Report Date :

21.02.2011

IDENTIFICATION DETAILS

Name :	THE INDURE PRIVATE LIMITED
Registered Office :	Indure House, G K Part II, New Delhi - 110 048, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.04.1970
Com. Reg. No.:	55-005272
CIN No.: [Company Identification No.]	U74899DL1970PTC005272
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Suppliers of Complete range of reliable Ash Handling Equipments and Developers.

RATING & COMMENTS

Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. 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 :	Indure House, G K Part II, New Delhi - 110 048, Delhi, India
Tel. No.:	91-11-29213762 / 41891400
Fax No.:	91-11-29219566
E-Mail :	desein_delhi@vsnl.com info@deseinindure.com
Factory 1 :	45/1 New Industrial Area, Site No. 4, Sahibabad, Uttar Pradesh, India
Tel. No.:	91-120-4756460
Fax No.:	91-120-4756463
Factory 2 :	Plot No. 14, Sikandrabad Industrial Area, Sikandrabad, Uttar Pradesh, India
Tel. No.:	91-955705-222657

DIRECTORS

As on 28.09.2010

Name :	Mr. Narendra Prakash Gupta
Designation :	Managing Director
Address :	W – 20, Greater Kailash II, New Delhi - 110 048, India
Date of Birth/Age :	12.11.1943
Date of Appointment :	01.04.2004
Name :	Ms. Nidhi Gupta
Designation :	Director
Address :	W – 20, Greater Kailash II, New Delhi - 110 048, India
Date of Birth/Age :	04.09.1973
Date of Appointment :	19.12.2001
Name :	Mr. Anant Gupta
Designation :	Director
Address :	W – 20, Greater Kailash II, New Delhi - 110 048, India
Date of Birth/Age :	07.04.1970
Date of Appointment :	01.04.1994
Name :	Mrs. Bhavana Gupta
Designation :	Director
Address :	W – 20, Greater Kailash II, New Delhi - 110 048, India
Date of Birth/Age :	25.05.1969
Date of Appointment :	01.03.2003
Name :	Mr. Atul Kumar Garg
Designation :	Director
Address :	110, Nehru Apartments, Kalkaji, New Delhi – 110 019, India
Date of Birth/Age :	21.12.1950
Date of Appointment :	16.03.2002
Name :	Mr. Chander Gupta
Designation :	Additional Director
Address :	874, Pocket B and C, Sector A, Vasant Kunj, New Delhi - 110 070, India
Date of Birth/Age :	12.01.1951
Date of Appointment :	02.12.2008
Name :	Mr. Karthik Chandra Banerjee
Designation :	Director
Address :	SE-576, Shastri Nagar, Ghaziabad-201 002, Uttar Pradesh, India
Name :	Mr. Eric James Oakes
Designation :	Director
Address :	1, Olde Forge Lane, Hampton New Jersy-08827, United States of America.
Name :	Mr. Krishna Kumar Pillai
Designation :	Director
Address :	Frejs Vaeg 4, Finspong-61234, Sweden
Name :	Mr. Chander Gupta
Designation :	Director
Address :	874, Pocket B and C, Sector A Vasant Kunj, New Delhi-110 070, Delhi, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2010

Names of Shareholders	No. of Shares
N P Gupta	346213
Anant Gupta	6810
Nidhi Gupta	2280
Bhavna Gupta	7500
Master Avichal Gupta U/G Anant Gupta	15000
N P Gupta (HUF)	1662
Progect	2160
Desein Private Limited, India	15480
Energy Engineering Private Limited, India	81000
R C Aggarwal	832
V K Gupta	533
Vijay Lakshmi Gupta	250
Sarla Batra	280
Total	480000

As on 28.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	20.56
Directors or relatives of directors	79.44
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Suppliers of Complete range of reliable Ash Handling Equipments and Developers.

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Ash Handling Equipment	Nos.	121744	121744

GENERAL INFORMATION

Customers :

