MIRA INFORM REPORT

Report Date :

19.10.2011

IDENTIFICATION DETAILS

Name :	KILBURN ENGINEERING LIMITED
Registered Office :	Four Mangoe Lane, Surendra Mohan Ghosh Sarani, Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.09.1987
Com. Reg. No.:	21-042956
Capital Investment / Paid-up Capital :	Rs.132.558 Millions
CIN No.: [Company Identification No.]	L24232WB1987PLC042956
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	The Company is primarily engaged in designing and manufacturing drying Systems for Diverse Applications.
No. of Employees :	144 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 4000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Four Mangoe Lane, Surendra Mohan Ghosh Sarani, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22313337 / 3450
Fax No.:	91-33-22314768
E-Mail :	amee@kilburnengg.com investors@kilburnengg.com
Website :	http://www.kilburnengg.com
Corporate Office :	112, Minerva Industrial Estate, P. K. Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Tel. No.:	91-22-25936200
Fax No.:	91-22-25917580/ 7554
Factory :	Plot No.6, MIDC Industrial Area, Saravali, Kalyan Bhiwandi Road, Thane – 421311, Maharashtra, India
Tel. No.:	91-2522-204086
Fax No.:	91-22-25917632
Email :	kilburn@bom3.vsnl.net.in
Regional Office :	Located at: · Mumbai · Kolkata · New Delhi · Secunderabad

DIRECTORS

(AS ON 31.03.2011)

Name :	Mr. Deepak Khaitan
Designation :	Chairman
Name :	Mr. Supriya Mukherjee
Designation :	Managing Director
Email :	supriyo_mukherjee@wmg.co.in
Name :	Mr. Subir Ranjan Dasgupta
Designation :	Director
Name :	Mr. Amritanshu Khaitan
Designation :	Director
Name :	Mr. Gobind Saraf
Designation :	Director
Name :	Mr. Manmohan Singh
Designation :	Director

KEY EXECUTIVES

Name :	Ms. Amee B. Joshi
Designation :	Company Secretary
Name :	Mr. A. Suresh
Designation :	VP Finance and Chief Financial Officer
Email :	asuresh@kilburnengg.com
Name :	Mr. A. D. Korgaonkar
Designation :	Chief Advisor – (Corporate Affairs)
Email :	adk@kilburnengg.com
Name :	Mr. S.H. Palkar
Designation :	Sr. General Manager – Marketing
Email :	shpalkar@kilburnengg.com
Name :	Mr. D. Banerjee
Designation :	Sr. General Manager – Marketing
Email :	db@kilburnengg.com
Name :	Mr. S. Khurana
Designation :	Sr. Manager – Marketing
Email :	skhurana@kilburnengg.com
Name :	Mr. Tripal Meshram
Designation :	Resident Representative
Email :	tripal@kilburnengg.com
Name :	Mr. S.R. Gor
Designation :	Dy. General Manager – Marketing
Email :	srgor@kilburnengg.com
Name :	Mr. Amarendra Jha
Designation :	Manager Marketing (Exports)
Email :	amarendra_jha@kilburnengg.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	7,550,537	56.96
Sub Total	7,550,537	56.96
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	7,550,537	56.96
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	900	0.01
Financial Institutions / Banks	1,800	0.01
Foreign Institutional Investors	36,690	0.28
Sub Total	39,390	0.30
(2) Non-Institutions
Bodies Corporate	1,129,579	8.52
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	2,940,266	22.18
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1,537,915	11.60
Any Others (Specify)	58,081	0.44
Clearing Members	25,612	0.19
NRIs/OCBs	32,469	0.24
Sub Total	5,665,841	42.74
Total Public shareholding (B)	5,705,231	43.04
Total (A)+(B)	13,255,768	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	13,255,768	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of all type of Dryer, Rotary
Dryer and Drying Equipment.

