MIRA INFORM REPORT

Report Date :

09.01.2012

IDENTIFICATION DETAILS

Name :	PAHARPUR COOLING TOWERS LIMITED (w.e.f. 15.06.1988)
Formerly Known As :	PAHARPUR COOLING TOWERS PRIVATE LIMITED (w.e.f. 28.06.1971) PAHARPUR TIMBERS PRIVATE LIMITED
Registered Office :	Paharpur House, 8/1/B, Diamond Harbour Road, Kolkata - 700 027, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.10.1949
Com. Reg. No.:	21-018363
Capital Investment / Paid-up Capital :	Rs.84.000 millions
CIN No.: [Company Identification No.]	U02005WB1949PTC018363
TAN No.: [Tax Deduction & Collection Account No.]	MRTP00232B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Cooling Towers, Air Coolers and their components, and Flexible Packaging Products.
No. of Employees :	1800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (70)

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 32000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having good 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. Company can be considered good for normal 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

INFORMATION PARTED BY

Name :	Mr. S. Sharma
Designation :	Finance Manager
Contact No.:	91-33-40133168

LOCATIONS

Registered/ Corporate Office :	Paharpur House, 8/ 1/ B, Diamond Harbour Road, Kolkata - 700 027, West Bengal, India
Tel. No.:	91-33-24792050/ 2152/ 2153/ 24791976/ 40133000
Fax No.:	91-33-24792188/ 40133499
E-Mail :	paharpur.ccu@gncl.globalnet.ems.vsnl.net.in, mswarup@paharpur.com corporatefinance@paharpur.com finance@paharpur.com pctccu@paharpur.com a.singhania@paharpur.com
Website :	http://www.paharpur.com
Area :	48000 Sq. ft
Location :	Owned
Plants and Warehouse :	5-A, Oil Installation Road, Kolkata - 700 088, West Bengal, India Tel. No. 91-33-24391583/24396946 Fax. No. 91-33-24392041 E-Mail.: pctcalfac@paharpur.com 14 Diamond Harbour Road, Vill Bhasa, Post Box Bishnupur, 24 Parganas, West Bengal, India Tel. No.: 91-33-24531910-13 E-Mail: pctbhasa@paharpur.com Survey # 350, Nani Chirai, Taluka Bachau, Kutch - 370 140, Gujarat, India Tel. No. 91-2836-285347 E-Mail.: pctkandla@paharpur.com Plot # 9, Industrial Area IV, Sahibabad, District Ghaziabad, Uttar Pradesh, India Tel. No. 91-120-24770531/24770120/24770119 Fax. No. 91-120-4770594 E-Mail.: pctsbd@paharpur.com Plot # 19, Industrial Area IV, Sahibabad, District Ghaziabad, Uttar Pradesh, India
Branch Office :	41, Paharpur House, Cunnigham Road Cross, Bangalore - 560 052, Karnataka, India Tel. No.: 91-80-22253999 Fax. No.: 91-80-22253999 E-Mail.: pctblr@paharpur.com Location – Rented 506, Navkar Chambers, B Wing, Opposite S. M. Centre, Andheri Kurla Road, Marol Naka, Andheri (East), Mumbai – 400 059, Maharashtra, India Tel. No.: 91-22-28595924/26 Fax. No.: 91-22-28514913 E-Mail.: pctbom@paharpur.com Location – Owned Room # 806 and 807, 8^th Floor, Ashok Estate Building, 24, Barakhamba Road, New Delhi - 110 001, India Tel. No.: 91-11-23357846/50 Fax. No.: 91-11-3357851 E-Mail.: pctdel@paharpur.com Location – Rented A-3, Kamala Park Apartment, Vishwas Colony, Alkapuri, Vadodara - 390 052, Gujarat, India Tel. No.: 91-265-2330768/2342902 Fax. No.: 91-265-2341656 E-Mail.: pctbdq@paharpur.com Location – Rented Flat No. 1, 3^rd Floor, Habib Complex No. 3, Durgabai Deshmukh Road, Raja Annamalai Puram, Chennai – 600 028, Tamilnadu, India Tel. No.: 91-44-24953109 Fax. No.: 91-44-24953117 E-Mail.: pctmaa@paharpur.com Location – Rented
Overseas Office :	Paharpur USA Inc 162 S Union Blvd, Suite 672 Lakewood, Co 80228, USA
Tel. No.:	+1-303-989 7200
Fax No.:	+1-720-962 8400
E-Mail :	info@paharpurusa.com
Location :	Leased
Global Sales Representatives:	Located at: v Australia v Bangladesh v Egypt v Iran v Japan v Korea v Malaysia v New Zealand v Philippines v Saudi Arabia v Syria v UAE v Bahrain v Canada v Indonesia v Iraq v Jordan v Kuwait v Nepal v Oman v Qatar v Singapore v Thailand v USA

