1. Summary Information

		Country	India
Company Name	Indian Compressors Limited	Principal Name 1	Mr. Girdhari Lal Didwania
Status	Satisfactory	Principal Name 2	Mr. Hemant Didwania
		Registration #	26.08.1943
Street Address	33 & 35, Okhla Industrial Estate, New Delhi, Delhi- 110020
Established Date	26.08.1943	SIC Code	--
Telephone#	91-11-30839000	Business Style 1	Manufacturer
Fax #	91-11-26840020	Business Style 2	Supplier
Homepage	www.didwania.com	Product Name 1	CNG compressors
# of employees	Not Available	Product Name 2	Cylinders
Paid up capital	Rs.49,974,000 /-	Product Name 3	Related Accessories and Spares
Shareholders	Bodies corporate _ 60.00% Directors or relatives of directors – 40.00%	Banking	Bank Of India
Public Limited Corp.	NO	Business Period	69 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (48)
Related Company
Relation	Country	Company Name	C.E.O
Subsidiary:	--	Xuzhou Auro Compressors Company Limit	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	180,291,000	Current Liabilities	61,778,000
Inventories	89,344,000	Long-term Liabilities	102,162,000
Fixed Assets	73,896,000	Other Liabilities	5,721,000
Deferred Assets	000,000	Total Liabilities	169,661,000
Invest& other Assets	23,244,000	Retained Earnings	147,070,000
		Net Worth	197,114,000
Total Assets	366,775,000	Total Liab. & Equity	366,775,000
Total Assets (Previous Year)	428,553,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	141,893,000	Net Profit	8,895,000
Sales(Previous yr)	126,594,000	Net Profit(Prev.yr)	5,236,000

MIRA INFORM REPORT

Report Date :

08.02.2012

IDENTIFICATION DETAILS

Name :	INDIAN COMPRESSORS LIMITED (w.e.f 30.05.1988)
Formerly Known As :	Didwania Brothers limited
Registered Office :	33 and 35, Okhla Industrial Estate, New Delhi, Delhi- 110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.08.1943
Com. Reg. No.:	55-000712
Capital Investment/ Paid-up Capital:	Rs.49.974 millions
CIN No.: [Company Identification No.]	U34300DL1943PLC000712
TAN No.: [Tax Deduction & Collection Account No.]	DELI00656F
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	The Company is engaged in manufacturing, supply, Installation, Commissioning and servicing of Specialised Air and Gas compressors, Cylinder, Related Accessories and Spares
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 790000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old and well 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 :	33 & 35, Okhla Industrial Estate, New Delhi, Delhi- 110020, India
Tel. No.:	91-11-30839000, 011-41612183
Fax No.:	91-11-26840020,/26839440
E-Mail :	accounts@didwania.com, sales@didwania.com , inf@didwania.com
Website :	www.didwania.com
Factory :	33, 35, and 37 Okhla Industrial Estate, New delhi- 110020, India

DIRECTORS

Name :

Mr. Girdhari Lal Didwania

Designation :

Chairman

Address :

173, Western Avenue, Sanik Farms, New Delhi – 110062

Date of Birth/Age :

02.12.1923

Date of Appointment :

01.11.1944

DIN No :

00293221

Other Directorships :

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	U34300DL1943PLC000712	INDIAN COMPRESSORS LIMITED	Whole-time director	01-11-44	01-11-44	-	Active	NO
2	U67120WB1995PTC071218	GIVETAKE TRADE & CREDIT PVT LTD	Director	20-08-01	20-08-01	-	Active	NO

Name :

Mr. Hemant Didwania

Designation :

Managing Director

Address :

173, Western Avenue, Sanik Farms, New Delhi – 110062

Date of Birth/Age :

13.09.1958

Date of Appointment :

14.08.1978

DIN No :

00293358

Other Directorships :