Indian Clients

· Maharashtra State Electricity Board

· Andhra Pradesh Electricity Board

· Bihar State Electricity Board

· Balagarh Power Company

· Punjab State Electricity Board

· Rajasthan State Electricity Board

· Haryana State Electricity Board

· Gujarat Electricity Board

· Orissa Power Generation Corporation

· Tenughat Vidyut Nigam Limited

· Karnataka Power Corporation Limited

· Ahmedabad Electricity Company

· Gujarat Minerals Development Corporation

· Orissa State Electricity Board

· Uttar Pradesh State Electricity Board

· Jindal Strips Limited

· Nav Bharat Ferro Alloys Limited

· Shriram Fertilizers and Chemicals

· Uttar Pradesh State Electricity Board

· Bharat Heavy Electricals Limited

· Engineers India Limited

· Central Railways

· Mukand Limited

· J. K. Corp Limited

· Modi Rubber Limited

· Essar Gujarat Limited

· VSL Power India Limited

· P. Paper Mills

· Hindustan Zinc Limited

· Raymond Woolen Mills Limited

· Birla Technical Services

· DLF Energy Systems

· Oriental Paper Mills

· Sodium Metal Private Limited

· ATV Project India Limited

· Electronics Corporation of India Limited

International Clients

· Black and Veatch International, USA

· EPDCI, Japan

· BBI Power, USA

· United Development Inc., Israel

· Tomen Corporation, Japan

· Mission Energy Company, USA

· AES Transpower, USA

· Metdist Limited, UK

· ECC inc., USA

· Overseas Economic Co-operation Fund of Japan

· Cogentrix, USA

· Smith Cogeneration, USA

· Chicago Power, USA

· Commonwealth Dynamics Inc., USA

· Electrical Construction Company, Libya

Bankers :

· ICICI Bank

· IDBI

· Bank of Maharashtra

· Canara Bank, PCB – I, D. D. A. Building, Near Paras Cinema, Nehru Place, New Delhi - 110 019, India

· Syndicate Bank, Corporate Finance Branch, Sarojani House, 6 BHagwan Dass Road, New Delhi – 110 001, India

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Term Loan (From Banks)
Canara Bank	106.082	40.400
Bank of Maharashtra	12.304	17.812
Syndicate Bank	15.478	0.000
Loans and Advances from Bank Cash and Credit Facility	404.557	562.479
Other Loans and Advances	19.743	13.849
Interest Accrued and due	3.606	0.629
Total	561.770	635.169

Banking Relations :	-
Auditors :
Name :	R. Khattar and Associates Chartered Accountants
Address :	N-17, Annexe Flats, 1^st and 2^nd Floors, Green Park Ext, New Delhi-110 016, Delhi, India
Tel. No.:	91-11-26192282/26192262
Fax No.:	91-11-26163990
E-Mail :	rkacadel@gmail.com
Subsidiaries :	Indure Fabrication and Services Private Limited CIN No.: U74899DL1989PTC035312 Indure Louise Private Limited CIN No.: U74899DL1989PTC035314 OPG Computer Aided Design Private Limited CIN No.: U73100DL1982PTC013716

CAPITAL STRUCTURE

As on 28.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2499000	Equity shares	Rs.100/- each	Rs.249.900 millions
1000	9.5% Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.0.100 millions
	Total		Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
480000	Equity shares	Rs.100/- each	Rs.48.000 millions

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		48.000	48.000	40.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		784.447	514.756	304.114
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		832.447	562.756	344.114
LOAN FUNDS
1] Secured Loans		561.770	635.169	803.716
2] Unsecured Loans		2462.059	2375.793	1132.681
TOTAL BORROWING		3023.829	3010.962	1936.397
DEFERRED TAX LIABILITIES		8.229	0.000	0.000
TOTAL		3864.505	3573.718	2280.511
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		337.766	171.001	167.302
Capital work-in-progress		2.707	33.834	13.305
INVESTMENT		3.247	2.188	2.188
DEFERREX TAX ASSETS		0.000	0.409	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	366.844	229.103	1917.024
	Sundry Debtors	4107.697	3859.543	2271.915
	Cash & Bank Balances	1299.272	1011.259	657.482
	Other Current Assets	15.133	11.068	4.978
	Loans & Advances	692.143	523.769	561.652
Total Current Assets		6481.089	5634.742	5413.051
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1916.130	1570.059
	Other Current Liabilities	1001.422	651.687	3127.358
	Provisions	43.552	46.710	187.977
Total Current Liabilities		2961.104	2268.456	3315.335
Net Current Assets		3519.985	3366.286	2097.716
MISCELLANEOUS EXPENSES		0.800	0.000	0.000
TOTAL		3864.505	3573.718	2280.511

