MIRA INFORM REPORT

Report Date :

13.07.2012

IDENTIFICATION DETAILS

Name :	INOX INDIA LIMITED
Registered Office :	ABS Tower, 4^th Floor, Old Padra Road, Baroda – 390007, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.12.1976
Com. Reg. No.:	04-018945
Capital Investment / Paid-up Capital :	Rs.90.764 Millions
CIN No.: [Company Identification No.]	U99999GJ1976PLC018945
TAN No.: [Tax Deduction & Collection Account No.]	BRDI00238A BRDI00194F
PAN No.: [Permanent Account No.]	AAACI4416P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers, Exporter and Importer of Cryogenic Tanks, Cold Converter Systems, Vacuum Insulated Tanks, Atmospheric Vaporisers, Cryo Containers, Disposable Gas Cylinder, etc.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 6960000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Jagdish Parma
Designation :	Junior Officer
Contact No.:	91-265-3056131
Date :	12.07.2012

LOCATIONS

Registered Office :	ABS Towers, 4^th Floor, Old Padra Road, Vadodara-390007, Gujarat, India
Tel. No.:	91-265-2343125/ 2343226/ 3056100/ 2343123/ 2343124
Fax No.:	91-265-2333398/ 2341449/ 2333398
E-Mail :	inox@inoxindia.com mktg@inoxindia.com comml@inoxindia.com plogar@inoxindia.com
Website :	http://www.inoxindia.com
Area :	500 sq. ft
Location :	Owned
Factory 1:	Village Katol, Kalol, Near Baroda, District Panchmahals, Gujarat, India
Area :	48258 sq. mtrs
Location :	Owned
Factory 2:	Boru Road, Near Narmada Colony, Kalol, Panchmahal – 389 330, Gujarat, India
Location :	Owned
Factory :	Also Located at: · Kandala · Silvassa · Kalol · Gandhidham, Gujarat · Bhuj

DIRECTORS

As on 13.06.2011

Name :	Mr. Devndrakumar Sidhhomal Jain
Designation :	Director
Address:	47, Golf, Links, New Delhi – 110 003, India
Date of Birth:	02.03.1929
Date of Appointment :	16.04.1979
DIN No.:	00029782
Name :	Mr. Pavankumar Devendra Jain
Designation :	Director
Address:	31, Benzer Terrace, A G Khan Road, Worli Mumbai – 400 018, Maharashtra, India
Date of Birth:	17.05.1951
Date of Appointment :	16.04.1979
DIN No.:	00030098
Name :	Mr. Vivekkumar Devenkumar Jain
Designation :	Director
Address:	47, Golf, Links, New Delhi – 110 003, India
Date of Birth:	30.08.1955
Date of Appointment :	14.06.2007
DIN No.:	00029968
Name :	Mr. Siddharth Pavankumar Jain
Designation :	Director
Address:	Benzer Terrace, 94, Sea Face, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth:	21.09.1978
Date of Appointment :	17.03.2004
DIN No.:	00030202
Name :	Mr. Parag Padmakar Kulkarni
Designation :	Director
Address:	C -404 Samrajya Flat opposite Sabri Vidyalaya, off Vasna Road, Vadodara – 390 007, Gujarat, India
Date of Birth:	07.09.1950
Date of Appointment :	25.09.1999
DIN No.:	00209184
Name :	Mr. Ronaldo Sullam
Designation :	Director
Address:	8, Woodlands Road, Barnes, London
Date of Birth:	09.03.1941
Date of Appointment :	11.03.2010
DIN No.:	00509312

KEY EXECUTIVES

Name :	Mr. Pavankumar Logar
Designation :	Company Secretary
Address :	102, Samrajya Flat opposite Rajesh Tower, Subhnapura, Baroda – 390 023, Gujarat, India
Date of Birth/Age :	10.06.1965
Date of Appointment :	13.12.1993
PAN.:	AAKPL3184G
Name :	Mr. Jagdish Parma
Designation :	Junior Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 13.06.2011

Names of Shareholders	No. of Shares
Vivekkumar Devenkumar Jain	972264
Devndrakumar Sidhhomal Jain	271312
Pavankumar Devendra Jain	1903578
Siddharth Pavankumar Jain	1126560
Pavankumar Logar	4600
Parag Padmakar Kulkarni	30100

Equity Share Break up (Percentage of Total Equity)

