MIRA INFORM REPORT

Report Date :

27.09.2011

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, District Anand, Gujarat

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	14.09.1992

Com. Reg. No.:	04 -18283

Capital Investment / Paid-up Capital :	Rs.121.445 Millions

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 :	Manufacturer and Exporter of Equipments and Dairy Plant.

No. of Employees (As on 31.03.2009):	850 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

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 2790000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of National Dairy Development corporation. It is a well – established 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.

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

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

LOCATIONS

Registered Office :	Plot No. 124-128, GIDC Estate, Vithal Udyognagar – 388121, Dist. Anand, Gujarat, India
Tel. No.:	91-2692-236375/ 229917/229918/ 229921/ 229922/ 229923/223675 / 225151
Fax No.:	91-2692-236580 / 236164/ 234397 / 234397
E-Mail :	idmc@idmc.coop info@rushabhinfosoft.com kinnarishah@idmc.coop jpgopal@idmc.coop anilshenoi@idmc.coop ssbhatnagar@idmc.coop
Website :	www.idmc.coop www.idmc.co.in

Works 1 :	Fabrication Shop
Address :	Plot. No. 124-128, GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat, India

Works 2 :	Machine Shop
Address :	Plot No.606-608, GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat, India

Works 3 :	BMC Shop
Address :	Plot No. 443-B , GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat, India

Works 4 :	Poly Film Plant
Address :	Plot No. 94-97, GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat, India
Fax No.:	91-2692-233029

Works 5 :	Thermal Shop (PHE)
Address :	Plot No. C-1/11-12, GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat

Regional Offices :	Located at Mumbai Tel No. :91-22-26856256 Mobile No.:91-98922 30187 (Mr. R K Malik) E-Mail Id : idmcmumbai02@yahoo.co.in Chennai Tel No. : Mobile No.: 91-9841025483 (Mr. S K Banerjee) E-Mail Id : idmcchennai@rediffmail.com New Delhi Tel No. : 91-124-4931372 Mobile No.: 91- 9810443623 E-Mail Id : arvinddhand@idmc.coop Bangalore Tel No. : 91-80-25711984 Mobile No.: 91-9844030830 (Mr. V S Chohan) E-mail id : idmcbangalore@vsnl.net Patna Mobile No.: 91-9934360635 E-mail id : idmcpatna@rediffmail.com Hyderabad Tel No. : 91- 40-23543831 Mobile No.: 91-9849543831 (Mr. Ramchandran PU) E-mail id : idmc@indimmune.com Kolkata Tel No. :91- 33- 65290898 Mobile No.: 91-9051093893 (Mr. I. D. Khan) E-mail id : idkhan@idmc.coop Anand Tel No. : 91-2692-225115 Mobile No.: 91- 990401594 (Mr. Vikas Jobanputra) E-mail id : vikas@idmc.coop

DIRECTORS

As on 28.07.2011

Name :	Dr. Amrita Hirubhai Patel
Designation :	Director
Address :	Savita” Bungalow, Vallabh Vidhyanagar, Anand – 388 120, Gujarat, India
Date of Birth/Age :	13.11.1943
Date of Appointment :	12.10.1992
DIN No.:	00065052

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29299GJ1992PLC018283	IDMC LIMITED	Director	12-10-92	12-10-92	-	Active	NO
2	U72200AP1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	Director	08-10-99	08-10-99	-	Active	NO
3	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	24-03-00	24-03-00	-	Active	NO
4	U15141DL2000PLC173051	DHARA VEGETABLE OIL AND FOODS COMPANY LIMITED	Director	11-12-00	11-12-00	-	Amalgamated	NO
5	U01211AP2004PLC044520	INDIAGEN LIMITED	Director	01-11-04	01-11-04	-	Amalgamated	NO
6	L15491WB1962PLC031425	TATA GLOBAL BEVERAGES LIMITED	Director	29-06-06	29-06-06	25-08-08	Active	NO
7	U51909KA2006PLC040569	SAFAL NATIONAL EXCHANGE OF INDIA LIMITED	Nominee director	21-08-07	20-09-06	25-06-10	Active	NO

Name :	Mr. Deepak Tikku
Designation :	Director
Address :	A -1, NDDB Campus, Anand – 388 001, Gujarat, India
Date of Birth/Age :	19.06.1948
Date of Appointment :	30.07.1999
DIN No.:	00064125