DIRECTORS

As on 30.09.2010

Name :

Mr. Mahendra Lala Anand Swarup

Designation :

Chairman cum Managing Director

Address :

2B, Judges Court Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

01.02.1920

Qualification :

M.Sc. Physics from Allahabad University

Date of Appointment :

26.10.1976

DIN No.:

00163275

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	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LIMITED	Managing director	01-02-02	26-10-76	-	Active	NO
2	L29120MH1960PLC011635	K S B PUMPS LIMITED	Director	27-02-89	27-02-89	21-06-08	Active	NO
3	U74999MH1947PTC005508	THYSSENKRUPP INDUSTRIES INDIA PRIVATE LIMITED	Director	27-06-91	27-06-91	19-12-08	Active	NO
4	U24111DL1965PLC004507	CHEMICAL AND METALLURGICAL DESIGN COMPANY LIMITED	Director	16-03-92	16-03-92	-	Active	NO
5	U74899DL1936PLC000564	PAHARPUR INDUSTRIES LIMITED	Director	26-10-94	26-10-94	-	Active	NO

Name :

Mr. Vikram Mahendra Swarup

Designation :

Whole Time Director

Address:

2B, Judges Court Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

16.09.1948

Qualification :

B. E. (Hons)

Date of Appointment :

14.07.1993

DIN No.:

00163543

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	U29248WB1983PLC036013	MELVIN POWELL VANASPATI ENGINEERING INDUSTRIES LIMITED	Director	16-03-84	16-03-84	-	Active	NO
2	U24111DL1971PLC005791	OKHLA CHEMICALS LIMITED	Director	28-06-85	28-06-85	-	Active	NO
3	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LIMITED	Managing director	01-02-02	14-07-93	-	Active	NO
4	L65990MH1913PLC000374	INDUSTRIAL AND PRUDENTIAL INVESTMENT COMPANY LIMITED	Director	25-03-97	25-03-97	-	Active	NO
5	U74899DL1980PTC010482	DOYPACK SYSTEMS PRIVATE LIMITED	Director	01-09-97	01-09-97	-	Active	NO
6	U74899DL1980PTC010609	SELECTO PAC PRIVATE LIMITED	Director	01-09-97	01-09-97	-	Active	NO
7	U74899DL1936PLC000564	PAHARPUR INDUSTRIES LIMITED	Director	03-02-99	03-02-99	-	Active	NO
8	U67120WB1994PTC061897	HASTERA CREDIT PVT LTD	Director	21-03-05	21-03-05	-	Active	YES
9	U74999MH1968GAP014120	INDO-AMERICAN CHAMBER OF COMMERCE	Director	29-09-05	29-09-05	-	Active	NO
10	U91990WB1959PLC024133	CALCUTTA SOUTH CLUB LIMITED	Director	29-09-05	29-09-05	-	Active	YES
11	L01132WB1919PLC003334	BIRLA CORPORATION LIMITED	Director	30-11-06	30-11-06	-	Active	NO
12	U74999MH1947PTC005508	THYSSENKRUPP INDUSTRIES INDIA PRIVATE LIMITED	Director	05-02-09	19-12-08	-	Active	NO
13	U45200WB2004PTC150912	PAHARPUR-PRAGNYA TECH PARK PRIVATE LIMITED	Director	30-04-09	16-03-09	-	Active	NO
14	U70109WB1996PTC078199	PAHARPUR PRAGNYA REALTY PRIVATE LIMITED	Director	25-09-09	01-09-09	-	Active	NO
15	U70200WB2010PTC141590	PAHARPUR ASANSOL PROPERTIES PRIVATE LIMITED	Director	01-02-10	01-02-10	15-06-11	Active	NO
16	U74899DL1981PTC011783	GARIMA PRIVATE LIMITED	Director	24-05-11	24-05-11	-	Active	NO

Name :

Mr. Gaurav Mahendra Swarup

Designation :

Whole Time Director

Address:

2B, Judges Court Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

21.11.1956

Qualification :

B.E. (Mechanical), MBA (Harvard University)

Date of Appointment :

14.07.1993

DIN No.:

00374298

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	L25209UP1970PLC003320	SWADESHI POLYTEX LIMITED	Director	30-05-88	30-05-88	-	Active	NO
2	L65990MH1913PLC000374	INDUSTRIAL AND PRUDENTIAL INVESTMENT COMPANY LIMITED	Director	17-04-90	17-04-90	-	Active	NO
3	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LIMITED	Managing director	01-02-02	14-07-93	-	Active	NO
4	U74899DL1936PLC000564	PAHARPUR INDUSTRIES LIMITED	Director	26-10-94	26-10-94	-	Active	NO
5	U24230AP1994PLC018752	SHIVA ANALYTICALS (INDIA) LIMITED	Director	01-01-96	01-01-96	27-10-07	Active	NO
6	U25200MH1955NPL009601	THE PLASTICS EXPORT PROMOTION COUNCIL	Director	18-10-96	18-10-96	-	Active	NO
7	U24111DL1965PLC004507	CHEMICAL AND METALLURGICAL DESIGN COMPANY LIMITED	Director	13-04-99	13-04-99	-	Active	NO
8	U28110AP1996PTC023794	INDO-US MIM TEC PRIVATE LIMITED	Director	02-06-99	02-06-99	-	Active	NO
9	L29120MH1960PLC011635	K S B PUMPS LIMITED	Director	24-01-00	24-01-00	-	Active	NO
10	L15421UP1932PLC025141	UPPER GANGES SUGAR AND INDUSTRIES LIMITED	Director	20-02-03	20-02-03	-	Active	NO
11	U67120WB1994PTC061897	HASTERA CREDIT PRIVATE LIMITED	Director	21-03-05	21-03-05	-	Active	YES
12	L74999WB1974PLC041725	TIL LIMITED	Director	29-07-08	26-03-08	-	Active	NO
13	U00313DL2005PTC140903	FLOETER INDIA RETORT-POUCHES PRIVATE LIMITED	Director	30-09-09	06-01-09	-	Active	NO
14	U45200WB2004PTC150912	PAHARPUR-PRAGNYA TECH PARK PRIVATE LIMITED	Director	30-04-09	16-03-09	-	Active	NO
15	U70109WB1996PTC078199	PAHARPUR PRAGNYA REALTY PRIVATE LIMITED	Director	25-09-09	01-09-09	-	Active	NO
16	U70200WB2010PTC141590	PAHARPUR ASANSOL PROPERTIES PRIVATE LIMITED	Director	01-02-10	01-02-10	15-06-11	Active	NO
17	U74140WB2003PTC121076	MEDICA SYNERGIE PRIVATE LIMITED	Nominee director	25-06-10	25-06-10	-	Active	NO
18	U74899DL1981PTC011783	GARIMA PVT LTD	Director	24-05-11	24-05-11	-	Active	NO
19	U63090WB2011PTC165284	C.D. AVIATION (INDIA) PRIVATE LIMITED	Director	23-07-11	23-07-11	-	Active	NO

Name :

Mr. Ratan Lal Gaggar

Designation :

Director

Address :

11, Lansdown Road, Kolkata – 700 020, West Bengal, India

Qualification :

Senior Advocate

Date of Appointment :

30.12.1989

DIN No.:

00322904

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	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LIMITED	Director	28-06-76	28-06-76	-	Active	NO
2	L40200DL1968PLC005169	SOMANY CERAMICS LIMITED	Director	09-03-84	09-03-84	-	Active	NO
3	U99999MH1974PTC017460	TIL LIMITED	Director	14-05-85	14-05-85	-	Not Available for eFiling	NO
4	L74999WB1974PLC041725	TIL LIMITED	Director	14-05-85	14-05-85	-	Active	NO
5	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LIMITED	Director	30-12-89	30-12-89	-	Active	NO
6	L74140AS1974PLC001498	FINANCIAL MANAGEMENT SERVICES LIMITED	Director	05-02-93	05-02-93	13-07-09	Active	NO
7	L70101WB1989PLC047465	SUMEDHA FISCAL SERVICES LTD	Director	30-03-93	30-03-93	-	Active	NO
8	L40106DL1981PLC012228	SPML INFRA LIMITED	Director	30-06-94	30-06-94	-	Active	NO
9	U67120WB1995PTC071339	PREMIER STOCK BROKERS AND FINANCIAL SERVICES PRIVATE LIMITED	Director	03-05-95	03-05-95	-	Active	NO
10	U25201HR1996PLC033306	MACHINO POLYMERS LIMITED	Director	12-02-99	12-02-99	-	Active	NO
11	L17226WB1946PLC013554	EASTERN SILK INDUSTRIES LIMITED	Director	27-01-05	27-01-05	01-02-11	Active	NO
12	U45400WB2007PTC115959	ENERGY PROPERTIES PRIVATE LIMITED	Director	05-11-08	22-01-08	-	Active	NO
13	U14290WB2008PTC125627	BHASKAR SILICON PRIVATE LIMITED	Director	30-09-09	18-08-08	25-04-11	Active	NO

Name :

Mr. Sumit Birendra Chandra Mazumdar

Designation :

Director

Address :

Arjun Enclave, Flat No.5A and 5B, 12C, Judges Court Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

11.02.1948

Date of Appointment :

30.09.2010

DIN No.:

00116654

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1974PTC017460	TIL LIMITED	Managing director	01-06-94	01-06-94	Not Available for eFiling	NO
2	L74999WB1974PLC041725	TIL LIMITED	Managing director	01-06-09	01-06-94	Active	NO
3	U51109WB1996PTC077009	MARBELLOUS TRADING PRIVATE LIMITED	Director	25-09-06	25-09-06	Active	NO
4	U51109WB1995PTC068308	SALGURN MERCHANTS PRIVATE LIMITED	Director	18-12-06	18-12-06	Active	NO
5	U27109WB1996PTC079606	BP COMMODITIES PRIVATE LIMITED	Director	18-12-08	18-12-08	Active	NO
6	U52190WB2009PTC137548	SUBHMANGAL TRACOM PRIVATE LIMITED	Additional director	07-12-09	17-08-09	Active	NO
7	U51109WB2007PTC117014	ANSUYA AGENCIES PRIVATE LIMITED	Additional director	07-12-09	14-09-09	Active	NO
8	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LTD	Director	30-09-10	29-12-09	Active	NO
9	U29150WB1995PTC072501	TRACTORS INDIA PRIVATE LIMITED	Managing director	29-07-10	01-04-10	Active	NO
10	U91990WB1907GAP001754	THE BENGAL CLUB LIMITED	Director	05-04-11	05-04-11	Active	NO

Name :

Mr. Prosanta Kumar Mallick

Designation :

Director

Address :

122, Block F, New Alipore, Kolkata – 700 053, West Bengal, India

Date of Birth/Age :

13.02.1926

Date of Appointment :

30.12.1989

DIN No.:

00579029

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U85300WB1924GAP004930	AUTOMOBILE ASSOCIATION OF EASTERN INDIA	Director	12-07-85	12-07-85	Active	NO
2	L20211WB1918PLC002934	ARUNACHAL PLYWOOD INDUSTRIES LIMITED	Director	09-08-89	09-08-89	Active	NO
3	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS PRIVATE LIMITED	Director	30-12-89	30-12-89	Active	NO

Name :

Mr. Satya Brata Ganguly

Designation :

Director

Address :

5C, New Road, Alipore, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

23.10.1942

Date of Appointment :

30.09.2010

DIN No.:

01838353

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45206WB2007SGC116084	SUNDARBAN INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	04-01-08	04-01-08	Active	NO
2	L20101WB1982PLC034435	CENTURY PLYBOARDS (INDIA) LIMITED	Director	31-10-11	26-06-08	Active	NO
3	U65990WB2009PLC134536	PEERLESS TRUST MANAGEMENT COMPANY LIMITED	Director	09-04-09	09-04-09	Active	NO
4	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LIMITED	Director	30-09-10	29-12-09	Active	NO
5	L63993WB1983PLC036030	EMAMI LIMITED	Director	19-08-10	30-01-10	Active	NO
6	U64201DL1998PLC096685	SU-KAM POWER SYSTEMS LIMITED	Director	30-09-11	07-09-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Arun Kumar Singhania
Designation :	Company Secretary
Address :	FE 133, Sector III, Salt Lake City, Kolkata – 700 094, West Bengal, India
Date of Birth/Age :	02.11.1965
Date of Appointment :	16.04.1996
PAN No.:	AKUPS9019D
Name :	Mr. S. Sharma
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Mahendra Swarup	127090
Gyan M. Swarup	165900
Vikram Swarup	155400
M. Swarup	120500
Gaurav Swarup	155400
Jain Industrial and Commercial Services Private Limited, India	210
Garima Private Limited, India	42000
Bindu Swarup	8400
Parul Swarup	8400
M. Swarup	56700
Total	840000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	5.00
Directors or relatives of directors	88.00
Other top fifty shareholders	7.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Cooling Towers, Air Coolers and their components, and Flexible Packaging Products.
Product	v Cooling Towers v Heat Exchangers v Air Cooled Heat Exchangers v Air Cooled Condensers v Laminates
Brand Names :	"PAHARPUR"
Exports to :
Products :	Cooling Towers
Country :	v Sri Lanka v Iran v Gulf Countries v Korea
Imports from :
Product :	Raw Material
Country :	v Germany v Japan v U.K. v U.S.A
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

PRODUCTION STATUS (As on 31.03.2010)

LICENSED CAPACITIES:

Under the Government of India's prevailing industrial policy, licensing is not applicable to the Company's manufacturing activities in cooling towers, Heat exchangers. HDPE/PP woven sacks and flexible packaging products.

Particulars	Installed Capacities (1)
Cooling Tower (no.)	2400
Heat Exchanger (no.)	280
Flexible Packing Products (tonne)	6000
Wind Power (MW)	24

1. The installed capacity of each class of products depends upon a number of variables including product mix, name plate capacities, process cycle, thickness or gauge, etc. The installed capacities are certified by Management.