As on 13.06.2011

Category	Percentage
Bodies corporate	0.04
Directors or relatives of Directors	98.67
Other top fifty shareholders	1.29
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Exporter and Importer of Cryogenic Tanks, Cold Converter Systems, Vacuum Insulated Tanks, Atmospheric Vaporisers, Cryo Containers, Disposable Gas Cylinder, etc

Products :

ITC Code	Product description
84198910	Cold Converter Systems
73110090	Cryogenic Tanks for liquefied gases
84195090	Atmospheric Vaporizers
96170012	Cryo Containers
73110020	Disposable gas cylinders

· Cold Convertor Systems

· Vacuum Insulated Tanks

· Atmospheric Vaporisers

· Cryo Containers

· Disposable Gas Cylinders

Exports :

Products :

· Cryogenic Tanks,

· Cold Converter Systems

· Vacuum Insulated Tanks

· Atmospheric Vaporisers

· Cryo Containers

· Disposable Gas Cylinder

Countries :

· Africa

· Europe

Imports :

Products :

· Raw Material

Countries :

· China

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

200 (Approximately)

Bankers :

· IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· Bank of Bahrain and Kuwait B. S. C.,Jolly Maker Chamber – II, 225, Nariman Point, Mumbai – 400021, Maharashtra, India

· Centurion Bank Limited, Productivity House, Productivity Road, Alkapuri, Baroda – 390007, Gujarat, India

· IDBI Bank Limited, Concorde, R.C. Dutt Road, Alkapuri, Baroda – 390007, Gujarat, India

· ABN Amro Bank N.V., Alkapuri, Baroda – 390007, Gujarat, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

· HDFC Bank, Durga Niwasm G Road, Panaji, Goa – 403001, Goa, India

· Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six

· Road, Ahmedabad – 380006, Gujarat, India

· HDFC Bank Limited HDFC Bank House Senapati Bapat Marg, Lower Parel (W), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Foreign currency loans secured	1014.650	956.154
Working capital loans banks secured	91.186	233.555
Total	1105.836	1189.709

Banking Relations :	--
Auditors :
Name :	S. C. Bandi and Company Chartered Accountants
Address :	812, Maker Chamber V, 221, Nariman Point, Mumbai - 400021, Maharashtra, India
PAN.:	AACPB7792A
Memberships :	· Confederation of Indian Industry
Group Companies :	INOX Group of Companies
Associates (As on 31.03.2010) :	· Refron Valves Limited · Gujarat Flurochemicals Limited · Inox Air Products Limited · Inox Leisure Limited · Siddhomal Paper Conversion Company Private Limited · Cryogenic Vessel Alternative Inc., USA · Inox India Limited · Inox Wind Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9076350	Equity Shares	Rs.10/- each	Rs.90.764 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		90.764	90.764	90.764
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1650.932	1281.162	856.033
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1741.696	1371.926	946.797
LOAN FUNDS
1] Secured Loans		1105.836	1189.709	248.124
2] Unsecured Loans		0.000	0.000	140.000
TOTAL BORROWING		1105.836	1189.709	388.124
DEFERRED TAX LIABILITIES		83.462	78.436	67.808
TOTAL		2930.994	2640.071	1402.729
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		635.367	573.928	534.205
Capital work-in-progress		2.278	7.730	1.666
INVESTMENT		1197.488	1197.488	0.592
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	630.468	504.979	753.347
	Sundry Debtors	712.114	409.241	214.170
	Cash & Bank Balances	1.823	67.602	7.595
	Other Current Assets	0.293	3.533	0.704
	Loans & Advances	210.465	243.700	270.130
Total Current Assets		1555.163	1229.055	1245.946
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	231.671	190.915	178.399
	Other Current Liabilities	200.043	159.075	185.358
	Provisions	27.782	18.528	16.505
Total Current Liabilities		459.496	368.518	380.262
Net Current Assets		1095.667	860.537	865.684
MISCELLANEOUS EXPENSES		0.194	0.388	0.582
TOTAL		2930.994	2640.071	1402.729