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	U34300DL1943PLC000712	INDIAN COMPRESSORS LIMITED	Managing director	14-08-78	14-08-78	-	Active	NO
2	U67120WB1995PTC071218	GIVETAKE TRADE & CREDIT PVT LTD	Director	20-08-01	20-08-01	-	Active	NO
3	U51109WB1993PTC058337	NIPRO TREXIM PVT. LTD	Director	20-05-03	20-05-03	-	Active	NO

Name :

Mrs. Nandita Didwania

Designation :

Director

Address :

173, Western Avenue, Sanik Farms, New Delhi – 110062

Date of Birth/Age :

22.05.1964

Date of Appointment :

01.03.2002

DIN No :

00332162

Other Directorships :

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	U34300DL1943PLC000712	INDIAN COMPRESSORS LIMITED	Director	01-03-02	01-03-02	-	Active	NO
2	U51109WB1993PTC058337	NIPRO TREXIM PVT. LTD	Director	20-05-03	20-05-03	-	Active	NO
3	U67120WB1995PTC071218	GIVETAKE TRADE & CREDIT PVT LTD	Director	11-07-03	11-07-03	-	Active	NO

Name :

Mr. Siddharth Dalmia

Designation :

Director

Address :

38, Hira Nagar, Ajmer Road, Jaipur – 302001

Date of Birth/Age :

24.04.1967

Date of Appointment :

01.03.2003

DIN No:

00311671

Other Directorships :

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	U34300DL1943PLC000712	INDIAN COMPRESSORS LIMITED	Director	01-03-03	01-03-03	-	Active	NO

Name :

Ujjwal Didwania

Designation :

Dirtector

Address :

173, Western Avenue, Sanik Farms, New Delhi – 110062

Date of Birth/Age :

21.12.1988

Date of Appointment :

01.01.2009

DIN No:

02480821

Other Directorships :

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	U34300DL1943PLC000712	INDIAN COMPRESSORS LIMITED	Additional director	01-01-09	01-01-09	-	Active	NO
2	U51109WB1993PTC058337	NIPRO TREXIM PVT. LTD	Additional director	01-01-11	01-01-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Girdhari Lal Didwania	904928
Hemant Didwania	755398
Nandita Didwania	53081
Unnati Didwania	45072
Give Take Trade and Credit Private Limited, India	1589760
Ujjwal Didwania	73403
Nipro Trexim, Private Limited, India	1409100
Hemant Didwania(HUF)	166700
Total	4997442

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	60.00
Directors or relatives of directors	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in manufacturing, supply, Installation, Commissioning and servicing of Specialised Air and Gas compressors, Cylinder, Related Accessories and Spares

Products :

• CNG Compressors
• Cylinders
• Related Accessories and Spares

Product description:	Compressors
Item Code No. (ITC Code):	84.14
Product description:	Cryogenic Pumps
Item Code No. (ITC Code):	84.13-80

PRODUCTION STATUS ( As on 31.03.2011)

Particulars	Unit	Actual Production
Compressors :
CNG		12
Diaphragm		19
Others		19
Pumps and vaporisors:		84

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of India, Paras cinema Building, Nehru Place, Delhi- 110019, India.
• ICICI Bank
• HDFC Bank Limited

(Amount in Millions):

Facilities :

Secured loans	As on 31.03.2011	As on 31.03.2010
From Bank of India: Working capital Loans Secured by equitable mortgage of company’s property at 33, Okhla Industrial Estate, deposit of power of attorney of company’s property at 35, Okhla Industrial Estate, Hypothecation of plant and machinery, stock and book debts and personal guarantee of some of the directors and a relative of a director.	0.000	24.786
From ICICI Bank	1.451	0.135
From HDFC Bank Limited	0.000	0.315
From Bank of India	0.000	1.202
Secured against Hypothecation of respective Vehicles
Total	1.451	26.439
*Installments falling due within next 12 months- Rs.0.450 millions