Particulars	Production/ Purchase Qty.
Cooling Towers (number)	1480.000
Heat Exchanger (number)	246.000
Laminates (Tonne)	5569.220
Plastic Pouches (Lakh Pcs.)	2313.010
Timber Trading (cbm)	4937.729
Wind Power (Unit)	8558.000

Quantative details in respect of Cooling Towers and Heat Exchanger have been determined on the basis of number of Cells and Tube Bundles respectively. These being technical matters have been relied upon by the auditors.

GENERAL INFORMATION

Customers :

End Users

v Aarti Steels

v Abadan Petrochemicals 

v Abhishek Industries

v Action Ispat and Power

v Agauta Sugar and Chemicals

v Ahmedabad Electricity

v Air Liquide Engineering

v Air Products Plc

v Ajanta Sugars and Chemicals

v Aker Kvaerner Powergas

v Babhnan Sugar Mills

v Badarpur Thermal PS

v Banias Refinery Company

v Bannariamman Sugar

v Bechtel International 

v Bellary Steel and Alloys 

v Best and Crompton

v Bharat Heavy Electricals Limited

v Calico Chem. and Plastics

v Caribbean Ispat

v Cawnpore Sugar Works

v Ceat 

v Davengere Sugar Company

v Davy Power Gas

v DCM Chemicals

v DCM Sriram Consolidated

v Deepak Fertiliser and Petrochem 

v E T A India

v Eastern Refinery 

v EID Parry 

v Electrowatt-Ekono (Thailand) Limited

v Fertilisers and Chemicals Travancore

v Foster Wheeler 

v GEC Alsthom Triveni

v GNFC

v India Seamless Steels and Alloys 

v Indian Acrylics Limited

v Indian Aluminium Company Limited

v Mahendra Sponge and Power

v Marun Petrochemical

v Mauri Yeast India Limited

v Mawana Sugar Works

v Oswal

v Saraswati Sugar Mills

v TISCO

v Titawi Sugar

v Toyo Engineering 

v Transwater Sdn.Bhd

v Tribeni Tissues

v Triveni Engineering and Industries

v Triveni Engineering Works

v Trust Group

v Tulsipur Sugar 

v Tungabhadra Sugar Works

v Vandana Vidhyut

v Varalakshmi Sugars

v Usha Martin

v Utility Energytech Engineers Private Limited

v Utility Powertech Limited

v Yeshwant Sahakari Sakhar Karkhana

v Zuari Agro Chem

No. of Employees :

1800 (Approximately)

Bankers :

v ABN Amro Bank N V, ITC Centre, 4, Russel Street, Kolkata – 700 071, West Bengal, India

v BNP Paribas, Stephen House, 4 B, B D Bag, Kolkata – 700 001, West Bengal, India

v Canara Bank, Overseas Branch, 2/1, Russel Street, Kolkata - 700 016, West Bengal, India

v Citibank NA, Kanak Building, 41, Jawaharlal Nehru Road, Kolkata - 700 071, West Bengal, India

v HDFC Bank Limited, 9-B, Wood Street, Kolkata - 700 016, West Bengal

v HDFC Bank, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v State Bank of India, Commercial Branch, 24, Park Street, Kolkata - 700 016, West Bengal, India

v ICICI Bank Limited, Kolkata, West Bengal, India

v Standard Chartered Bank, 4, N.S. Road, Kolkata – 700 001, West Bengal, India

v ING Vysya Bank Limited, Brabourne Road Branch, 1/2 Old Court House Corner, Kolkata – 700 001, West Bengal, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Banks
- Others	903.504	488.080
Total	903.504	488.080

Includes cash credit, working capital demand loans, packaging credit, and bills discounted from the consortium banks are secured by hypothecation of stocks and book debts, other assets both present and future.

Unsecured Loans (2)	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Deferred Sales Tax (1)	0.000	2.593
Other Loans
From Subsidiary Company	25.800	16.522
Others	2.594	2.540
Total	28.394	21.655

1. Under the scheme of the Government of Gujarat in respect of the company’s Kandla unit.

2. Repayable within one year Rs.28.394 millions (previous year: Rs.21.655 millions).

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	14, Government Place East, Kolkata - 700 069, West Bengal, India
Tel. No.:	91-33-22481111/ 1507/ 6962
Tele Fax No.:	91-33-22486960
E-Mail:	cal@lodhaco.com
PAN No.:	AABFL1894Q
Memberships :	Confederation of Indian Industry
Subsidiaries :	v Paharpur Industries Limited CIN No.: U74899DL1936PLC000564 v Selecto Pack Private Limited CIN No.: U74899DL1980PTC010609 v Doypack Systems Private Limited CIN No.: U74899DL1980PTC010482 v Chemical and Metallurgical Design Company Limited CIN No.: U24111DL1965PLC004507 v Paharpur USA Inc (PCT-USA) v Safind Forest Products (Pty) Limited (SFPL) v Floeter India Retort Pouches Private Limited (FIRPPL) v Paharpur Mauritius Limited (PML) v Paharpur Pragnya Tech Park Private Limited (PPTPPL)
Associated/ Group Enterprises :	v Paharpur Corporation Limited (PCL) v Unicast (Private) Limited (UCPL) v Unispanner Private Limited (USPL) v Swadeshi Polytex Limited (SPL) v Unifab Engineers (UE) v Paharpur Asansol Proprieties Private Limited (PAPPL) v Melvin Powell Vanaspati and Engineering Industries Limited (MPVEIL) v Paharpur Pragnya Realty Private Limited (PPRPL) (With effect from 25^th January, 2010)

