MIRA INFORM REPORT

Report Date :

14.06.2012

IDENTIFICATION DETAILS

Name :	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED
Registered Office :	Gateway Building, Apollo Bunder, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.06.1954
Com. Reg. No.:	11 – 019908
Capital Investment / Paid-up Capital :	Rs.53.985 Millions
CIN No.: [Company Identification No.]	U31200MH1954PLC019908
TAN No.: [Tax Deduction & Collection Account No.]	PNEM09942C
PAN No.: [Permanent Account No.]	AAACM5764A
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Supplier of Material Handling Equipment and Systems
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Autogiant Mahindra and Mahindra Limited. It is a well established and reputed company having satisfactory track records. There is no sales turnover in the current year as business of the company has been transferred into its subsidiary company Mahindra Conveyor Systems Private Limited w.e.f. 1^st April, 2010. However, Financial position of the company is good. Fundamental are strong and healthy. 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 :	Gateway Building, Apollo Bunder, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22021031 / 24905632
Fax No.:	91-22-24900833
E-Mail :	mutha.sanjaykumar@mahindra.com pardiwala.arnavaz@mahindra.com vs.ramesh@mahindra.com
Website :	www.meconsltd.com
Head Office :	148, Mumbai-Pune Road, Pimpri, Pune : 411 018, India
Tel. No.:	91-20- 6631 7200 / 27426396 / 66317254 / 278
Fax No.:	91-20-27426398 / 27426383
E-Mail :	sales@mconsltd.com

DIRECTORS

As on 29.09.2011

Name :	Mr. Raghunath Murti
Designation :	Director
Address :	Flat No. E-502, NO.1, Modi Baug, Ganeshkind Road, Shivaji Nagar, Pune - 411016, Maharashtra, India
Date of Birth/Age :	31.10.1948
Date of Appointment :	18.03.2005
DIN :	00082761

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	29-04-09	27-02-03	-	Active	NO
2	U01409MH2000PLC125781	MAHINDRA SHUBHLABH SERVICES LIMITED	Director	17-03-03	17-03-03	25-10-07	Active	NO
3	U74999MH1995PLC093447	TECPRO ASHTECH LIMITED	Director	24-12-03	24-12-03	05-01-08	Amalgamated	NO
4	U52190MH1954PLC019908	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED	Director	18-03-05	18-03-05	-	Active	NO
5	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Director	15-02-07	01-04-05	29-04-10	Active	NO
6	U45209RJ2005PLC021207	MAHINDRA WORLD CITY (JAIPUR) LIMITED	Director	06-07-07	20-11-06	-	Active	NO
7	U45309MH2005PLC156225	MAHINDRA WORLD CITY (MAHARASHTRA) LIMITED	Director	18-07-07	28-12-06	17-10-11	Active	NO
8	U73100MH1995PTC124707	OWENS-CORNING (INDIA) PRIVATE LIMITED	Director	23-02-07	23-02-07	31-03-09	Active	NO
9	U52190MH2007PTC173762	MAHINDRA RETAIL PRIVATE LIMITED	Director	20-08-08	03-09-07	31-03-09	Active	NO
10	U63000MH2007PLC173466	MAHINDRA LOGISTICS LIMITED	Director	10-09-08	03-10-07	31-03-09	Active	NO

Name :	Mr. Sundaram Venkatraman
Designation :	Director
Address :	501, Vikas Classic, Building No.4, Dr. C. Gidwani Marg, Chembur, Mumbai – 400 074, Maharashtra, India
Date of Birth/Age :	07.05.1952
Date of Appointment :	16.01.2007
Din :	00077193