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status
1	U29299GJ1992PLC018283	IDMC LIMITED	Director	30-07-99	30-07-99	-	Active
2	U72200AP1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	Director	08-10-99	08-10-99	-	Active
3	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	24-03-00	24-03-00	-	Active
4	U15141DL2000PLC173051	DHARA VEGETABLE OIL AND FOODS COMPANY LIMITED	Director	11-12-00	11-12-00	-	Amalgamated
5	U15419DL2002PLC115531	MOTHER DAIRY FOODS PROCESSING LIMITED	Director	24-05-02	24-05-02	-	Amalgamated
6	U74899DL2003PLC119645	MOTHER DAIRY INDIA LIMITED	Director	01-04-03	01-04-03	-	Amalgamated
7	U01211AP2004PLC044520	INDIAGEN LIMITED	Director	01-11-04	01-11-04	-	Amalgamated
8	U51909KA2006PLC040569	SAFAL NATIONAL EXCHANGE OF INDIA LIMITED	Nominee director	21-08-07	20-09-06	25-06-10	Active
9	U01403DL2009NPL195142	NDDB Dairy Services	Whole-time director	30-09-10	12-10-09	-	Active

Name :	Mr. Subramaniam Ramachandran Iyer
Designation :	Director
Address :	R -3, Rao Mansions, No. 4, 17^th A Cross, 8^th Main, Malleswaram , Bangalore- 560 055, Karnataka, India
Date of Birth/Age :	28.05.1940
Date of Appointment :	22.09.2003
DIN No.:	00580437

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L17100MH1984PLC033143	ZODIAC CLOTHING COMPANY LIMITED	Director	22-06-02	22-06-02	-	Active	NO
2	U15141DL2000PLC173051	DHARA VEGETABLE OIL AND FOODS COMPANY LIMITED	Director	07-07-03	07-07-03	-	Amalgamated	NO
3	U29299GJ1992PLC018283	IDMC LIMITED	Director	22-09-03	22-09-03	-	Active	NO
4	L45204AP2001PLC057199	KSK ENERGY VENTURES LIMITED	Director	12-05-05	12-05-05	-	Active	NO
5	U63030MH1987PTC045750	P N WRITER AND COMPANY PRIVATE LIMITED	Director	31-12-08	03-10-07	-	Active	NO
6	U40109AP2005PTC047594	KSK ELECTRICITY FINANCING INDIA PRIVATE LIMITED	Director	18-08-08	16-01-08	-	Active	NO
7	U70100MH1995PTC092800	WRITER LIFESTYLE PRIVATE LIMITED	Director	10-09-09	10-09-09	-	Active	NO
8	U22300KA2005PLC035885	KANNADA PRABHA PUBLICATIONS LIMITED	Director	20-09-10	01-04-10	-	Active	NO
9	U74999MH2001PTC130866	WRITER SAFEGUARD PRIVATE LIMITED	Director	30-09-10	02-09-10	-	Active	NO
10	L85110KA1987PLC008699	CAN FIN HOMES LIMITED	Director	24-08-11	05-01-11	-	Active	NO

Name :	Mr. Ramachandran Nathan Kutty
Designation :	Director
Address :	B -6, NDDB Campus, Anand – 388 001, Gujarat, India
Date of Birth/Age :	12.11.1954
Date of Appointment :	30.12.2004
DIN No.:	00088397

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15141DL2000PLC173051	DHARA VEGETABLE OIL AND FOODS COMPANY LIMITED	Director	13-12-04	13-12-04	-	Amalgamated	NO
2	U29299GJ1992PLC018283	IDMC LIMITED	Director	30-12-04	30-12-04	-	Active	NO
3	U51909KA2006PLC040569	SAFAL NATIONAL EXCHANGE OF INDIA LIMITED	Nominee director	21-08-07	20-09-06	-	Active	NO
4	U01403DL2009NPL195142	NDDB Dairy Services	Director	30-09-10	12-10-09	-	Active	NO

Name :	Mr. Jitendra Prakash Gopal
Designation :	Managing director
Address :	B-1, NDDb Campus, Anand – 388001, Gujarat, India
Date of Birth/Age :	26.03.1963
Date of Appointment :	16.11.2009
DIN No.:	02941176

Name :	Mr. Omprakash Nema
Designation :	Director
Address :	C-5, NDBB Campus, Anand – 388 001, Gujarat, India
Date of Birth/Age :	17.10.1954
Date of Appointment :	29.09.2010
DIN No.:	03424647

