MIRA INFORM REPORT

Report Date :

01.08.2011

IDENTIFICATION DETAILS

Name :	INDCON BOILERS LIMITED
Registered Office :	D-170, Okhla Industrial Area, Phase-I, New Delhi -110020
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.07.1990
Com. Reg. No.:	55-40737
Capital Investment / Paid-up Capital :	Rs.7.155 Millions
CIN No.: [Company Identification No.]	U74999DL1990PLC040737
TAN No.: [Tax Deduction & Collection Account No.]	DELI04930C
PAN No.: [Permanent Account No.]	AAACI0050P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Industrial Boilers
No. of Employees:	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.		Small

Maximum Credit Limit :	USD 49432
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Kapil and Amplee
Designation :	Accountant
Contact No.:	91-11-30884064
Date :	25.07.2011

LOCATIONS

Registered / Head Office :	F-9/ 6, Okhla Industrial Area, Phase I, New Delhi-110020, India
Tel. No.:	91-11-26815336/ 26816251/ 65280333/ 65280444 / 30884060
Fax No.:	91-11-26815337/ 2273642
E-Mail :	indcon@vsnl.com rajhargopal@hotmail.com saguncc@sancharnet.in
Website :	www.indconboilers.com
Location :	Rented
Factory :	71, New DLF Industrial Area, Faridabad 121 003, Haryana, India
Tel. No.:	91-129-2273642 / 2279295 / 2254466 / 2254477
Branches :	Hyderabad Branch Person Concerned: Mr. Srinivas Vege (Regional Manager) 416, Aditya Apartment, 6-3-671, Punjagutta, Hyderabad 500 482, Andhra Pradesh, India Telefax: 91-040-3397792 (Office) Telephone: 91-040-3411659 (Office), 3832181(Residence) E-mail: psahyd@yahoo.com Mumbai Branch Person Concerned: Mr. Shailesh Verma (Regional Manager) B-2 Monarch Palace, J.B. Nagar, Andheri (East), Mumbai 400 059, Maharashtra, India Telephone: 91-22-28371802 (Office), (022) 28222160 (Residence) Fax: 91-22-28225910 E-mail: shailesh_psa@rolta.net Gujarat Branch Person Concerned: Mr. S.k. Sinsinwal (Regional Manager) 105, Shrinath Complex, High Tension Road, Subhanpura, Vadodara, Gujarat, India Telefax: 91-265-391070 Chennai Branch Person Concerned: Mr. C.K. Karunakaran D-3, R.M. Towers, Tenyampet, 108,Chamiers Road, Chennai -600 018, Tamilnadu, India Telephone: 91-44-4355267 / 435520 Fax: 91-40-4347272

DIRECTORS

AS ON 20.08.2010

Name :	Mr. Prabhas Narain Misra
Designation :	Director
Address :	E-438, Greater Kailash Part – II, New Delhi, Delhi, India
Date of Birth/Age :	13.09.1954
Date of Appointment :	06.07.1990
Name :	Mrs. Usha Rani Misra
Designation :	Director
Address :	E-438, Greater Kailash Part – II, New Delhi, Delhi, India
Date of Birth/Age :	03.07.1956
Date of Appointment :	06.07.1990
Name :	Mr. Prahlad Narain Misra
Designation :	Director
Address :	244, Aravali Apartment, Alaknanda, Kalkaji, New Delhi – 110019, Delhi, India
Date of Birth/Age :	14.05.1946
Date of Appointment :	20.12.2000
Name :	Ms. Divya Misra
Designation :	Director
Address :	E-438, Greater Kailash Part – II, New Delhi, Delhi, India
Date of Birth/Age :	23.11.1987
Date of Appointment :	01.09.2003
Name :	Ms. Hina Misra
Designation :	Director
Address :	A-1, Canal Colony, Civil Lines, Barelly, Uttar Pradesh, India
Date of Birth/Age :	10.03.1979
Date of Appointment :	01.09.2003
Name :	Ms. Mamta Misra
Designation :	Director
Address :	S-381, Greater Kailash Part – II, New Delhi – 110019, Delhi, India
Date of Birth/Age :	28.03.1948
Date of Appointment :	06.07.1990
Date of Ceasing:	31.12.2000
Name :	Mr. Prakash Misra
Designation :	Director
Address :	S-381, Greater Kailash Part – II, New Delhi – 110019, Delhi, India
Date of Birth/Age :	08.11.1943
Date of Appointment :	06.07.1990
Date of Ceasing:	31.12.2000

KEY EXECUTIVES

Name :	Mr. Kapil Sharma
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.08.2010

Names of Shareholders		No. of Shares
Prakash Narain Misra		19360
Prabhas Narain Misra		3315
Mamta Misra		4010
Usha Rani Misra		10
Prahlad Narain Misra		4560
Sita Rani Dixit		10
Usha Misra		10
Aruna Misra		2000
Kinergy India Limited – New Delhi		8250
Indcon Leasing Private Limited – New Delhi		7510
Manglam Portfolio (Private) Limited – New Delhi		10000
Divya Misra		10
Hina Misra		10
Dhiraj Consultants (Private) Limited		2500
International Credit Credit corporation Limited – New Delhi		10000
	Total	71555

AS ON 20.08.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		53.47
Directors or relatives of directors		46.52
Other top fifty shareholders		0.01
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Industrial Boilers
Exports :
Products :	Industrial Boiler
Countries :	European Countries
Imports :
Products :	CMS
Countries :	Germany
Terms :
Selling :	Cash
Purchasing :	Credit (90 Days) Advance

GENERAL INFORMATION

Customers :