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1995PLC093447	TECPRO ASHTECH LIMITED	Director	05-12-02	05-12-02	05-01-08	Amalgamated	NO
2	U45201MH2001PLC131942	MAHINDRA INFRASTRUCTURE DEVELOPERS LIMITED	Nominee director	23-04-03	23-04-03	-	Active	NO
3	U74210MH1993PLC074723	MAHINDRA CONSULTING ENGINEERS LIMITED	Nominee director	22-04-04	22-04-04	-	Active	NO
4	U45200MH1992PLC068846	MAHINDRA CONSTRUCTION COMPANY LIMITED	Director	29-09-07	24-04-06	-	Active	NO
5	U45205MH1999PLC121235	MAHINDRA WATER UTILITIES LIMITED	Director	18-09-07	10-10-06	-	Active	NO
6	U52190MH1954PLC019908	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED	Director	27-08-07	16-01-07	-	Active	NO
7	U74140MH1992PLC066606	MAHINDRA AND MAHINDRA CONTECH LIMITED	Director	05-09-08	30-05-08	-	Active	NO
8	U30007MH1991PLC064368	BRISTLECONE INDIA LIMITED	Director	24-07-09	25-07-08	-	Active	NO
9	U34100MH2007PLC171151	MAHINDRA VEHICLE MANUFACTURERS LIMITED	Director	20-08-09	19-11-08	-	Active	NO
10	U92190MH2008PLC178894	MUMBAI MANTRA MEDIA LIMITED	Director	08-09-09	03-02-09	-	Active	NO
11	U29268MH2010PTC198438	MAHINDRA CONVEYOR SYSTEMS PRIVATE LIMITED	Director	23-06-11	04-01-10	-	Active	NO
12	U34100MH2005PTC153702	MAHINDRA AUTOMOBILE DISTRIBUTOR PRIVATE LIMITED	Director	01-08-11	31-08-10	-	Active	NO
13	U74999MH2011PTC212468	MAHINDRA BPO SERVICES PRIVATE LIMITED	Director	18-01-11	18-01-11	-	Active	NO

Name :	Mr. Zhooben Dossabhoy Bhiwandiwala
Designation :	Director
Address :	S-13, Cusrow Baug, Shahid Bhagat Singh Road, Colaba, Mumbai – 400 039, Maharashtra, India
Date of Birth/Age :	09.12.1959
Date of Appointment :	27.08.2007
Din :	00110373