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
840000	Equity Shares	Rs.100/- each	Rs.84.000 millions

NOTES:

Of the above, 835000 equity shares were allotted as fully paid up Bonus Shares by capitalisation of General Reserve.

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		84.000	84.000	84.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8100.471	6487.639	5134.819
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8184.471	6571.639	5218.819
LOAN FUNDS
1] Secured Loans		903.504	488.080	1008.277
2] Unsecured Loans		28.394	21.655	135.668
TOTAL BORROWING		931.898	509.735	1143.945
DEFERRED TAX LIABILITIES		109.212	34.554	55.558
TOTAL		9225.581	7115.928	6418.322
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2307.974	942.458	873.381
Capital work-in-progress		271.831	43.836	87.100
INVESTMENT		4127.275	2767.414	2451.824
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1681.315	1889.518	1584.112
	Sundry Debtors	4219.859	3587.754	2524.256
	Cash & Bank Balances	308.444	517.890	124.976
	Other Current Assets	316.083	212.380	256.102
	Loans & Advances	909.050	804.917	595.560
Total Current Assets		7434.751	7012.459	5085.006
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1909.658	1292.965	989.608
	Other Current Liabilities	2846.875	2266.348	1000.379
	Provisions	159.717	90.926	89.002
Total Current Liabilities		4916.250	3650.239	2078.989
Net Current Assets		2518.501	3362.220	3006.017
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9225.581	7115.928	6418.322

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	9407.925	9287.893	7942.829
		Other Income	733.056	652.844	694.405
		TOTAL (A)	10140.981	9940.737	8637.234
Less	EXPENSES
		Manufacturing, Construction and Operating Expenses	6398.256	6557.372	5523.473
		Purchase of Trading Goods	64.753	33.537	332.909
		Employment Cost	562.021	472.323	369.504
		Sales, Administration and Other Expenses	772.738	770.944	567.909
		TOTAL (B)	7797.768	7834.176	6793.795
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2343.213	2106.561	1843.439
Less	INTEREST (D)		31.893	126.186	119.323
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2311.320	1980.375	1724.116
Less/ Add	DEPRECIATION/ AMORTISATION (F)		118.495	115.458	97.266
	PROFIT BEFORE TAX (E-F) (G)		2192.825	1864.917	1626.850
Less	TAX (H)		531.794	309.501	254.129
	PROFIT AFTER TAX (G-H) (I)		1661.031	1555.416	1372.721
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4747.175	3476.156	2287.829
Less	APPROPRIATIONS
		Transfer to General Reserve	250.000	250.000	150.000
		Proposed Dividend	42.000	29.400	29.400
		Provision for Corporate Dividend Tax	6.200	4.997	4.997
	BALANCE CARRIED TO THE B/S		6110.006	4747.175	3476.153
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	281.148	445.227	163.504
	TOTAL EARNINGS		281.148	445.227	163.504
	IMPORTS
		Raw Materials, Components, Stores & Spares	512.731	380.942	603.104
		Trading Goods	64.753	33.537	332.909
		Capital Goods	7.854	127.681	29.040
	TOTAL IMPORTS		585.338	542.160	965.053
	Earnings Per Share (Rs.)		1977.42	1851.69	1634.19

Particulars	31.03.2011 (Approximately)
Sales Turnover (Approximately)	11000.000

The above information has been parted by Mr. S. Sharma (Finance Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	16.38	15.65	15.89
Net Profit Margin (PBT/Sales)	(%)	23.31	20.08	20.48
Return on Total Assets (PBT/Total Assets}	(%)	22.51	23.44	27.30
Return on Investment (ROI) (PBT/Networth)		0.27	0.28	0.31
Debt Equity Ratio (Total Liability/Networth)		0.71	0.63	0.62
Current Ratio (Current Asset/Current Liability)		1.51	1.92	2.45

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The operations of the Company remained flat during the year with sales turnover increased by 1% to Rs.9408.000 Millions. The flat performance was mainly attributed to lower sales from Real Estate Division due to the stagnant Real Estate Scenario in the country. The EBITDA and Profit before tax however improved by 12% to 2343.000 millions and 18% to Rs.2193.000 millions as compared to Rs.2106.000 and Rs.1865.000 millions during the previous year respectively.