Products :

Products Description	Item Code No.
Dryers and Drying Systems, Heat Exchangers and Combustion Systems	8419
Oil - Field Equipments	1740
Pneumatics and Vibrating Conveyors	3748

PRODUCTION STATUS** (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Dryers, Dying Systems and Components thereof	M.T.	NA	1,200	2,972.61***
Other Equipments	M.T.	NA	Nil	15.64

Note:

** As certified by the management and relied upon by the auditors being a technical matter.

*** Includes production on job work basis.

GENERAL INFORMATION

Customers :

· ABS Plastics Limited

· Aditya Birla Group of Companies

· Aegis Chemicals Limited

· Best and Cromptons Engineering, Bihar

· Bharat Heavy Engineering Limited (BHEL)

· Century Cement

· Century Enka

· Chambal Fertilizers

· Chemplast Sanmar Limited

· Deepak Fertilizers and Petrochemicals Limited

· Dharamsi Morarji Chemical Limited

· Essar Constructions Limited

· Fact Engineering and Development Organisation (FEDO)

· Gas Authority of India Limited

· General Foods

· Gujarat Alkalies and Chemicals Limited

· Herdilla Oxides and Electronics Limited

· Hindustan Antibiotics Limited

· Hindustan Lever Limited, Haldia

· Hindustan Lever Limited, Pondicherry

· Indian Aluminium Limited

· Instrumentation Limited

· India Rare Earths

· Kellogs - India Limited

· Kesoram Cement

· Kirloskar- Ferrous Ind. Limited

· Larsen and Toubro Limited

· Linde Process Technologies Limited

· Mangalore Refinery and Petrochem Limited

· Maruti Udyog, Gurgaon

· National Aluminium Company Limited (NALCO)

· National Fertilizers Limited (NFL)

· Orissa Sponge limited

· Phillips Carbon Black Limited

· Pure Chem Chemical Company

· Rallis India

· Reliance Industries Limited

· Scientific Design and Engineering

· Synthetics and Chemicals Limited

· United Riceland Limited

· United Phosphorous Limited

· Vikram Ispat

· Vizag Steel Plant

· Vinati Organics Limited

No. of Employees :

144 (Approximately)

Bankers :

· United Bank of India

· Union Bank of India

· The Federal Bank Limited

· IDBI Bank Limited

· HDFC Bank Limited

· The Karur Vysya Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Banks	198.460	436.637
Interests Accrued and Due	0.000	0.000
Total	198.460	43.637
The credit facilities are secured by : I. Equitable Mortgage created by way of Deposit of Title Deed on the Company’s immovable property situated at Plot No. 6, Kalyan Bhiwandi Industrial Area, Thane. II. Hypothecation of present and future stocks of raw materials, semi-finished goods, finished goods and book debts by way of first charge and also by hypothecation of movable plant and machinery by way of first charge.
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other Loans and Advances
From Others	100.000	0.000
(This Loan is Secured by pledge of investments by group companies)
Deferred Liability	0.000	3.085
Total	100.000	3.085

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	Mumbai, Maharashtra, India

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
21747900	Equity Shares	Rs.10/- each	Rs.217.479 Millions
8252100	Redeemable Preference Shares	Rs.10/- each	Rs.82.521 Millions
	Total		Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13255768	Equity Share	Rs.10/- each	Rs.132.558 Millions

NOTE:

Out of the above, 528,000 equity shares were allotted as fully paid to Williamson Magor and Company Limited without payment being received in cash for acquisition of its Kilburn Division pursuant to the scheme of arrangement approved by the Kolkata High Court.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		132.558	132.558	134.511
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		946.262	893.674	876.940
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1078.820	1026.232	1011.451
LOAN FUNDS
1] Secured Loans		198.460	43.637	120.623
2] Unsecured Loans		100.000	3.085	3.085
TOTAL BORROWING		298.460	46.722	123.708
DEFERRED TAX LIABILITIES		0.000	0.980	5.181
TOTAL		1377.280	1073.934	1140.340
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		168.100	163.063	57.763
Capital work-in-progress		431.443	29.673	45.518
INVESTMENT		20.737	23.263	6.467
DEFERREX TAX ASSETS		12.075	0.000	0.000
1377.
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	169.083	100.149	172.332
	Sundry Debtors	390.665	271.200	230.738
	Cash & Bank Balances	281.639	502.815	214.567
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	367.052	301.460	925.857
Total Current Assets		1208.439	1175.624	1543.494
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	176.622	84.135	127.196
	Other Current Liabilities	184.308	174.027	235.685
	Provisions	102.584	60.073	151.112
Total Current Liabilities		463.514	318.235	513.993
Net Current Assets		744.925	857.389	1029.501
MISCELLANEOUS EXPENSES		0.000	0.546	1.091
TOTAL		1377.280	1073.934	1140.340