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1988PTC046152	ALBERTVILLE EXPORTS PRIVATE LIMITED	Director	08-02-88	08-02-88	-	Dormant	NO
2	U22120MH1948PTC009314	THE INDIAN AND EASTERN ENGINEER COMPANY PRIVATE LIMITED	Additional director	10-08-09	20-01-92	-	Active	NO
3	U74140MH1992PLC066606	MAHINDRA AND MAHINDRA CONTECH LIMITED	Director	22-02-93	22-02-93	27-05-08	Active	NO
4	U74140MH1982PTC026770	PRUDENTIAL MANAGEMENT AND SERVICES PRIVATE LIMITED	Director	12-01-98	12-01-98	05-05-10	Active	NO
5	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	17-02-00	17-02-00	-	Active	NO
6	U74999MH1999PTC121254	MW COM (INDIA)PRIVATE LIMITED	Director	06-10-03	06-10-03	29-03-10	Active	NO
7	U30007MH1991PLC064368	BRISTLECONE INDIA LIMITED	Director	05-08-04	05-08-04	05-06-08	Active	NO
8	L27100MH1999PLC121285	MAHINDRA FORGINGS LIMITED	Director	19-05-06	28-04-06	-	Active	NO
9	U18101MH1995PLC095482	NBS INTERNATIONAL LIMITED	Director	28-09-07	15-11-06	29-10-08	Active	NO
10	U67120MH2007PLC168985	MAHINDRA STOKES HOLDING COMPANY LIMITED	Director	24-09-07	21-03-07	-	Amalgamated	NO
11	U52190MH1954PLC019908	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED	Director	25-09-08	27-08-07	-	Active	NO
12	U52190MH2007PTC173762	MAHINDRA RETAIL PRIVATE LIMITED	Director	20-08-08	03-09-07	-	Active	NO
13	U74999MH1995PLC093447	TECPRO ASHTECH LIMITED	Additional director	05-11-07	05-11-07	05-01-08	Amalgamated	NO
14	U29130MH2004PTC168150	MAHINDRA GEARS AND TRANSMISSIONS PRIVATE LIMITED	Director	22-07-08	24-12-07	-	Active	NO
15	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25-07-08	22-01-08	-	Active	NO
16	U29299MH1963PLC019745	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	06-05-08	22-01-08	-	Amalgamated	NO
17	U63032MH2008PTC186581	MAHINDRA OCEAN BLUE MARINE PRIVATE LIMITED	Director	25-09-09	09-09-08	-	Active	NO
18	U67110MH2008PLC188837	RETAIL INITIATIVE HOLDINGS LIMITED	Director	11-12-09	11-12-08	16-08-11	Active	NO
19	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	12-08-09	12-12-08	-	Active	NO
20	U73100MH1995PTC124707	OWENS-CORNING (INDIA) PRIVATE LIMITED	Director	26-09-09	01-04-09	24-11-10	Active	NO
21	U63000MH2007PLC173466	MAHINDRA LOGISTICS LIMITED	Director	11-08-09	28-04-09	-	Active	NO
22	U29268MH2009PTC190702	DEFENCE LAND SYSTEMS INDIA PRIVATE LIMITED	Director	26-04-10	29-04-09	27-04-10	Active	NO
23	U27100MH2009PTC193205	MAHINDRA ELECTRICAL STEEL PRIVATE LIMITED	Director	29-09-10	10-06-09	-	Active	NO
24	U92190MH2008PLC178894	MUMBAI MANTRA MEDIA LIMITED	Director	30-09-10	29-03-10	-	Active	NO
25	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Director	22-07-10	29-04-10	-	Active	NO
26	U65993MH2007PLC175649	MAHINDRA HOLDINGS LIMITED	Director	29-08-11	18-07-11	-	Active	NO
27	U55100DL2011PTC222498	EKATRA HOSPITALITY VENTURES PRIVATE LIMITED	Director	18-07-11	18-07-11	-	Active	NO
28	U74899DL1989PLC038453	M. A. R. K. HOTELS LIMITED	Director	30-09-11	30-09-11	-	Active	NO
29	U75144MH2012PTC231267	MAHINDRA DEFENCE NAVAL SYSTEMS PRIVATE LIMITED	Director	18-05-12	18-05-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Mahindra and Mahindra Limited, India	5398452
Mahindra and Mahindra Limited, India jtly with Mr. Keshub Mahindra	1
Mahindra and Mahindra Limited, India jtly with Mr. A K Nanda	2
Mahindra and Mahindra Limited, India jtly with Mr. M. Raghuram	1
Mahindra and Mahindra Limited, India jtly with Mr. Bharat Doshi	1
Mahindra and Mahindra Limited, India jtly with Mr. U.Y Phadke	2
Mahindra and Mahindra Limited, India jtly with Mr. M.A Nazareth	1
Mahindra and Mahindra Limited, India jtly with Mr. A M Choksey	1
Mahindra and Mahindra Limited, India jtly with Mr. Rajeev Dubey	1
Mahindra Holdings Limited, India	10
Total	5398472

List of Allottees

As on 05.12.2011

Name of Allottee	No. of Shares Allotted
Mahindra and Mahindra Limited, India	17500000

List of Allottees

As on 07.03.2012

Name of Allottee	No. of Shares Allotted
Mahindra and Mahindra Limited, India	500000

List of Allottees

As on 12.01.2012

Name of Allottee	No. of Shares Allotted
Mahindra and Mahindra Limited, India	2300000

List of Allottees

As on 23.02.2012

Name of Allottee	No. of Shares Allotted
Mahindra and Mahindra Limited, India	2300000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Bodies Corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Supplier of Material Handling Equipment and Systems
Products :	ITC CODE	Product Description
	854790	Cable Jointing Kits and Accessories
	853800	ARC Chamber Housing
	842810	Lifts / Bucket Elevators

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Manufacturing : Conveyors and Bucket Elevators (including parts thereof)	Nos.	100	100	181,150

Note:

The Company manufactures various components/assemblies of conveyors and bucket elevators. The manufactured as well as bought-out components/ assemblies are invoiced on delivery and are reflected in the turnover/income of the year in which they are delivered. Therefore, the Company has given quantitative details of both manufactured components/assemblies under actual production. The bifurcation of sales into manufactured and bought-out components/ assemblies is not practicable. Manufactured components/assemblies in stock are included under “work-in-process”. The licensed and installed capacity disclosed is in respect of the complete system whereas the production and turnover quantities include parts thereof.