The Company has made a provision of Rs.365.000 millions for income tax (including Rs.571.000 millions for the previous year) and the Profit alter tax was Rs.1753.000 millions as against Rs.1555.000 millions during the previous year.

BUSINESS REVIEW:

The global economy has been showing some signs of recovery after the series of stimulus packages announced by major governments. Liquidity position was otherwise easy globally except the turmoils in some parts of Europe. With the above developments Global investors are once again looking towards emerging markets like India where the domestic economy's growth is clearly visible.

The Company being one of the main power utility providers will also be benefited from these developments. However the growing inflation and availability of skilled manpower continues to remain the matter of concern.

PROCESS COOLING SOLUTION BUSINESS:

Cooling Tower business of the Company too has been showing the signs of recovery. The sales turnover of Cooling Tower division registered a growth of 5% to Rs.7066.000 millions and ACC/HE grew by 30% to Rs.625.000 millions. The lower growth in the sales turnover of the process cooling division was mainly attributable to the suspension of work in one of the manufacturing units of the Company.

The country faces acute shortage of power and government has fixed ambitious targets for fresh capacities in power generations. The favorable power policy and availability of natural Gas has increased the private sector interest in setting up fresh power capacities. With number of power projects being set up, the order book of the Cooling Towers continues to be strong.

However, the pressure of shorter execution, stiff competitions and rising input costs continues to be the areas of concerns. The Company is capable and committed to overcome the same with improving efficiency.

FLEXIBLE PACKAGING BUSINESS:

The Flexible Packaging Division of the Company has reported book profits for the first time since it started its operation. With a sales growth of 8% during the year the book profit from the business was Rs.41.000 millions as against a book loss of Rs.4.000 millions in the previous year.

The above turnaround in the performance was the result of continued focus on product mix, wastage control, operating efficiency and cost controls. The Company has acquired 100% stake in Floater India Limited and has been growing its business of retort pouches in India. The Company has taken steps to expand the capacity of the Flexible Packaging Business which is likely to be completed by September 10.

SUBSIDIARIES:

Paharpur USA Inc., the North American subsidiary of the Company, continues to act as a Marketing Office for exports of Cooling Towers from India.

Safind Forest Products (Pty) Limited, the South African subsidiary: of the Company continues to do well. The lumber trading and warehousing business is likely to enhance revenue and profitability of the Company in the current year.

The Company has recently acquired a 4000 ha Eucalyptus plantation in South Africa through its wholly owned subsidiary, Paharpur Natural Resources Pty Limited. With this plantation, total plantation under the management of the Company shall stand at about 12,000 ha in South Africa. With growing demand supply gap the market for the plantation looks attractive.

EXPANSION AND GROWTH PLANS:

The Company has decided to invest in the renewable energy by setting up Wind Power projects at Tamilnadu and Maharashtra. With Government incentives of preferential power tariff and introduction of Renewable Energy Certificates, the sector offers attractive opportunities and at the same time act as a hedge against the Company's larger dependence on thermal power.

The Company has already installed 25.6 MW of wind power plant in the state of Maharashtra and Tamilnadu during the year with an Investment of Rs.1500.000 millions. More such capacity additions are likely to be made during the forthcoming year based on the experience in the present installations.

Expansion of Capacity has been undertaken in the flexible packaging business of the Company with an investment of Rs.250.000 millions.

FINANCE:

The Company has been focusing on meaningful utilization of the available resources and lower dependence on the external borrowings in view of the higher Interest rate scenario. The Interest Payments during the year were Rs.31.000 millions as against Rs126.000 millions during the previous year.

The Company has made capital expenses of Rs1763.000 millions during the year including Rs.1508.000 millions in the Wind Farms which were funded through FCNR (B) Loan of Rs.900.000 millions and balance through the internal accruals.

FUTURE ACTION PLANS:

The Company continues to expand its R and D activities in the areas of products and process development with an objective to improve the quality and performance of its products, as well as for technological upgradation, energy conservation and increase in its market share, The R and D facility of the Company has been certified by the Government of India.

FORM 8:

Corporate identity number of the company	U02005WB1949PTC018363
Name of the company	PAHARPUR COOLING TOWERS LIMITED
Address of the registered office or of the principal place of business in India of the company	8 / 1-B, Diamond Harbour Road, Kolkata - 700 027, West Bengal, India
This form is for	Creation of Charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Foreign Bank Citibank NA, Kanak Building, 41 Jawahar Lal Nehru Road, Kolkata – 700071, West Bengal, India
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	03.06.2010
Amount secured by the charge	Rs. 1150.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Interest @3.6%, penal Interest @2% shall be in case of default in payment of interest or principal on due date. Terms of Repayment : TL of US $ 20,000,000 is repayable in six semi annual installments after a moratorium period of two years. Hedging Loan of US $ 5,000,000 is repayable on demand. Margin : As per Agreement Extent and Operation of the charge: First charge on Movable assets of the Borrower company both present and future. Others : NIL
Short Particulars of the property charged	Movable assets of the Borrower without limitation including its plant and Machinery, Furniture, Equipment, Computer Hardware and Software, Spares, Tools etc., wherever situated both present and Future.