Name :	Mr. Anil Shenoi
Designation :	Whole-time director
Address :	B -12, NDDB Campus, Anand – 388 001, Gujarat
Date of Birth/Age :	01.02.1958
Date of Appointment :	01.04.2005
DIN No.:	00062468

KEY EXECUTIVES

Name :	Ms. Kinnari Hanskumar Shah
Designation :	Secretary
Address :	10, Ashok Apartment, Opposite Suraj Paty Plot, Behind Dharnidhar Temple, Vasana, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	06.07.1978
Date of Appointment :	01.01.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.07.2011

Names of Shareholders		No. of Shares
National Dairy Development Board		12144538
Amrita Patel		1
Ramachandran Nathan Kutty		1
Y. Y. Patil		1
Omprakash Nema		1
Jitendra Prakash Gopal		1
Anil Shenoi		1

Total		12144544

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Public Financial Companies	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter 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
39201099	Printed Film

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Fabricated equipments	Nos.	NA	464
Bulk Milk Cooling Tank	Nos.	NA	1065
SS Fittings	Nos.	NA	45569
Pumps	Nos.	NA	1484
Plate heat Exchanges	Nos.	NA	690
Components Spares and accessories	Nos.	NA	18969
Optifilm	Kgs.	9100000	5152450

GENERAL INFORMATION

No. of Employees (As on 31.03.2009):

850 (Approximately)

Bankers :

Indian Bank, 5/8/14, Station Road, Anand – 388 001, Gujarat, India
Axis Bank Limited, Vidhyanagar

Financial Institution :

National Dairy Development Board , Post Box No. 40, Anand : 388 001, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Banks
Term Loans (Secured by hypothecation of specific plant and machinery)	268.584	79.710
Cash Credit Facilities (Secured by first pari – passu charge of whole of current assets namely stocks of raw materials, stocks in process, semi finished and finished goods, stores and spares not relating to plant and machinery, bills receivable and book debts, present and future).	146.673	71.687
From National Dairy development Board
Term Loans (Secured by hypothecation of all movables fixed assets except those specifically charged to banks)	170.182	212.345
Working capital loans (secured by first pari passu charge of whole of current assets namely of raw materials, stocks in process, semi finished and finished goods, stores and spares not relating to plant and machinery, bills receivable and book debts, present and future).	455.907	596.077
From IREDA
Term Loan (Secured by hypothecation of solar photo voltaic system)	0.000	0.031
Total	1041.346	959.850
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Banks
Short term loan	100.000	0.000
Buyer’s credit	11.009	0.000
Total	111.009	0.000


Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	31, Nutan Bharat Socity, Alkapuri, Baroda – 390007, Gujarat, India
Tel. No.:	91-265-2333776
Fax No.:	91-265-2339729
PAN.:	AADFD2337G

Associates :	Grasso Gmbh, Refrigeration Technology , Berlin , Germany • Refrigeration screw compressors • Water cooled / Air Cooled Water and Brine Chillers TH-WITT GmbH , Germany • Liquid Ammonia Pumps • Vertical Agitators • Ice Thickness Switches • High Side Float Regulators Kueba International Gmbh , Germany • Refrigeration Blast Freezers for Ice Cream, Meat and Poultry • Refrigeration Air Cooling Units for Pack houses, Cold Storages and Deep freezers Tankki OY , Finland • Ice Silos for refrigeration plants Baltimore Air Coil, Belgium . • Evaporative Condensers. CSF Inox , Italy • Various pumps for sanitary applications Sondex A/S, Denmark • Plate Heat Exchangers FBF Italia , Italy • Homogenizers and high pressure pumps Catta 27, Italy • Ice cream equipment Frautech srl, Italy • Tri purpose Centrifuge NovAseptic , Sweden ( Millipore) • Magnetic Agitators • SS Sanitary Fittings

CAPITAL STRUCTURE

As on 31.03.2010

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

Notes:-

All Equity Shares are held by the national dairy development board, Anand and its nominee.