Banking Relations :	--
Auditors :
Name :	B. Chhawchharia and Company Chartered Accountants
Address :	K-3/27, DLF City Phase- II, Gurgaon -122002, Haryana, India
PAN No :	AAFPD3201P
Subsidiaries :	Xuzhou Auro Compressors Company Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5,500,000	Equity Share	Rs.10/- each	Rs.55.000 millions

Issued Capital :

No. of Shares	Type	Value	Amount
5,500,000	Equity Share	Rs.10/- each	Rs.55.000 millions

Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
4,997,442	Equity Share	Rs.10/- each	Rs.49.974 millions

Note: Out Of The Above ,1544456 Shares were Alloted as Bonus Shares by Capitalisation of Reserves and 105012 Shares were Alloted pursuant to Scheme of Amalgamation, without Payment being received in Cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.032009
SHAREHOLDERS FUNDS
1] Share Capital		49.974	49.974	49.974
2] Share forfeited		0.070	0.070	0.070
3] Share Application Money		0.000	0.000	0.000
4] Reserves & Surplus		147.070	120.235	132.939
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		197.114	170.279	182.983
LOAN FUNDS
1] Secured Loans		1.451	26.439	50.039
2] Unsecured Loans		100.711	103.286	105.023
TOTAL BORROWING		102.162	129.725	155.062
DEFERRED TAX LIABILITIES		5.721	24.592	7.466
TOTAL		304.997	324.596	345.511
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		73.896	75.047	81.356
Capital work-in-progress		0.439	1.858	0.123
INVESTMENT		22.805	22.805	19.895
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	89.344	114.544	123.767
	Sundry Debtors	100.977	92.308	111.086
	Cash & Bank Balances	34.549	17.693	15.608
	Other Current Assets	10.746	11.754	18.560
	Loans & Advances	34.019	52.011	51.514
Total Current Assets		269.635	288.310	320.535
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	11.897	11.819	12.304
	Other Current Liabilities	38.651	36.323	50.185
	Provisions	11.230	15.325	13.995
Total Current Liabilities		61.778	63.467	76.484
Net Current Assets		207.857	224.843	244.051
MISCELLANEOUS EXPENSES		0.000	0.043	0.086
TOTAL		304.997	324.596	345.511

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	141.893	126.594	200.600
		Wet Lease Charges	25.287	17.832	35.662
		Service and maintenance charges	28.666	31.968	18.979
		Lease Rent	8.752	3.590	0.000
		Other Income	4.378	2.935	10.184
		TOTAL (A)	208.976	182.919	265.425
Less	EXPENSES
		Purchase of Finished Goods	6.598	10.677	8.422
		Cost of Material	96.062	87.611	73.584
		Installation ,Maintenance and Other expenses	15.203	16.726	18.386
		Power, Fuel and water	1.211	1.185	1.662
		Expenses on Employees	22.467	22.061	20.083
		Other expenses	31.747	30.763	42.739
		Increase/Decrease in Stock	8.151	(15.095)	59.102
		TOTAL (B)	181.439	153.928	223.978
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.537	28.991	41.447
Less	FINANCIAL EXPENSES (D)		0.532	4.101	13.213
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.005	24.890	28.233
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.836	14.166	15.581
	PROFIT BEFORE TAX (E-F) (G)		14.168	10.724	12.651
Less	TAX (H)		5.274	5.488	5.260
	PROFIT AFTER TAX (G-H) (I)		8.895	5.236	7.390
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.596	1.360	0.970
Less	APPROPRIATIONS
		Transfer to General Reserve	7.500	4.000	7.000
	BALANCE CARRIED TO THE B/S		3.991	2.596	1.360
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings		20.434	24.929	35.210
	TOTAL EARNINGS		20.434	24.929	35.210
	IMPORTS
	Finished goods		6.598	10.677	8.423
	Raw Materials		33.717	24.708	30.466
	components		0.000	4.623	0.000
	TOTAL IMPORTS		40.315	40.008	38.889
	Earnings Per Share (Rs.) :
	Basic		1.78	1.05	1.52
	Diluted		0.64	0.37	0.53