• End Users
• Bharat Heavy Electrical Limited - Hyderabad (Boiler installed at their Steam Turbine Project, Srinagar)
• Project Engineering Corpn. India Limited Kathmandu – Nepal
• Areddy and Pathare Elastics Private Limited - Faridabad.
• Kapoor Spinning Milss - Faridabad.
• Udaipur Chemical Industry - Udaipur.
• Hindustan Prefab Limited - Delhi.
• Midland Fruit and Vegetables Private Limited - Delhi.
• Merry Thermocol (India) Private Limited – Ludhiana
• Aero Leather Private Limited - Jallandhar.
• Haryana Nitrochem Limited, - Chandigarh
• Tamal Chemicals Private Limited - Chandigarh.
• Universal Yarn and Textiles – Kanpur
• Dhanjeet Woolens Private Limited - Gopalganj (U.P).
• S.K. Dyeing and Finishing Mills - Delhi.
• Metalex Pipes Limited - Delhi.
• U.P. State Bridge Corporation Limited - Delhi.
• Hi-Vac Wares Private Limited – Bhiwandi

No. of Employees :

150 (Approximately)

Bankers :

• Punjab and Sind Bank - Okhla, New Delhi, India
• Punjab and Sind Bank - Nehru Place, New Delhi, India
• ICICI Bank
• Corporation Bank
• State Bank of India (Fixed Deposit Account)
• Raj Har Gopal and Company – K. G. Marg, New Delhi
• Citi Bank – Nehru Place Branch

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
ICICI Bank Car Loan (Against Hypothecation of Honda City Car)	0.284	0.426
Citicorp Maruti Loan (Against Hypothecation of Wagon R)	0.123	0.183
Total	0.407	0.609

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Director	0.000	1.322
From Companies	1.602	2.117
Total	1.602	3.439

Banking Relations :

--

Auditors :

Name 1 :

Raj Har Gopal and Company

Chartered Accountants

Address :

412, Ansal Bhawan, 16, K G Marg, New Delhi – 110 001, Delhi, India

Associates/Subsidiaries :

• Indcon Tanks and Vessels Private Limited – Delhi
• Indcon Projects and Equipments Limited – Delhi
• Indcon Loeasing Private Limited
• PSA Nitrogen Limited

CAPITAL STRUCTURE

AS ON 21.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs. 100/- each	Rs. 7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71555	Equity Shares	Rs. 100/- each	Rs. 7.155 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	50.000

The above information has been parted by Mr. Kapil (Accounts Manager).

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		7.155	7.155	7.155
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.203	4.628	3.721
4] (Accumulated Losses]		0.000	0.000	0.000
NETWORTH		12.358	11.783	10.876
LOAN FUNDS
1] Secured Loans		0.406	0.609	0.792
2] Unsecured Loans		1.602	3.439	1.026
TOTAL BORROWING		2.008	4.048	1.818
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		14.366	15.831	12.694
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.099	3.772	4.253
Capital work-in-progress		0.000	0.000	0.000
Investment		3.017	1.933	2.200
DEFERREX TAX ASSETS		0.320	0.333	0.321
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.990	9.467	4.708
	Sundry Debtors	13.699	12.430	7.935
	Cash & Bank Balances	4.428	3.986	2.733
	Loans & Advances	5.506	6.672	5.434
Total Current Assets		31.623	32.555	20.810
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.045	16.139	8.355
	Other Current Liabilities	0.714	5.041	5.227
	Provisions	6.932	1.582	1.308
Total Current Liabilities		24.691	22.762	14.890
Net Current Assets		6.932	9.793	5.920
MISCELLENIOUS EXPENSES		0.000	0.000	0.000
TOTAL		14.366	15.831	12.694

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	29.112	53.837	29.019
		Other Income	2.289	1.397	0.775
		TOTAL (A)	31.401	55.234	29.794
Less	EXPENSES
		Raw Materials consumed/increase or decrease in stock/ cost of goods sold	15.660	36.507	16.499
		Manufacturing Expenses	6.679	7.545	5.050
		Administration, General and other expenses	3.952	5.336	3.518
		Employees expenses and benefits	3.552	3.441	2.999
		Provision for leave encashment written back	0.051	(0.235)	0.160
		Provision for gratuity	0.046	0.176	0.036
		Provision for diminution in investment	0.031	0.301	0.000
		TOTAL (B)	29.971	53.071	28.262
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.430
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.528	0.527	0.544
	PROFIT BEFORE TAX (E-F) (G)		0.902	1.632	0.986
Less	TAX (I)		0.328	0.725	0.464
	PROFIT AFTER TAX (G-I) (J)		0.574	0.907	0.522
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.629	3.721	3.198
	BALANCE CARRIED TO THE B/S		5.203	4.628	3.720
	IMPORTS
		Raw Materials	0.157	0.520	0.973
	TOTAL IMPORTS		0.157	0.520	0.973
	Earnings Per Share (Rs.)		8.02	12.68	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.83	1.64	1.80
Net Profit Margin (PBT/Sales)	(%)	3.10	3.03	3.39
Return on Total Assets (PBT/Total Assets}	(%)	2.53	4.49	3.93
Return on Investment (ROI) (PBT/Networth)		0.07	0.14	0.09
Debt Equity Ratio (Total Liability/Networth)		2.16	2.28	1.54
Current Ratio (Current Asset/Current Liability)		1.28	1.43	1.39

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office address of the company has been shifted from D-170, Okhla Industrial Area, Phase-I, New Delhi -110020, Delhi, India to present address

Trade References:

• Newcon Engineering, Okhla
• Indcon Projects and Equipments Limited

Fixed Assets

• Plant and Machinery
• Car
• Computers
• Industrial Plot
• Building
• Scooter and Motor Cycle
• Office Equipments
• Generator

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.44.15
UK Pound	1	Rs.72.10
Euro	1	Rs.63.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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	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
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.