responsible for quick transfer of know-how from its collaborators from design to manufacturing).

Refrigeration

The company has a technical collaboration with Grasso GmbH, Germany for the assembly of screw compressor packages. During the year under review, the Company imported bare screw compressors and integrated them into a complete module. The group also marketed ammonia refrigerant pumps from Th. Witt GmbH, Germany.

The refrigeration group also contributed to the design and marketing of various refrigeration projects, which include the projects at Valsad Dairy, Tumkur Dairy, Kanakpura Chilling Centre and Mehsana Dairy, expansion of the refrigeration plant at Mother Dairy, New Delhi and a 210 TR capacity refrigeration plant for a brewery in Karnataka.

On the export front, the refrigeration group designed a 200 TR (at -30 degree Celsius) refrigeration plant for a cold storage in Sri Lanka.

Plate Heat Exchanger

The manufacture of plate heat exchangers of the Company is a specialised and key business area. The Company has a technical tie-up with SondexA/s, Denmark for the manufacture of plate heat exchangers. During the year under review, plate heat exchangers were supplied to the dairy, food, beverage, brewery, pharmaceutical, power, marine and chemical industrial sectors. The Company is also supplying vaporators and condensers for the refrigeration industry.

The plate heat exchanger group of the company manufactured milk chillers, milk pasteurizers, cream milk pasteurizers, ice cream mix chillers, DM water coolers, ammonia condensers and evaporators for dairy plants in the cooperative, private and government sectors. The plate heat exchanger manufactured by the company is well accepted in the dairy industry.

The company had supplied plate heat exchangers to various reputed pharmaceutical companies in India. Plate heat exchangers were also supplied to the beverage sector for syrup heating and cooling applications, fruit juice pasteurisation and sterilization.

The company is a major player in plate heat exchangers used for the power generating sector. Some of the leading customers are NTPC, BHEL, Larsen and Toubro Ltd, BARC and NPCIL. The Company has supplied plate heat exchangers for some of the critical applications in this sector.

Brazed welded and free flow heat exchangers were also supplied to customers during the year.

Poly Film Plant

The company has made forays in the packaging industry. A state of the art 550 kg/hour 3-layer blown film line and a 400 metre/minute Cl gearless flex-opress has been installed at Vithal Udyognagar industrial estate. The machinery and equipment has been imported from Windmoller and Holscher KG, Germany who are the leading manufacturers of plastic making machinery in the world. The machinery imported is the first of its kind in India.

The blown film plant has been commissioned and is now in operation. The film manufactured and printed at this plant will be used for packaging milk and other food products. The quality of the film manufactured at this plant and the colour printing capabilities of the flexo printing press will greatly enhance the packaging standards employed in the milk and food packaging industries in the country.

The key activities of IDMC are outlined as under :

• Project engineering, process automation, design, supply of equipment installation, testing and commissioning of project for dairy, food beverage, brewery plant and pharmaceutical industries.

• Project engineering, design, procurement, installation, testing and commissioning of services such as refrigeration plant steam generation and distribution, electrical installation, water soft water, chilled water distribution and are distribution etc.

• Process equipment design and manufacturer for the above industries as per the international standards
• Manufacturing of flow equipment including SS fittings, valves, pneumatically operated process valves and SS pumps of sanitary design.

• Design and manufacturing of plate heat exchangers for dairy, food beverage, brewery refrigeration, industrial applications and marine.

• Marketing of process equipment and packaging machines / lines under agency agreement with reputed manufactures in Europe and USA.

Fabrication shop

SUBJECT is having a fabrication shop of 4500 sq. meter covered area. This workshop is exclusively used for the fabrication of stainless steel process equipment. The fabrication shop is one of the best in country for stainless stell equipment and well equipped with material handling facility; plate bending and rolling machines, hydraulic press shearing machine. It has qualified workforce of 175 persons in two – shift operation

The equipment like tanks, road milk tankers, process vessels, fermentation equipment, CIP system heating and cooling equipment, plate heat exchangers, ice cream mix preparation equipments juice processing plants, cheese equipment and other related equipment are manufactured here.

Machine shop

SUBJECT has set up a state of the art machine shop, which consists of 12 nos. CNC machines, conventional milling, grinding, drilling and general purpose machines. This shop is used for production of SS Fittings, valves, bends, pneumatic valves, spray, tank top filling, ball feets, pneumatic actuators centrifugal and self priming pumps etc. additional CNC turning and machining facilities are being created here in immediate future.

Project engineering and execution

SUBJECT is executing project on turnkey basis including project designing, project execution, installation and commissioning in the field of dairy, food, beverage, brewery, pharmaceutical and other relates industries. The project engineering group undertakes the detailed engineering, design process and product piping, installation of the services like boiler plant water handing system etc. the project –engineering group is equipped with latest design package and having 60 engineers and technicians who are capable for undertaking the project from concept to the turnkey execution. The automation group is using PLC or DCS system to implement the automation in process plants.