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2423.335	2433.147	2363.625
		Income from Operations	0.000	0.000	20.384
		Income from Power Generation	0.000	0.000	20.169
		Other Income	50.539	49.871	4.868
		TOTAL (A)	2473.874	2483.018	2409.046
Less	EXPENSES
		Consumption materials changes inventories	1129.876	1285.793	1903.644
		Manufacturing other operating expenses	640.788	516.582
		Prior period items before tax	0.194	0.194
		Extra Ordinary Items	(0.436)	0.000
		TOTAL (B)	1770.422	1802.569	1903.644
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		703.452	680.449	505.402
Less	FINANCIAL EXPENSES (D)		60.766	32.882	28.384
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		642.686	647.567	477.018
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.920	37.943	41.667
	PROFIT BEFORE TAX (E-F) (G)		596.766	609.624	435.351
Less	TAX (H)		154.727	150.750	133.028
	PROFIT AFTER TAX (G-H) (I)		442.039	458.874	302.323
Less	PRELIMINARY EXPENSES WRITTEN OFF		--	--	0.194
Less	TAX RELATING TO PRIOR YEARS (Net)		--	0.000	(0.012)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		998.245	642.466	443.420
Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	50.000	50.000
		Interim Dividend	45.206	45.382	45.382
		Tax on Dividend	7.713	7.713	7.713
	BALANCE CARRIED TO THE B/S		1337.365	998.245	642.466
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports of Goods/ Services	808.207	848.678	907.778
		Other recoveries on Exports	34.022	39.875	36.231
		EOU Exports through other in F.C.	0.000	0.000	154.218
	TOTAL EARNINGS		842.229	888.553	1098.227
	IMPORTS
		Raw Materials	NA	375.793	599.317
		Stores & Spares	NA	1.432	1.832
		Capital Goods	NA	27.219	4.877
	TOTAL IMPORTS		NA	404.444	606.026
	Earnings Per Share (Rs.)		48.70	50.58	33.31

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	17.87	18.48	12.55
Net Profit Margin (PBT/Sales)	(%)	24.63	25.06	18.42
Return on Total Assets (PBT/Total Assets}	(%)	27.24	33.81	24.45
Return on Investment (ROI) (PBT/Networth)		0.34	0.44	0.46
Debt Equity Ratio (Total Liability/Networth)		0.90	1.13	0.81
Current Ratio (Current Asset/Current Liability)		3.38	3.33	3.28

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Sundry Creditors	231.671	190.915	178.399
Total	231.671	190.915	178.399

Bankers Charges Report as per Registry

Corporate identity number of the company	U99999GJ1976PLC018945
Name of the company	INOX INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	ABS Tower, 4^th Floor, Old Padra Road, Baroda - 390 007, Gujarat, India Email : plogar@inoxindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90103736
Type of charge	Book Debts Movable Property
Particular of charge holder	IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India Email : vijay.katdare@idbi.co.in
Nature of instrument creating charge	Hypothecation deed on first pari-passu charge basis over entire current assets and second pari-passu charge over movable fixed assets of the borrower
Date of instrument Creating the charge	14.02.2012
Amount secured by the charge	Rs.831.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter dated 19.09.2011 and 03.12.2011 Terms of Repayment As per sanction letter dated 19.09.2011 and 03.12.2011 Margin As per sanction letter dated 19.09.2011 and 03.12.2011 Extent and Operation of the charge As per sanction letter dated 19.09.2011 and 03.12.2011
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First pari-passu charge basis over entire current assets and second pari-passu charge over movable fixed assets of the borrower
Date of instrument modifying the charge	15.04.2009
Particulars of the present modification	By virtue of this modification, hypothecation charge created in favour of IDBI bank has been increased from Rs.400.000 Millions to Rs.831.000 Millions.

FIXED ASSETS:

Tangible Assets:

· Land - Freehold

· Buildings

· Plant and Machinery

· Cylinders on Lease

· Wind Mill

· Electrical Installations

· Office equipments

· Air conditioners

· Furniture and Fixtures

· Vehicles

Intangible Assets:

· Technical Know – how

· Software

AS PER WEBSITE DETAILS

PROFILE

Subject, a part of US$ 2 billion capital INOX group of companies, is a globally acclaimed company offering comprehensive solutions in cryogenic storage, vaporization and distribution engineering. Subject recently picked up majority stake in Cryogenic Vessel alternatives (USA), a world leader in large cryogenic transport tanks, oil and gas field pumping units, and mobile LIN storage units. With this acquisition, Subject has become the second largest player in this business across the world.

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.55.70
UK Pound	1	Rs.86.28
Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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		60

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.