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1255.278	872.223	849.820
		Other Income	49.893	47.026	38.652
		TOTAL (A)	1305.171	919.249	888.472
Less	EXPENSES
		Operating Expenses	1191.051	765.738	801.065
		(Increase)/Decrease in Stock of Finished Goods and Work in Progress	(44.124)	73.052	30.206
		Diminution in value of Investments	2.610	0.000	1.556
		Prior Period Items	0.000	0.000	0.315
		TOTAL (B)	1149.537	838.790	833.142
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		155.634	80.459	55.330
Less	FINANCIAL EXPENSES (D)		12.592	11.400	14.485
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		143.042	69.059	40.845
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.617	12.648	12.068
	PROFIT BEFORE TAX (E-F) (G)		133.425	56.411	28.777
Less	TAX (H)		42.194	13.349	(701.562)
	PROFIT AFTER TAX (G-H) (I)		91.231	43.062	730.339
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		634.960	618.733	(6.650)
Add	Excess Provision for dividend written back (including Dividend Tax)		0.000	0.457	0.000
Less	APPROPRIATIONS
		Proposed Dividend	33.139	19.884	26.902
		Tax on Dividend	5.504	3.302	4.572
		Transfer to Capital Redemption Reserve	--	1.953	0.448
		Transfer to Capital Redemption Reserve	9.123	2.153	73.034
	BALANCE CARRIED TO THE B/S		678.425	634.960	618.733
	EARNINGS IN FOREIGN CURRENCY
		Export Calculated on FOB Basis	411.273	214.431	168.249
		Designing Fees	2.479	0.000	0.326
	TOTAL EARNINGS		413.752	214.431	168.575
	IMPORTS
		Raw Materials	34.198	22.648	35.037
		Components	59.718	7.310	11.972
	TOTAL IMPORTS		93.916	29.958	47.009
	Earnings Per Share (Rs.)		6.88	3.23	54.12

QUARTERLY RESULTS

PARTICULARS	30.06.2011
Type	1^st Quarter
Net Sales	159.900
Total Expenditure	163.200
PBIDT (Excl OI)	(3.300)
Other Income	8.100
Operating Profit	4.800
Interest	13.100
Exceptional Items	(7.600)
PBDT	(15.900)
Depreciation	2.200
Profit Before Tax	(18.100)
Tax	0.400
Provisions and contingencies	0.000
Profit After Tax	(18.500)
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	(18.500)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.99	4.68	82.20
Net Profit Margin (PBT/Sales)	(%)	10.63	6.47	3.39
Return on Total Assets (PBT/Total Assets}	(%)	9.69	4.21	1.80
Return on Investment (ROI) (PBT/Networth)		0.12	0.05	0.03
Debt Equity Ratio (Total Liability/Networth)		0.71	0.36	0.63
Current Ratio (Current Asset/Current Liability)		2.61	3.69	3.00

LOCAL AGENCY FURTHER INFORMATION

YEAR IN RETROSPECT

Gross sales for the Financial Year were Rs.1330.500 Millions as against Rs.930.200 Millions for the previous Financial Year registering an increase of 43%. The Profit Before Tax of Rs.133.400 Millions and the Profit After Tax of Rs.91.200 Millions for the Financial Year as against Rs.56.400 Millions and Rs.43.100 Millions respectively for the previous Financial Year, improved by 136% and 112% respectively.

The Company’s export turnover has increased from Rs.214.400 Millions to Rs.413.700 Millions registering an increase of 93 % over the previous Financial Year. The Company has executed a number of relatively large orders of critically customized Process Equipment. The Company during the year under review had to absorb the incidence of higher input cost but a number of other measures taken by the Company towards productivity cost control/ reduction in several areas helped to neutralize the impact of higher input cost to some extent.

FUTURE OUTLOOK

Process Equipment

The Company has substantially strengthened its manufacturing infrastructure during the year. The order inflow has been somewhat sluggish in last six months though the Company has been receiving several enquiries from the end users/ consultants for its diverse product range. In some cases, the customers have deferred and slowed down their capex decisions.