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		121.445	121.445	121.445
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		576.715	409.598	333.026
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		698.16	531.043	454.471
LOAN FUNDS
1] Secured Loans		1041.346	959.850	753.065
2] Unsecured Loans		111.009	0.000	0.000
TOTAL BORROWING		1152.355	959.850	753.065
DEFERRED TAX LIABILITIES		63.232	35.612	30.566

TOTAL		1913.747	1526.505	1238.102

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		874.023	538.150	495.308
Capital work-in-progress		1.635	142.682	12.335

INVESTMENT		0.000	0.000	5.510
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	563.606	641.559	528.368
	Sundry Debtors	1057.199	759.211	663.757
	Cash & Bank Balances	29.198	43.707	46.881
	Other Current Assets	49.880	0.830	56.418
	Loans & Advances	186.356	205.596	224.297
Total Current Assets		1886.239	1650.903	1519.721
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	351.572	306.273	323.681
	Other Current Liabilities	418.815	452.147	403.225
	Provisions	77.763	46.810	67.866
Total Current Liabilities		848.15	805.230	794.772
Net Current Assets		1038.089	845.673	724.949

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1913.747	1526.505	1238.102

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3166.962	2499.557	1943.488
		Installation and Contract Revenue	273.603	516.385	189.444
		Other Income	128.203	96.434	91.632
		TOTAL (A)	3568.768	3112.376	2224.564

Less	EXPENSES
		Material Cost and Manufacturing Expenses	2630.339	2553.201	1849.710
		Personal Expenses	219.206	186.578	132.141
		Administrative and Finance Charges	186.292	141.635	120.094
		Increase / Decrease in Stock	41.263	(82.900)	(134.003)
		TOTAL (B)	3077.100	2798.514	1967.942

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		491.668	313.862	256.622

Less	FINANCIAL EXPENSES (D)		121.067	92.717	66.699

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		370.601	221.145	189.923

Less/ Add	DEPRECIATION/ AMORTISATION (F)		68.312	50.991	43.512

	PROFIT BEFORE TAX (E-F) (G)		302.289	170.154	146.411

Less	TAX (I)		106.849	68.006	53.852

	PROFIT AFTER TAX (G-I) (J)		195.440	102.148	92.559

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		200.226	133.654	69.730

Less	APPROPRIATIONS
		Transfer to General Reserve	15.000	10.000	7.321
		Dividend	24.289	21.860	18.217
		Tax on Dividend	4.034	3.716	3.097
	BALANCE CARRIED TO THE B/S		352.343	200.226	133.654

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	77.821	58.861	32.450
		Commission Earnings	1.574	0.453	6.876
		Other Earnings	0.000	0.000	0.000
	TOTAL EARNINGS		79.395	59.314	39.326

	IMPORTS
		Raw Materials	367.906	507.148	249.708
		Bought Out	356.787	256.357	232.308
		Capital Goods	168.770	133.512	14.384
		Goods-In-Transit	10.606	42.413	31.728
	TOTAL IMPORTS		904.069	939.43	528.128

	Earnings Per Share (Rs.)		16.09	8.41	7.62

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.48	3.28	4.16

Net Profit Margin (PBT/Sales)	(%)	9.55	6.81	7.53

Return on Total Assets (PBT/Total Assets}	(%)	10.95	7.29	7.27

Return on Investment (ROI) (PBT/Networth)		0.43	0.32	0.32

Debt Equity Ratio (Total Liability/Networth)		2.87	3.32	3.41

Current Ratio (Current Asset/Current Liability)		2.22	2.05	1.91

LOCAL AGENCY FURTHER INFORMATION

Performance Review

Sales and other income for the year increased by 10 O/O and was Rs.3527.505 Millions. Profit before tax was at Rs.302.289 Millions compared to Rs.170.154 Millions in the previous year. Sales growth was observed both in the engineering and packaging division.

The engineering division recorded a sale of Rs.2829.683 Millions compared to Rs.2563.917 Millions in the previous year. The packaging division recorded a sale of Rs.610.882 Millions compared to Rs.452.025 Millions in the previous year.

The profit after tax was Rs.195.440 Millions for the year as compared to Rs.102.148 Millions in the previous year. Growth in profit was achieved in the various segments of the engineering division on account of an increase in volume, operating efficiency and market conditions. The sales of packaging division (Poly Film Plant) has increased on account of capacity enhancement. Earning per equity share of face value of Rs.10 improved to Rs.16.09 compared to Rs.8.41 in the previous year.

This year IDMC operated in the areas of Dairying, Brewery and Beverages, Pharmaceuticals and Biotechnology and Thermal Management.

Dairy

The Dairy business contributed more than 60% of the total order booking during this financial year. IDMC crossed the thousand number mark in order booking of bulk milk cooling modules. The Company's operation of the new network of service centers effectively improved service to the users in the year. IDMC continued to receive orders for milking machines and made further inroads into the Farm Technology segment by receiving an order for a state of the art milking parlour. Your company received and also executed orders for supply and installation of automated plants for processing milk 81 milk products and also made a breakthrough in Aseptic Milk processing segment by receiving an order for UHT processing and aseptic packaging of milk in pouches.