Refrigeration Project Execution

The refrigeration group undertakes design and engineering and installation and commissioning of refrigeration project. SUBJECT is assembling screw compressor package, chillier package by using screw compressors from Grasso Gmbh, Berlin under a technical collaboration agreement. Grasso Compressors are known for their high efficiency performance, low power consumption and maintenance free and noiseless operation. SUBJECT also designs and manufactures plate type condenser and evaporator, ice silo, convention refrigeration equipment like accumulator, condenser and ice bank system.

Ployfilm Plant

A state of the arit, 500 kg /hour, 3-layer film line and a 400 meter / minute Ci gearless flexopress imported form wind moller and holscher KG, Germany, has been set up to meet the packaging material requirement of liquid milk and other products. This state of the art plant is capable of producing 3600 MT/ year, high quality film.

Agency marketing

SUBJECT is also marketing equipments from European manufacturer such as Homogenizer, Ice cream making and packaging equipments, Butter making and packaging systems etc.

Manpower

SUBJECT has qualified work force of 350 persons, which includes 50 graduate engineers and 60 diploma engineers in the field of manufacturing production, planning, engineering design, marketing and after sales service etc.

SUBJECT is continuously investing in plant, machinery and other infrastructure to upgrade its design, engineering and manufacturing facilities. They are emerging as one of the key companies in the area of its operation.

Technical collaborations

SUBJECT is manufacturing plate type heat exchanger in technical collaborations with Sondex A/s. Denmark, pumps for sanitary applications (Under technical collaboration with CSF Inox, Italy), bulk cooling tanks, ice silos (Under technical collaboration with Tankki, OY, Finland), . They also obtain process knowledge form reputed companies for specific project.

About Company

With a population of over 800 million burgeoning middle class, India is emerging as one of the largest developing economies in the world.

The new liberalized environment has seen a rise in consumer expectation for quality products and services. This has led to a need for a complete reworking of corporate planning and marketing strategies to ensure stability and success in this new environment.

With the success of collective co-operative surge to harness the country’s MILk production, SUBJECT came into being to manufacture and provide the necessary support system in terms of engineering infrastructure.

In the face of stiff competition from foreign companies the company has grown in experience and stature and is recognized as a Forerunner in the manufacturer and supply a complete range of equipment to hold, store and manufacture Milk and Milk products.

After successful positioning itself in the Dairy industry, the company has endeavoured to open up new markets in the modern manufacturing with emphasis on developing the best solution within the bounds of possibility; the company is health care and allied industries.

As a supplier of complete / part solutions, the company works in tandem with its customers and offers supports right from thought to the implementation of the project. Its professed objective is to provide reliable and high quality equipments according to the customer requirement and the state of the art, and to deliver them schedule. Its development department, research and testing laboratories, modern in house tool equipment making as well as a highly efficient production and logistic department permanently in action to achieves these objective

Key to the company’s success has been access to highly advanced process technology manufacturing and design and the strong will of the workforce to reach the peak in all its industries of operation.

From a modest past

The history of the Indian of the Indian Dairy Machinery dates back to almost 25 years, In 1978, at Aanad the milk capital of India, National Development Board set up an assembly shop for pre-project activity towards supply of equipments Since then, that very fledgling unit has come a long way from being a captive manufacturer of dairy machinery for NDDB to the present when its has diversified into highly sophisticated differentiated process industries. Though wholly owned subsidiary of NDDB, SUBJECT has carved an enviable niche for its self as a manufacturer and supplier of high quality equipment, an efficient and effective project engineering company rendering prompt and effective after sales services.

To an encouraging present

The diversification into different sectors has resulted in considerable expansion of the company, which now boasts of a highly sophisticated machines shop and a testing laboratory beside fabrication units and projects engineering. The testing laboratory is equipped with the latest QC equipment that possesses the capability conduct Radio testing, Ultrasonic testing, Dye penetration etc. The rise in demand over the years has seen the setting up of marketing of major industrial centres in the country which has led personally virtually to the customer’s doorstep.

WEBSITE DETAILS:

With a population of over 800 million burgeoning middle class, India is emerging as one of the largest developing economies in the world.

The new liberalized environment has seen a rise in consumer expectation for quality products and services. This has led to a need for a completer reworking of corporate planning and marketing strategies to ensure stability and success in this new Environment.

With the success of collective co-operative surge to harness the country's MILK production, SUBJECT came into being to manufacture and provide the necessary support system in terms of engineering infrastructure.

In the face of stiff competition from foreign companies the company has grown in experience and stature and is recognized as a FORERUNNER in the manufacturer and supply f a complete range of equipment to hold, store and manufacture MILK and MILK products.

After successful positioning itself in the DAIRY industry, the company has endeavored to open up new markets in the modern manufacturing setups. With emphasis on developing the best solution within the bounds of possibility, the company is health care and allied industries.

As a supplier of complete / part solutions, the company works in tandem with its customers and offers supports right from thought to the implementation of the project. Its professed objective is to provide reliable and high quality equipments according to the customs requirements and the state-of-the-art, and to deliver them on schedule. Our development department, Research and Testing laboratories, modern in-house tool and equipment making, as well as a highly efficient production and logistic department are permanently in action to achieve these objectives.

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	Indian Rupees
US Dollar	1	Rs.39.37
UK Pound	1	Rs.81.82
Euro	1	Rs.56.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		72

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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