The ongoing marketing initiatives coupled with the newly setup manufacturing facility are expected to yield better inflow of Process Equipment orders in the future. The Company’s continued focus on cost reduction/ control are yielding results.

Food Processing Equipment

The continuing boom in the Tea industry is expected to augment their sales for Tea Dryers in the current year. The Company, a market leader in Tea Dryers, will launch during the current year a latest model of Tea Dryer incorporating some new features benefiting the customers. As reported last year, the Company has developed the entire range of Paddy Dryers for the Rice Mills (Basmati / Non Basmati / Raw Paddy) with varying capacities of 3 Ton to 15 Ton. A number of such new dryers have been supplied to several large Rice Mills and are in the process of being commissioned in six different states. Post analysis of the performance of these equipments, the Company will be able to plan its growth in sales in this segment in the years ahead.

NEW PROJECT/ RELOCATION

The project involving an outlay of Rs.650.000 Millions (approx.) is nearing completion. The new project is expected to contribute significantly in achieving substantial growth in sales and profitability of the Company in the years ahead.

As planned, the shifting of major part of manufacturing operations in a phased manner from the existing location of Taloja and Mulund at the new site is expected to be completed by the end of 2nd quarter of the current year. During the current year, manufacturing operations will be carried out at the new site and at Mulund, Mumbai.

As regards the allotment of 20 acres of land from Asansol Durgapur Development Authority (ADDA), no further development in the matter has taken place since May 2008. The Company was informed that ADDA is in the process of acquiring the land.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Industry Structure, Development and Outlook

Engineering industry in India is characterized by a few large players who serve all industrial segments. In addition, there are SMEs with a lesser turnover who serve particular segments of industry. Further, there are micro enterprises who do need base fabrication and machining works.

Subject is a leader in process design, engineering, manufacturing, project management and installation of equipment and systems for various process plants across the world. The Company provides solutions for drying of solid, liquid and gas products in industries like chemical, petrochemical, fertilizer, steel, refineries, oil and gas, power, food processing, etc. Kilburn is a single manufacturer of drying equipments across all industrial segments whereas its competitors cater to only certain segments. The Company also has infrastructure and expertise for handling exotic material such as Nickel, Inconel, Duplex Stainless Steel and other exotic material. The Company also has a highly qualified and talented pool of expertise in mechanical, chemical, metallurgical, electrical and instrumentation disciplines.

The Company largely deals with two groups of products viz. Process Equipment and Food Processing Equipment.

The Company’s current and future performance in respect of these two groups of products has been outlined in the Directors’ Report.

During the current year, the Company will be shifting its operations to a state of art manufacturing facility set up at MIDC, Saravali, Thane. The facility has adequate shop floor area (158000 Sq. ft.) and aggregate overhead crane capacity over 200 Tons distributed over four bays.

The Company’s fabrication, skills and excellent infrastructure at the new factory is expected to increase order inflow for supply of Pressure Vessels, Reactors, Heat Exchangers, Rotary Dryers, Calciners etc.

After a period of recession, most segments in engineering industries have revived especially chemical industries in India which forms a substantial part of your Company’s customer base. Industrial growth has been around 8% and is expected to grow at higher rate during 2011-12. As the products are in the capital goods sector the development of the Company is dependent on the expansion of customer industries, their investment decisions and their capital outlay. The Company has strengthened its marketing and manufacturing set up. This together with the new plant should give the Company adequate inflow of orders.

The Company is a Government approved R and D House with in house pilot plant facilities. The Company has ISO: 9001 and ASME U Stamp accredition. All above factors will place the Company at a competitive and favourable position in getting orders.

In the food processing equipments, the Company has developed a new dryer model for Tea which will be launched very shortly. During 2010 -11, the Company has sold and commissioned dryers for Tea and Rice Mill Industry which are capable of reducing moisture from 36% to 12%.

The Company is also in the process of registration with consultants wherever not registered so far.

In Sugar dryer market the Company hopes to increase its presence significantly during the year.

In the Paddy Drying equipment, the Company has supplied paddy drying equipments to 8 new Customers during the year which are in the process of installation. The Company expects orders from other Customers based on the performance of the existing machines.

