Report Date :

21.02.2011

Note:

The Correct name of the company is Macawber Beekay Private Limited

IDENTIFICATION DETAILS

Name :	MACAWBER BEEKAY PRIVATE LIMITED
Registered Office :	Beekay House L-8, Green Park Extn, New Delhi – 110016, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.12.1984
Com. Reg. No.:	55-019631
CIN No.: [Company Identification No.]	U51909DL1984PTC019631
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of ash conditioner, ash vessel, denseveyor, dome valve, k pump, mobile denseveyor, pd pump, submerged scraper.

RATING & COMMENTS

Rating :

Ba (50)

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

Maximum Credit Limit :	USD 3100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of BSBK Engineers Private Limited. It is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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

LOCATIONS

Registered Office :	Beekay House L-8, Green Park Extn, New Delhi – 110016, Delhi, India
Tel. No.:	91-11-42224222/30923092
Fax No.:	91-11-41892999
E-Mail :	vikash.kumar@mbl.in
Website :	www.mbl.in
Corporate Office :	C-450, Sector -10, Noida - 201 301, U.P, India
Tel. No.:	91-120-4507700/3007700
Fax No.:	91-120-4507777/3007777
Factory 1 :	Surajpur Industrial Area, Greater Noida District Gautam Budh Nagar - 201 306, U.P., India.
Tel. No.:	91-120-3003100
Fax No.:	91-120-3003122
Factory 2 :	Plot No.: 27, Sector – 31, Greater Noida, District Gautam Budh Nagar -201 306, U.P, India.
Branches :	KB-25, 4th Floor, Sector III, Salt Lake City, Kolkata - 700 098, West Bengal, India.
Tel. No.:	91-33-30923092
Fax No.:	91-33-30923000

DIRECTORS

As On 08.09.2010

Name :	Mr. Ajay Kumar Gupta
Designation :	Managing Director
Address :	C-4/43, Safdarjung Dev Area, New Delhi – 110016, Delhi, India
Date of Birth/Age :	10.05.1948
Date of Appointment :	01.10.2003
DIN No. :	00207974
Name :	Mr. Rohit Kumar Gupta
Designation :	Whole Time Director
Address :	C-5/27, Safdarjung Dev Area, New Delhi – 110016, Delhi, India
Date of Birth/Age :	19.04.1952
Date of Appointment :	01.05.2007
DIN No. :	00208112
Name :	Mr. Gautam Gupta
Designation :	Director
Address :	C-4/43, Safdarjung Dev Area, New Delhi – 110016, Delhi, India
Date of Birth/Age :	29.04.1977
Date of Appointment :	01.04.2005
DIN No. :	00208352
Name :	Mr. Karan Gupta
Designation :	Director
Address :	C-4/43, Safdarjung Dev Area, New Delhi – 110016, Delhi, India
Date of Birth/Age :	20.11.1978
Date of Appointment :	01.01.2003
DIN No. :	00208215
4Name :	Mr. Willam John Thomson
Designation :	Director
Address :	Clorwond Drymen Road, Balloch G33HT, UK
DIN No. :	01093207
Name :	Franz Bartels
Designation :	Nominee Director
Address :	49633 Bocholt, AUF Dem Schemndorn 13, Germany
Date of Birth/Age :	22.07.1954
Date of Appointment :	21.06.2000
DIN No. :	00833733
Name :	Mr. Ralph Alexander Ludwig
Designation :	Director
Address :	Vorlaenderweg 56, Muenster 48151, Germany
Date of Birth/Age :	11.11.1963
Date of Appointment :	10.05.2007
DIN No. :	01375597
Name :	Mr. Keith Lewis Mitchell
Designation :	Director
Address :	4, Patrick Hillavenue, Glasgow G115AA, United Kingdom
Date of Birth/Age :	24.08.1962
Date of Appointment :	31.03.2007
DIN No. :	01379817
Name :	Jeffrey Hudson
Designation :	Director
Address :	7, Kingfisher Raod, Adwick Le Street, Doncaster DN 6, 7UT, United Kingdom
Date of Birth/Age :	12.04.1960
Date of Appointment :	30.06.2003
DIN No. :	00208525