Ice cream line equipment like freezers, cup and cone filling machines, ripple pumps, fruit feeders and homogenizers found wide acceptance in the market and several orders were received for these equipment.

The Company executed orders for Clean-in-Place modules, milk, cream and ice-cream pasteurizers, milk storage tanks/silos, butter: churns, spiral flow heat exchangers, turbo blenders, crate washers and also maintained its key position in supplying plate heat exchangers, milk chillers and other heat exchangers to the dairy industry.

Manufacturing and supply of stainless steel sanitary fittings, pumps, pneumatic valves and other flow components to the dairy industry was steady during the year.

Brewery and Beverages

The Company continued to maintain a significant presence in the beverage sector for fruit juice and carbonated soft drinks and has also registered a substantial growth. The Company has given thrust this year for fruits and vegetable and other agro based processing plants/equipment. With many food parks emerging and licences being given, the business in this area looks promising. Orders for supply and installation of process equipment and fermentation systems for various breweries were also received and executed.

Pharmaceutical and Biotechnology

IDMC continued to cover extra ground in the design, supply and commissioning of turnkey engineering solutions for pharrriaceutical and biotechnology segment. The Company secured orders for commenial grade microbial culture based fermentation systems for enzymes and nutraceuticals manufacturing. Apart from industrial grade fermentation, IDMC also bagged orders for laboratory scale Fermenters. To highlight the achievement, IDMC successfully commissioned India's largest cell culture based Fermentation system for FMD vaccine, a purified water distribution system was exported. IDMC also achieved new heights in personal healthcare, life sciences and FMCG sectors by taking orders for various process modules, sterilizers and equipments from leading Indian companies.

Thermal Management Systems

IDMC did business under two separate domain areas of TMS. - Industrial Refrigeration and Air Conditioning IDMC received and executed orders 'for cold stores, air-conditioning and ventilation system for Commercial Buildings, Liquid overfeed Refrigeration systems for direct cooling, screw compressor packages, water/glycol chillers and even Banana Ripening System. Industrial Refrigeration for Dairy continued to occupy a major portion of this business and orders were also booked for an automated plant with screw compressor packages for milk processing, Butter deep freeze, ice cream cold store and blast freezing. IDMC's environmental friendly and energy efficient solution - Thermal Storage Systems found enlarged acceptance in the dairy segment. IDMC plans to promote the technology with greater thrust as pioneer promoter of the same in India. Your Company bagged prestigious jobs for the supply of plate heat exchangers in the power and infrastructure projects, brewery, beverage, dairy food and pharmaceutical industries besides Oil and Refinery segment. Poly Film Plant Your Company which has a world-class facility for manufacture of food grade packaging films, laminates and pouches expanded its capacity nearly threefold to 9000 MT per year. The Company continued its presence in sectors like dairy, milk powder, bread, edible oil, frozen vegetables, fruit concentrates, pet food, seeds and personal-care industries. Laminates to pack crystal sugar and nutrient-enhancer for cattle feed have also been developed. The Company has bagged a sizable export order and initiated supplies of high barrier milk films to Uganda and specialized polyfilms and bags for pack baby-care products to the Philippines and Indonesia.

Engineering Design

This year the group contributed immensely in the improvement of design and value engheering of large process vessels for dairy, beverage and biotechnology industries. The group also engineered vessels and equipments for Cosmetics and Healthcare industries. This has resulted in IDMC's broader presence in the market.

Product Development

Your Company launched PLC based ice cream freezers, fruit feeder and double capacity cuplcone filling machine and has developed a 1500 LPH homogenizer, thereby offering indigenously made best in class homogenizers upto 6000 Iph capacity for milk, juice and ice cream application. These have been well accepted in the market place. IDMC also developed double-seal valve used for added hygiene and safe processing of beverages. A noteworthy achievementladdition is the setting up of a valve test facility for rigorous testing and validation of valves for functionality and reliability before they are introduced in the market and is a ongoing process.