The Company’s competitive pricing and better product quality vis-à-vis competition gives the Company significant opportunities for growth in sales and profitability.

However, increase in input cost, delay in investment decisions by the customers could affect the companies revenues and margins.

SEGMENT WISE OR PRODUCT WISE PERFORMANCE

The Company is primarily engaged in designing and manufacturing drying systems for diverse applications. The

Company largely deals with two groups of products viz. Process Equipment and Food Processing Equipment.

The Company’s current and future performance in respect of these two groups of product has been outlined in the

Directors’ Report.

FIXED ASSETS

· Leasehold Land

· Building

· Furniture and Fittings

· Electrical Installations

· Plant and Machinery

· Motor Vehicles

· Office Equipments

WEBSITE DETAILS:

PROFILE:

Subject is acknowledged as the world’s only company manufacturing all types of Dryers and offering Complete Drying Solution for Diverse Applications.

Subject is a Williamson Magor Group Enterprise. The group has varied interests in manufacture and marketing of Tea, Batteries and Engineering with a turnover exceeding US $ 500 million.

Eveready Industries, McNally Bharat Engineering, McLeod Russel India are other group enterprises.

With specialized expertise in design, engineering, manufacture and installation of Drying Systems for Solids, Liquids and Gases, Kilburn efficiently covers the world canvass of industries, ranging from Chemical, Petrochemical to Food, Oil and Gas, Refinery, Power Plant and Steel.

Kilburn is a Premium and recognized brand of Dryers for many decades.

The applications range from drying and processing of materials, such as PVC, Carbon Black, Soda Ash, Sodium Cyanide, Rubber, Heavy Chemicals to Sugar, Paddy, Tea etc. With an inbuilt capacity to design and innovate, at its Govt Recognized and well equipped R&D Centre, Kilburn has been able to successfully provide specialized Dryers for products such as Tea, Sugar, Rice Paddy, Coconut, Salt, Chilli and other food products, which have so far been processed in age old, inefficient conventional dryers.

The excellence in quality standard has brought about the splendid growth and total customer satisfaction with every product manufactured by Kilburn.

The real strength of Kilburn lies in Technology Oriented Functional Groups within company, with exclusive experience in various aspects of Drying Systems.

Kilburn with decades of successful track record is supplying world class Drying Systems and Projects for Domestic and International customers in Chemical, Petrochemical, Food and a host of industries.

BUSINESS DESCRIPTION

Subject is an India-based company. The Company is engaged in process design, engineering, manufacturing, project management and installation of equipment and systems for a range of process plant. The Company manufactures solid, liquid, gas drying systems and skid mounted packages for offshore platforms. The Company focuses primarily on two groups of products, such as process equipment and food processing equipment. Its products have diverse applications in industries, such as chemical, petrochemical, fertilizer, steel, refineries, oil and gas, power and food processing. The Company’s plant is located at Taloja Industrial Area, Maharashtra. The Company’s range of products include tea dryers, paddy dryers, coconut dryers, rotary dryers, coolers, calciners and kilns, vibrating fluid bed dryers and coolers, coal dryers, catalytic purification systems, water injection manifolds, industrial centrifugal fans, bag filters and vibrating spiral elevators. For the nine months ended 31 December 2010, Kilburn Engineering Limited's revenues increased 57% to RS842M. Net income totaled RS54.8M, up from RS24M. Revenues reflect an increase in income from operations and higher other income. Net income also reflects an increase in operating margins and a fall in depreciation expenses. The Company is engaged in process design, manufacturing and installation of equipment for a range of process plant.

BOARD OF DIRECTORS

Mr. Deepak Khaitan

Mr. Deepak Khaitan is Non-Executive Chairman of the Board of Subject. He hails from a family of Industrialists and is an Industrial Entrepreneur himself. He has over 28 years of experience in steering diverse business enterprises in India. He is the Vice-Chairman & Managing Director of Eveready Industries India Ltd. and is also on the Board of various Companies He is on the Committees of various Chambers of Commerce/ Federation like Cll, FICCI, ASSOCHAM, BCCI, ICC, etc. He has served as President of the Indian Chambers of Commerce in the year 1992-93.