KEY EXECUTIVES

Name :	Mr. Vikash Kumar
Designation :	Company Secretary
Address :	H-19-C, Near Sanjay Park, Shakarpur, Delhi – 110092, India
Date of Birth/Age :	10.06.1983
Date of Appointment :	03.05.2010
Pan No. :	AZSPK3405G
Name :	Mr. Abhishek Chaudhary
Designation :	Company Secretary
Address :	Flat No. 701, Express Apartments, Sector 4 Vaishali, Ghaziabad – 201010, Uttar Pradesh, India
Date of Birth/Age :	30.11.1982
Date of Appointment :	08.12.2008
Date of Cessation :	14.03.2010
Pan No. :	AFRPC8844A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 08.09.2010

Names of Shareholders	No. of Shares
Ajay Kumar	1570
Rohit K. Gupta	1570
Karan Gupta	1570
Gautam Gupta	1570
Clyde Bergemann Material Handling Limited – UK	4400000
Neera Gupta	1570
BSBK Engineers Private Limited – India	6592150
Total	11000000

As On 08.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Bodies corporate	59.93
Directors or relatives of Directors	0.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of ash conditioner, ash vessel, denseveyor, dome valve, k pump, mobile denseveyor, pd pump, submerged scraper.

Products :

Item Code No.	Product Description
840410	Auxiliary plant for use with boilers and part thereof
NA	Trading of spares and equipments
NA	Services towards design and engineering and supervision of erection

GENERAL INFORMATION

Bankers :

• Syndicate Bank, Hauz Khas, New Delhi – 110016, Delhi, India
• Syndicate Bank (Lead Bank), 2, Kaushalya Park, Hauz Khas, New Delhi – 110016, Delhi, India

Facilities :

	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Long Term
From Bank [Repayable within one year Rs.3.400 millions (Previous year Rs.3.400 millions)]	4.153	7.553
Interest Accrued and Due	0.047	0.083
Short Term
Cash Credit (Including Working Capital Demand Loan)	810.708	816.644
Total	814.908	824.280

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Long Term
- Finance Lease	3.461	5.681
Short term	0	0
- Others*	38.250	92.600
- Interest accrued and due	1.910	2.029
Total	43.621	100.310

*Repayable on demand

Banking Relations :	--
Auditors :
Name :	Price Water House and Company Chartered Accountant
Address :	Building 8, 7^th and 8^th Floor, Tower – B, DLF Cyber City, Gurgaon – 122002, Haryana, India
Pan No.:	AADFP9359C
Holding Company :	B S B K Engineers Private Limited CIN: U74210DL1985PTC021596
Joint Venture :	Clyde Bergemann Materials Handling Limited, UK

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs. 10/- each	Rs. 110.000 Millions

Note:

(Out of the above 6,592,150 (Previous year 6,592,150) Equity Shares are held by MIS BSBK Engineers Private Limited, the holding company.)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		110.000	110.000	70.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		668.901	519.383	206.113
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		778.901	629.383	276.113
LOAN FUNDS
1] Secured Loans		814.908	824.280	464.374
2] Unsecured Loans		43.621	100.310	123.268
TOTAL BORROWING		858.529	924.590	587.642
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1637.430	1553.973	863.755
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		215.031	198.325	107.171
Capital work-in-progress		2.775	1.880	6.325
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		12.565	9.103	4.890
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	229.629	186.216	137.358
	Sundry Debtors	2081.357	1915.281	1194.029
	Cash & Bank Balances	241.763	208.499	126.911
	Other Current Assets	17.973	8.120	7.505
	Loans & Advances	116.248	169.203	128.116
Total Current Assets		2686.970	2487.319	1593.919
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	511.406	345.274	364.241
	Other Current Liabilities	723.853	671.723	412.018
	Provisions	44.652	125.657	72.291
Total Current Liabilities		1279.911	1142.654	848.550
Net Current Assets		1407.059	1344.665	745.369
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1637.430	1553.973	863.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	3878.000	4162.000	2481.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		Interest
		Depreciation
		TOTAL	3648.000	3920.000	2357.000
	PROFIT BEFORE TAX		230.000	242.000	124.000
Less	TAX		80.000	89.000	46.000
	PROFIT AFTER TAX		150.000	153.000	78.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		309.000	156.000	78.000
	BALANCE CARRIED TO THE B/S		459.000	309.000	156.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	76.398	23.094	63.465
	TOTAL EARNINGS		76.398	23.094	63.465
	IMPORTS
		Raw Materials	33.784	89.762
		Plant and machinery	17.979	14.609
		Furniture and fixtures	2.408	5.376	NA
		Vehicles	0.000	4.636
		Air conditioner	2.330	4.168
	TOTAL IMPORTS		56.501	118.551
	Earnings Per Share (Rs.)		13.59	16.42