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.256	2.862	2.784
Net Profit Margin (PBT/Sales)	(%)	9.984	8.471	6.307
Return on Total Assets (PBT/Total Assets}	(%)	4.124	2.951	3.148
Return on Investment (ROI) (PBT/Networth)		0.072	0.063	0.069
Debt Equity Ratio (Total Liability/Networth)		0.832	1.135	1.265
Current Ratio (Current Asset/Current Liability)		4.365	4.543	4.191

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10028865
Corporate identity number of the company	U34300DL1943PLC000712
Name of the company	Indian Compressors Limited
Address of the registered office or of the principal place of business in India of the company	33 and 35 Okhla Industrial Estate New Delhi Delhi-110020 India
Type of charge	- Book Debts - Movable Property - Floating Charge - Immovable Property - Stocks, D, P&M,CA,FA and Imm.properties.
Particular of charge holder	Bank of India 1, Pars Cinema Building, Nehru Place, New Delhi-110019, India
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation, Continuing Oral Assent for Extension of Equitable Mortgage (3 Nos.) dated 09.06.2009
Date of instrument Creating the charge	09.06.2009
Amount secured by the charge	Rs.160.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at 12.50% p.a with monthly rests more particularly described in schedule III into supplemental deed of Hypothecation dated 9-6-2009 Terms of Repayment Repayment as per sanction terms and Bank norms. Margin Margin as per sanction terms, loan agreements and Bank norms. Extent and Operation of the charge First charge on tangible movable assets including in particular all stocks, book debts, plant and machineries as per list of plant and machineries as on 31.03.2008 attached and Extension of E.M. of property at 33, 35 and 37 Okhla Industrial Estate, New Delhi are to secure the following credit facilities: Term loan Rs.10 millions Cash credit (book debts) Rs.70 millions Cash credit (Hypothecation of stocks) Rs.70 millions(Max 2+3 Rs.100 millions) and Bank guarantees Rs.50 millions vide Schedule III of supplemental deed of Hypothecation.
Short particulars of the property charged	First charge on tangible movable assets including in particular all stocks, book debts, plant and machineries as per list of plant and machineries as on 31.03.2008 attached. Extension of E.M of property at 33, 35, and 37 Okhla Industrial Estate, New Delhi
Date of latest modification prior to the present modification	13.11.2007
Particulars of the present modification	Amount secured is increased from Rs.140 millions to Rs.160 millions to secure Term Loan Rs.10 million Cash credit( book debts)Rs.70 millions Cash credit (Hypothecation of stocks) Rs.70millions (Max 2+3 Rs.100 millions) and Bank guarantees Rs.50 millions security: First charge on tangible movable assets including in particular all stocks, book debts, plant and machineries as per list of plant and machineries as on 31.03.2008 and Extension of E.M of property at 33, 35, and 37 Okhla Industrial Estate, New Delhi.

CONTINGENT LIABILITIES (not provided for) in respect of:

Rs in Millions

Particulars	2010-2011
Bank Guarantees	23.058
Unearned Increase Charges relating to company’s property at Okhla Industrial Estate	3.599
Income Tax demands under appeal(A.Y 97-98,98-99,07-08,08-09)	3.854
Sales Tax demands under appeal(F.Y 01-02 & 03-04)	2.026
Claims against the company not acknowledge as debts	1.003

FIXED ASSETS:

• Building
• Plant and Machinery
• Air Conditioners
• Vehicles
• Office Equipments
• Computers
• Electrical Installation
• Furniture and Fixtures
• Capital work in Progress Building

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.48.68
UK Pound	1	Rs.76.75
Euro	1	Rs.63.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
--LISNOTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.