MR. SUBIRRANJAN RANJAN DASGUPTA

Mr. Subir Ranjan Dasgupta is Independent Non-Executive Director of Subject. He has experience in managing the business and affairs of Companies. He has held positions as Area Chairman of Eveready Battery Company Asia and Africa for handling responsibility for all Asia and Africa Operations (1998-99), the Vice President/ Managing Director of Eveready Singapore Pte. Limited, (1996-98) and President Director - PT Eveready Company Indonesia, Jakarta (1986 -95).

MR. GOBIND SARAF

Mr. Gobind Saraf is an Independent Non-Executive Director of Subejct. He has experience in business and its overall management especially in printing industry. He is associated with The Ganges Printing Company Limited. since 35 years wherein he is in charge of finance, operations and its overall management.

MR. MANMOHAN SINGH

Mr. Manmohan Singh is an Independent Non-Executive Director of Subject. He is a graduate from St. Stephens College, Delhi with an Honours degree in Economics as also holds LLB degree from Law University, Delhi. He has over 35 years of experience in Hotel and Travel Industry. Manor Hotel, owned by him, is one of the Delhi's first designer boutique hotel and was accolade as one of the world new hotels in the year 1991 by Conde Nast. He also has an active interest in Golf.

NEWS:

DIVIDEND PAYMENT DATE

26 September 2011

India, September, 26 -- Kilburn Engineering Limited has informed BSE that date of payment of Dividend is October 07, 2011, as dividend declared by members in 23rd Annual General Meeting (AGM) held on September 24, 2011. Published by HT Syndication with permission from Accord Fintech BSE.

KILBURN ENGINEERING APPOINTS COMPANY SECRETARY

03 September 2011

India, September, 03 -- Kilburn Engineering's Board of Directors at its meeting held on August 11, 2011, appointed Jayesh Udeshi as Company Secretary and Compliance Officer of the Company with effect from August 27, 2011. The above information is part of company's filing submitted to the BSE.

KILBURN ENGINEERING BAGS ORDER WORTH RS.341.200 MILLIONS

17 August 2011

India, August, 17 -- Kilburn Engineering has received orders/ LOIs as under totaling to Rs.341.200 Millions during the period April 2011 till date. The company has received orders for process equipment worth Rs.302.600 Millions. It has also received another order for tea/paddy dryers worth Rs38.600 Millions. Further, the order book as on date stands at Rs626.600 Millions including export orders of Rs346.800 Millions. Earlier, Kilburn Engineering had bagged orders aggregating worth Rs264.900 Millions during the period from July 2010 to September 2010. The orders comprise Rs221.500 Millions for process equipment and Rs43.400 Millions for Tea/ Paddy Dryers. The order book of the company as at the close of September 30, 2010 stands at Rs692.100 Millions including export orders of Rs245.800 Millions. Kilburn Engineering is a manufacturer, supplier and exporter of drying systems and drying equipment.

ICRA REVISES RATINGS ON LIMITS OF KILBURN ENGINEERING

24 May 2011

24 May 2011 - ICRA said yesterday it had raised the ratings on the fund and non-fund based limits of Indian drying systems manufacturer Kilburn Engineering Ltd to LBBB+/"stable" from LBBB/"stable", each.

The upgrade mirrors the company's wide product portfolio, diversified and reputed client base, strong parentage of the Willamson Magor group, significant cash balances and low gearing, ICRA noted.

The agency also considered the firm's greenfield project in Kalyan which is expected to improve the company's profitability.

The low return on capital indicators and the increase in debtors partially offset these strengths, ICRA said.

ICRA HIKES RATINGS ON KILBURN ENGINEERING'S LIMITS

24 May 2011

(ADP News) - May 24, 2011 - ICRA said yesterday it had raised the ratings on the fund and non-fund based limits of Indian drying systems manufacturer Kilburn Engineering LImited to LBBB+/"stable" from LBBB/"stable", each.

The upgrade mirrors the company's wide product portfolio, diversified and reputed client base, strong parentage of the Willamson Magor group, significant cash balances and low gearing, ICRA noted.

The agency also considered the firm's greenfield project in Kalyan which is expected to improve the company's profitability.

The low return on capital indicators and the increase in debtors partially offset these strengths, ICRA said.

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.48.89
UK Pound	1	Rs.77.31
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.