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	7287.896	7252.323	6422.968
		Other Income	91.794	72.908	68.959
		TOTAL (A)	7379.690	7325.231	6491.927
Less	EXPENSES
		Raw Material Consumed		4361.248	4120.231
		Civil, Electric, Maintenance and installation Engineers		0.000	0.000
		Personal Expenses	6889.899	257.344	218.203
		Operating and Other Expenses		2116.895	1812.993
		Decrease/ Increase in inventories		42.121	(54.270)
		TOTAL (B)	6889.899	6777.608	6097.157
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		689.791	547.623	394.770
Less	FINANCIAL EXPENSES (D)		220.720	182.589	146.297
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		469.071	365.034	248.473
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.411	31.030	30.240
	PROFIT BEFORE TAX (E-F) (G)		423.660	334.004	218.233
Less	TAX (H)		145.573	114.939	83.737
	PROFIT AFTER TAX (G-H) (I)		278.087	219.065	134.496
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	0.789	0.813
Less	APPROPRIATIONS
		Proposed Dividend	NA	7.200	6.00
		Tax on Dividend	NA	1.224	1.020
		Transfer to General Reserve	NA	210.000	127.500
	BALANCE CARRIED TO THE B/S		NA	1.431	0.789
	TOTAL EARNINGS		NA	1227.206	692.169
	TOTAL IMPORTS		NA	392.800	89.299
	Earnings Per Share (Rs.)		579	542	336

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.77	2.99	2.07
Net Profit Margin (PBT/Sales)	(%)	5.81	4.61	3.40
Return on Total Assets (PBT/Total Assets}	(%)	6.21	5.75	3.91
Return on Investment (ROI) (PBT/Networth)		0.51	0.59	0.63
Debt Equity Ratio (Total Liability/Networth)		7.19	9.38	15.26
Current Ratio (Current Asset/Current Liability)		2.19	2.48	1.63

LOCAL AGENCY FURTHER INFORMATION

Form No. 8

Name of the company	THE INDURE PRIVATE LIMITED
Presented By	Canara Bank
1) Date and description of instrument creating the change	Agreement re : Collateral Security, Machinery, vehicles dated : 11.07.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.614.750 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 all plant, machinery, tools and accessories, motor vehicles already purchased / to be purchased to the agreement which are erected / kept / parked or kept or in transit or being erected in the premises situated at 45/1, New Industrial Area, Site No. 4, Sahibabad (U.P.) and / or Plot No. 14, O T Road, Sikandrabad Industrial Area, Distt. Bulandshahar (U.P.) or at any other place.
4) Gist of the terms and conditions and extent and operation of the charge.	The above is to secure various credit facilities up to Rs.614.750 millions such as : OCC Limit : Rs.74.950 millions RG Limit : Rs.500.000 millions ILC Limit : Rs.40.000 millions together with interest at such rate as may be specified by the bank from time to time.
5) Name and Address and description of the person entitled to the charge.	Canara Bank Nehru Place, New Delhi, India
6) Date and brief description of instrument modifying the charge	Nil
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.	Nil

Corporation identity number or foreign company registrations number of the company	U74899DL1970PTC005272
Name of the company	THE INDURE PRIVATE LIMITED
Address	Indure House, G K Part II, New Delhi - 110 048, India
This Form is for	Creation of charge
Type of Charges	· Book debts · Movable property (not being pledge)
Particular of the charge holder	Syndicate Bank Corporate Finance Branch, Sarojani House, 6 BHagwan Dass Road, New Delhi – 110 001, India
Nature or description of the instrument creating charge	Composite hypothecation agreement and No Objection Certificate from Canara Bank
Date of the instrument creating charge	18.12.2008
Amount Secure by the charge	Rs.2003.400 millions
Brief of the principal terms and conditions and extent and operation of the charge	· Rate of Interest Rate of interest shall be charged PLR i.e. Presently 13.25% p.a. with compound monthly rests or at such other rates as may be specified by the bank from time to time. · Terms of repayment As per sanction terms · Margin As per sanction terms · Extent and operation of the charge The hypothecated assets is to secure following credit limits granted by the Syndicate Bank to the company. SOD / CDD Rs.216.000 millions OSL Rs.20.000 millions BG Rs.1400.000 millions ILC/FLC Rs.160.000 millions BG (existing) Rs.207.400 millions Total Rs.2003.400 millions · Others Stored / to be stored at borrowers premises 45/1 New Industrial Area, Site No. 4, Sahibabad (UP), Plot No. 14, Sikardrabad Industrial Area, Sikandrabad (UP) and “Indure House” Greater Kailash – II, New Delhi and hypothecation of all present and future book debts of the company.
Particulars of the present modification	Hypothecation of stocks, raw material, finished goods etc. on first pari passu basis with other consortium members of Canara Bank and Bank of Maharashtra Hyp. of entire fixed assets including plant and machinery office equipment computer peripherals etc. on first pari passu basis with other consortium members of Canara Bank and Bank of Maharashtra, Existing fixed assets of the company on first pari passu basis with other consortium members of Canara Bank and Bank of Maharashtra.

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	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		60

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.