Name of the company	PAHARPUR COOLING TOWERS LIMITED
Presented By	ING Vysya Bank Limited, Brabourne Road Branch, 1/2 Old Court House Corner, Kolkata – 700 001, West Bengal, India
1) Date and description of instrument creating the change	Hypothecation deed dated 25.07.2002 executed by Paharapur Cooling Towers Limited The charge was registered on 01.08.2002 and subsequent modification are as follows: Modified on Registered on Amount (Rs. In Millions) 08.08.2003 10.09.2003 10.000 02.09.2004 29.09.2004 125.000
2) Amount secured by the charge/amount owing on the securities of charge	Rs.250.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All present and future stocks of raw materials, stock in process, stock in transit and finished goods meant for both domestic and export sales on pari passu basis with other banks in consortium. All present and future book debts on pari passu basis with other banks in consortium
4) Gist of the terms and conditions and extent and operation of the charge.	a) The charge by way of hypothecation created by the borrower as and by way of first charge on entire assets of the company including raw materials, stock in process, stock in transit, stores and spares, finished goods and book debts etc ranking pari passu with consortium banks. b) Borrower to pay interest, commission, exchange and keep and maintain margin as security at the rate specified in hypothecation deed. c) Bank entitled to enforce the security in the event of failure on the part of the borrower to observe and perform the covenants in the deed. d) Covenants to insure and keep insured the hypothecated assets with an agreed bank clause.
5) Name and Address and description of the person entitled to the charge.	ING Vysya Bank Limited, Brabourne Road Branch, 1/2 Old Court House Corner, Kolkata – 700 001, West Bengal, India
6) Date and brief description of instrument modifying the charge	General Hypothecation agreement executed in favour of ING Vysya Bank Limited dated 22^nd February, 2005 Facility agreement dated 22^nd February, 2005
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	By present and third modification the overall limit / charge secured by present charge has been enhanced form Rs.125.000 Millions to Rs.250.000 Millions by way of CC / WCDL / PCL / PSL / PCFC / EBRD. This charge is in addition to 250.000 Millions charge created by company in favour of ING Vysya Bank Limited vide Joint Deed of hypothecation by lead consortium bank, consequent to above modification the overall facilities extended to borrower by the bank is Rs.500.000 Millions Interest and other charges are payable as per sanction terms, however, the same is subject to change form time to time. Other terms and condition are as per sanction letter and agreements Other terms and conditions save as above modified above remain in full force.

a) CONTINGENT LIABILITIES:

Particulars	31.03.2010 (Rs. in millions)
a) Corporate guarantees issued on behalf of :
- Subsidiary and associate Companies	231.495
- Others	140.000
b) Certain show cause notices and demands relating to Income tax, Sales Tax, Central Excise Duty and other statutory matters, to the extent ascertainable from the records and details available are as follows
(i) Disputed central excise and Service tax matters pending in appeal at various stages	62.391
(ii) Disputed Income Tax matters pending in appeal at various stages	56.359
(iii) Disputed Sales Tax and Works Contract matters pending in appeal at various stages	67.855

b) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance) Rs.183.102 millions.

FIXED ASSETS:

Tangible Assets:

v Land – Freehold

v Land- Leasehold

v Factory Building

v Non Factory Building

v Plant and Machinery

v Office Equipments

v Furniture and Fixtures

v Vehicles

v Computers

Intangible Assets:

v Computer Software

WEBSITE DETAILS:

PROFILE:

In a world of water shortage and an increasing awareness of water problems, Subject has grown from a small lumber saw mill to one of the largest cooling tower manufacturers in the world.

There are few problems subject cannot solve related to the cooling of water or other liquids. They have a first class Research and Development centre which has consistently produced innovative concepts that have now become industry standards. All components or materials are carefully selected and tested under the adverse conditions applicable in operation. Their engineering and production standards often exceed general standards, the objective being to supply a prime quality product which will provide low cost and reliable service to their customers over many years.

Major industries such as electricity generating, petroleum refining, chemical processing, sugar, air-conditioning and refrigeration, steel and so on use a vast assortment of cooling towers and air cooled heat exchangers. Whether they wish to cool the centralized air-conditioning plant of their building, dissipate heat from their processing plant or cool the water in their industrial complex, they at subject are at their service.

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.52.78
UK Pound	1	Rs.81.79
Euro	1	Rs.67.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
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	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		70

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.