Outlook

The Indian economy which had a slight aberration is bouncing back and with a growthOrate of 9% plus is expected to give a boost to the engineering industry. Also with the implementation of the National Dairy Plan and fresh investments in the pharmaceutical and brewery industry, the outlook of your Company looks very positive and should be continuing its growth at a similar pace. The Company will also focus on Cost Control and Financial Management, improving savings and efficiency in operation and project execution besides Research and Development.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particulars	31.03.2010	31.03.2010
Outstanding balance on letter of credit and bank guarantees	956.102	797.788
Demand for Income Tax contested by the Company	4.362	0.150
Demand for the sales tax contested by the Company	2.781	0.000
Liability on account of non-fulfillment of export obligation (against which the Company has preferred an appeal and stay has been granted). NDDB has agreed to indemnify the Company against this claim.	8.453	8453
Bond given to Custom for importing goods under Project Import '-Chapter No.98.01 (to the extent remaining unfulfilled)	117.452	75.173
Demand for Excise Duty contested by the Company	14.182	4.630
The estimated amount of contracts remaining to be executed on capital account and not provided	2.420	55.631

FORM 8

Corporate identity number of the company	U29299GJ1992PLC018283
Name of the company	IDMC LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 124-128, GIDC Estate, Vithal Udyognagar 388 121, District Anand, Gujarat, India, E-mail Id : kinnarishah@idmc.coop
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10144863
Type of charge	Others (whole of the current assets)
Particular of charge holder	Indian Bank, 5/8/14, Station Road, Anand – 388 001, Gujarat, India E-mail id : anand@indianbank.co.in
Nature of instrument creating charge	Counter indemnity for buyers credit limit dated 12th july, 2011 and link document for earmarking of limit and interchangeabilty dated 12th july, 2011 for modificaton. Original charge doc. Is joint deed of hypothecation dated 4th feb, 2009
Date of instrument Creating the charge	12.07.2011
Amount secured by the charge	Rs.2210.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Rate of interest PLR-3% SAY 09.50% Terms of repayment To be renewed yearly or on demand Margin Margin 25% on book debts and stock in trade
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1 ) whole of the current assets viz. Stocks of raw materials, stocks in process, semi finished and finished goods, stores and spares and spares not relating to plant & machinery, bills receivables 2 ) Book Debts, All Above Situated At Plot No. C-1/11-12, 124-128;606, 608, 94 To 97 And 443/B At Gidc Estate Vithal Udyognagar In The Anand District At Gujarat State, India.
Date of instrument modifying the charge
Particulars of the present modification	Modification to original sanction of Rs.2210 Millions dated 4th February, 2009 for availment of Buyers Credit sub limit within the overall NFB limit of Rs.350.000 Millions of axis bank and out of that availment for Rs.250 Millions by earmarking unutilised limits of Bank Guarantee without affecting aggregate limit originally sanctioned of Rs.2210.000 Millions through counter indemnity Buyer's credit limit and Link document for earmarking of limit and interchangeability dated 12th July, 2011 between IDMC and Axis Bank.

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

WEBSITE DETAILS

PROFILE

Subject is a large equipment manufacturing and project engineering company in India in the field of dairy, food, pharmaceutical, brewery, beverage, refrigeration and chemical industries. We are manufacturing equipment for these industries and also executing projects on turnkey basis.

Subject is involved in the following activities.

Project engineering and process automation including design, engineering and supply of equipment and its installation, testing and commissioning. We set up projects for Dairy, Food, Beverage, Brewery plant and modules along with services such as refrigeration plant, electrical, steam generation, water and soft water distribution, air distribution etc. The plants executed by us include a wide range of capacities from small manual plants to fully automated computer controlled process installations.

Fabrication of equipment to sanitary design meeting national and international standards.

Manufacturing of Flow equipment including SS fittings, Pneumatically operated process valves and SS pumps of sanitary design.

Designing and manufacturing of plate heat exchangers for dairy, food, pharma and Biotechnology, Beverage Brewery, Refrigeration and other industrial applications.

Designing and manufacturing of screw compressor modules and refrigeration equipment for water chilling, brine chilling, beverage cooling etc.

Marketing of process equipment, packaging machines/lines, ice cream cabinet, homogenizers etc. Under agency agreement with reputed manufacturers.

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.49.18
UK Pound	1	Rs.76.65
Euro	1	Rs.66.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		64

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.

MIRA INFORM REPORT

563.606

641.559

528.368

1057.199

759.211

663.757

29.198

43.707

46.881

49.880

0.830

56.418

186.356

205.596

224.297

1886.239

1650.903

1519.721

351.572

306.273

418.815

452.147

403.225

77.763

46.810

67.866

848.15

805.230

794.772

1038.089

845.673

5.48

9.55

10.95

0.43

0.32

0.32

2.87

2.22

Unit