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.87	3.68	3.14
Return on Total Assets (PBT/Total Assets}	(%)	7.93	9.01	7.29
Return on Investment (ROI) (PBT/Networth)		0.30	0.38	0.45
Debt Equity Ratio (Total Liability/Networth)		2.75	3.28	8.85
Current Ratio (Current Asset/Current Liability)		2.10	2.18	1.88

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS:

During the year, the Company has recorded a turnover of Rs. 3878.000 millions, a decrease of about 6.83% against Rs. 4162.000 millions of the previous year. However, despite a drop in turnover by about 6.83%, the Net Profit after tax for the year has decreased marginally by about 2.61% to Rs. 150.000 millions as against Rs. 153.000 millions of the previous year. The directors express their satisfaction over the performance of the Company during the financial year under review, particularly in view of the Global economic slowdown in the third and fourth quarters of last financial year which had an impact on the order intake of the Company which was sluggish during the last quarter of 2008-09 and first quarter of 2009-10 which in turn adversely impacted the turnover of the company for the year. However, the situation improved substantially from second quarter of 2009-10 which resulted in a healthy order book of about Rs. 6000.000 millions as at the end of the year and in view of the same the directors are confident of achieving 40-50% growth in turnover in the next financial year.

Form 8:

Corporate identity number of the company

U51909DL1984PTC019631

Name of the company

MACAWBER BEEKAY PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

Beekay House L-8, Green Park Extn., New Delhi – 110016, Delhi, India

This form is for

Modification of charge

Type of charge

Book Debts

Movable Property

Particular of charge holder

Name :	Syndicate Bank (Lead Bank)
Address :	2, Kaushalya Park, Hauz Khas, Hauz Khas, New Delhi – 110016, Delhi, India
Email :	mallyashenoyca@rediffmail.com

Nature of instrument creating charge

Joint Deed of Hypothecation, Power of Attorney, list of charge holder.

Date of instrument Creating the charge

25.02.2010

Amount secured by the charge

Rs. 5200.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - As per sanction terms.

Terms of Repayment - As per sanction terms.

Margin - As per sanction terms.

Extent and Operation of the charge - The company has been sanctioned Fund Based and Non Fund Based credit limits aggregating to Rs.5200.000 millions under Consortium finance, Syndicate Bank being the leader of the consortium and Corporation Bank, being the member of consortium details mentioned in Schedule "A" Joint deed of hypothecation.

Particulars of the property charged

The first pari passu charge in favour of the Syndicate Bank being the leader of the consortium & Corporation Bank, being the member of consortium details mentioned in Schedule - "B" of Deed of Joint deed of hypothecation.

Particulars of the present modification

The aggregate limit stands enhance from Rs. 3818.700 millions to Rs.5200.000 millions to be continue secured by first pari passu charge in favour of the Syndicate Bank being the leader of the consortium and Corporation Bank, being the member of consortium of Deed of Hypothecation.

Fixed Assets:

• Building
• Lease hold improvements
• Plant and machinery
• Furniture and fixtures
• Office equipment
• Vehicles – Owned and Leased
• Computer software

AS PER WEBSITE DETAILS:

PROFILE:

Subject, a subsidiary of BSBK Engineers Private Limited, was established in 1984 as a joint venture company in collaboration with M/s. Clyde Bergemann Materials Handling Limited of UK (formerly Simon-Macawber Limited) to bring to India the technology of Densephase Pneumatic Conveying for transfer of bulk materials especially Dry Fly Ash.

Subject has been providing Dry Ash Handling System throughout the power industry for solid fuel-fired boilers of size upto 800 MW. Combining the need of environmental pollution control with energy conservation, Subjects unique conveying systems offer solutions to bulk material handling problems of the core sectors of the Industry-Power, Cement, Alumina, Steel, Chemicals, Sugar, Paper, Foundry, etc.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.18
UK Pound	1	Rs.73.04
Euro	1	Rs.61.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		50

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.	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.