GENERAL INFORMATION

Customers :

· Grasim Industries Limited

· ACC Limited

· UltraTech Cement Limited

· Birla White Cement

· Jaypee Group

· The India Cement Limited

· JK Cement Limited

· Nirma Limited

· Kuwait Cement Company (K.S.C.), Kuwait

· Shree Cement Limited

· Kesoram Cement

· Orient Cement

· ThyssenKrupp Industries India Private Limited

· F.L.Smidth Private Limited

· FFE Minerals India Limited

· Humboldt Wedag India Private Limited

· Gebr Pfeiffer India Private Limited

· Larsen and Toubro Limited

· Walchandnagar Industries Limited

· Alstom

· Ambuja Cement

· Binani

· Danieli Corporation

· Ferrostaal

· India Gypsum

· Loesche India

· LNV Technology

· Madras Cenments Limited

· Mafaldi

· Shah Cement

· Shriram EPC

· Tata Chemicals Limited

· Thermax

· Toyota

· Vasavadatta Cement

Bankers :

Not Available

Facilities :

[Rs. in million]

Unsecured Loan	31.03.2011	31.03.2010
Short term loans and advances form other then banks – inter corporate deposit	1266.250	685.250
Total	1266.250	685.250

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	706 B Wing, 7^th Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road, Pune - 411016, Maharashtra, India
Pan No.:	AABFD7919A
Parent/Holding Company :	· Mahindra and Mahindra Limited CIN No: L65990MH1945PLC004558 · Mahindra Holdings Limited
Subsidiaries :	Mahindra Retail Private Limited CIN : U52190MH2007PTC173762 Retail Initiative Holdings Limited CIN : U6711MH2008PLC188837 Mahindra Conveyor Systems Private Limited
Fellow Subsidiaries :	Mahindra Logistics Limited Tech Mahindra Limited Mahindra Holding Limited Bristlecone India Limited Mahindra Ugine Steel Company Limited Mahindra Hinoday Industries Limited Mahindra Life Space Developers Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.305.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27,998,472	Equity Shares	Rs.10/- Each	Rs.279.985 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5,500,000	Equity Shares	Rs.10/- Each	Rs.55.000 Millions
2,500,000	Redeemable Preference Shares	Rs.100/- Each	Rs.250.000 Millions
	Total		Rs.305.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,398,472	Equity Shares	Rs.10/- Each	Rs.53.985 Millions

Of the above:

a) 111,006 shares have been allotted as fully paid-up pursuant to a contract for consideration other than cash.

b) 108,872 shares have been allotted pursuant to a Scheme of Amalgamation without payment having been received in cash.

c) 64,880 shares have been allotted to the shareholders of the erstwhile Mahindra Owen Limited (on receipt of necessary approvals) pursuant to a scheme of Amalgamation sanctioned by Board for Industrial and Financial Reconstruction without payment having being received in cash.

d) 5,398,462 shares are held by Mahindra and Mahindra Limited, the Holding Company, either on its own or jointly with others.

e) 10 shares are held by Mahindra Holdings Limited, subsidiary of Mahindra and Mahindra Limited.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		53.985	53.985	53.985
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		311.667	396.837	331.552
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		365.652	450.822	385.537
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1266.250	685.250	302.000
TOTAL BORROWING		1266.250	685.250	302.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.900
TOTAL		1631.902	1136.072	688.437
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.742	32.175	30.680
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		272.622	12.096	389.481
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	67.605	80.209
	Sundry Debtors	0.000	128.128	125.786
	Cash & Bank Balances	2.027	77.693	14.257
	Other Current Assets	0.254	1.799	4.513
	Loans & Advances	2016.776	961.956	185.092
Total Current Assets		2019.057	1237.181	409.857
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.075	58.916	58.491
	Other Current Liabilities	673.154	76.640	41.181
	Provisions	2.290	9.824	41.909
Total Current Liabilities		676.519	145.380	141.581
Net Current Assets		1342.538	1091.801	268.276
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1631.902	1136.072	688.437

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	454.255	572.117
		Income from Services Rendered	0.000	1.285	4.047
		Other Income	16.796	45.942	43.242
		TOTAL (A)	16.796	501.482	619.406
Less	EXPENSES
		Consumption Materials Changes Inventories	0.000	267.207	498.236
		Employee Related Expenses	0.000	35.358
		Administrative Selling Other Expenses	4.148	52.905
		TOTAL (B)	4.148	355.470	498.236
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.648	146.014	121.170
Less	FINANCIAL EXPENSES (D)		99.740	50.134	11.903
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(87.092)	95.880	109.267
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.678	2.146	1.946
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(87.770)	93.734	107.321
Less	TAX (H)		(2.601)	28.449	34.297
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(85.169)	65.285	73.024
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		354.398	289.113	245.497
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	7.302
		Proposed Dividend	0.000	0.000	18.895
		Tax on Proposed Dividend	0.000	0.000	3.211
	BALANCE CARRIED TO THE B/S		269.229	354.398	289.113
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	NA	12.821	16.434
	TOTAL EARNINGS		NA	12.821	16.434
	IMPORTS
		Raw Materials and components	NA	108.435	113.074
	TOTAL IMPORTS		NA	108.435	113.074
	Earnings / (Loss) Per Share (Rs.)		(15.78)	12.09	13.53

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(507.08)	13.02	11.79
Net Profit Margin (PBT/Sales)	(%)	0.00	20.63	18.76
Return on Total Assets (PBT/Total Assets}	(%)	(4.31)	7.38	24.36
Return on Investment (ROI) (PBT/Networth)		(0.24)	0.21	0.28
Debt Equity Ratio (Total Liability/Networth)		5.31	1.84	1.15
Current Ratio (Current Asset/Current Liability)		2.98	8.51	2.89

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	No
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

OPERATIONS

The Business Transfer Agreement dated 17th March, 2010 entered into with Mahindra Conveyor Systems Private Limited became effective from 1st April, 2010 and the engineering business of the Company together with congeries of rights in the said business was transferred during the year under review.

The Total Income and Loss after tax for the year were Rs. 16.800 Millions and Rs. 85.200 Millions as against Total Income of Rs. 501.500 Millions and Profit after tax of Rs. 65.300 Millions respectively in the previous year.

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2011
Income Tax Matters	142.783
Uncalled liability on shares partly paid	123.382

FIXED ASSETS:

• Freehold Land
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Vehilces
• Software

AS PER WEBSITE

PROFILE:

Subject is a leading supplier of Material Handling Equipment and Systems. Subject product range includes Bulk Handling Systems as also Unit Handling Systems for various specialized applications.

Subject is a Mahindra Group Company.

About Mahindra

The Mahindra Group is a $15.4 billion Indian multinational company with leadership position in tractors, utility vehicles, information technology, vacation ownership, aerospace, consulting services, defense, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.

Having introduced various high efficiency Conveying Equipment for the Cement Industry in the year 1992 as complete solution provider for the Material Handling requirements of the Cement Industry, Power Plants, Heavy Chemicals and Mineral Processing Plants etc. MCSPL offers Equipment and Systems at optimal prices - combining advantage of the latest technology with high quality workmanship.

Material Handling Equipment constitutes a backbone of any process industry. Subject boasts of a supply record of more than 2000 Equipment and continues to fulfill the critical conveying requirements of a large number of customers. With this rich and diverse knowledge base, MCSPL is now poised to meet even bigger challenges.

Subject has Technical Collaboration with M/s Tsubakimoto Bulk Systems Corporation, Japan, a well-respected company having global presence and over 50 years of experience in Bulk Material Handling.

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] 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.55.85
UK Pound	1	Rs.86.88
Euro	1	Rs.69.88

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.