MIRA INFORM REPORT

Report Date :

06.10.2012

IDENTIFICATION DETAILS

Name :	INOX AIR PRODUCTS LIMITED [w.e.f. 2000-01]
Formerly Known As :	INDUSTRIAL OXYGEN COMPANY LIMITED
Registered Office :	7^th Floor, Ceejay House, Dr. Annie Beasant Road, Worli, Mumbai - 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.04.1963
Com. Reg. No.:	11-012625
Capital Investment / Paid-up Capital :	Rs.103.407 Millions
CIN No.: [Company Identification No.]	U24999MH1963PLC012625
PAN No.: [Permanent Account No.]	AAACI5569D
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Industrial Gases.
No. of Employees :	750 (in office + in factory) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 30100000
Status :	Good
Payment Behaviour :	Clear
Litigation :	Regular
Comments :	Subject is a well established 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. The 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term loans : (CRISIL) AA
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation it carry very low credit risk.
Date	November 25, 2010

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	7^th Floor, Ceejay House, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-40323195 / 40323960
Fax No.:	91-22-40323191 / 40323991
E-Mail :	narendra.mehra@inoxap.com info@inoxap.com saxenavb@inoxap.com
Website :	http://www.inoxairproducts.com http://www.inoxap.com
Area :	4500 sq. ft.
Location :	Owned
Factory :	Raj Bhavan Road, Somajiguda, 6-3-902 / D / 202, F No.202, Durga Apartments, Hyderabad, Andhra Pradesh, India
Factory :	Located At Ø Ahmedabad Ø Andaman and Nicobar Islands Ø Andhra Pradesh Ø Bangalore Ø Butibori Ø Barotiwala Ø Bhopal Ø Chennai Ø Himachal Pradesh Ø Indore Ø Jabalpur Ø Jharkhand Ø Jodhpur Ø Jejuri Ø Kalwe Ø Karjan Ø Kalol Ø Mandi-Gobindgarh Ø Mahrashtra Ø Nasik Ø Patalganga Ø Pune Ø Pondicherry Ø Portblair Ø Rajkot Ø Surajpur Ø Thane Ø Tarapur Ø Tadipatri Ø Tamilnadu Ø Uttar Pradesh Ø Visakhapatnam Ø Vashind Ø West Bengal Ø Wardha.

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Pavan Devendra Jain

Designation :

Managing Director

Address :

Benzer Terrace, 94 Worli Sea Face, Mumbai – 4000018, Maharashtra, India

Date of Birth/Age :

17.05.1951

Qualification :

B.E.(Chem.)

PAN No.:

AAJPJ5851D

Date of Appointment :

17.10.2004

DIN No.:

00030098

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	U74899DL1972PTC110957	INOX CHEMICALS PRIVATE LIMITED	Director	12/12/1973	12/12/1973	-	Active	NO
2	U99999GJ1976PLC018945	INOX INDIA LIMITED	Director	16/04/1979	16/04/1979	-	Active	NO
3	U74899DL1982PTC013707	SIDDHOMAL INVESTMENTS PRIVATE LIMITED	Director	30/06/1982	30/06/1982	-	Active	NO
4	U74899DL1986PTC026403	SIDDHOMAL AIR PRODUCTS PRIVATE LIMITED	Director	16/12/1986	16/12/1986	-	Active	NO
5	L24110GJ1987PLC009362	GUJARAT FLUOROCHEMICALS LIMITED	Director	04/02/1987	04/02/1987	-	Active	NO
6	U74899DL1990PTC039122	DEVANSH TRADING AND FINANCE PRIVATE LIMITED	Director	06/02/1990	06/02/1990	-	Active	NO
7	U74899DL1990PTC039270	SITASHRI TRADING AND FINANCE PRIVATE LIMITED.	Director	19/02/1990	19/02/1990	-	Active	NO
8	U74899DL1990PTC039312	SIDDHAPAVAN TRADING AND FINANCE PRIVATE LIMITED	Director	22/02/1990	22/02/1990	-	Active	NO
9	U65910MH1995PLC085703	INOX LEASING AND FINANCE LIMITED	Managing director	01/10/2011	17/02/1995	-	Active	NO
10	U24111DL1996PTC081217	DEVANSH GASES PRIVATE LIMITED	Director	16/08/1996	16/08/1996	-	Active	NO
11	L92199GJ1999PLC044045	INOX LEISURE LIMITED	Director	09/11/1999	09/11/1999	-	Active	NO
12	U40100MH1997PLC106044	VINDHYACHAL HYDRO POWER LIMITED	Director	05/06/2000	05/06/2000	06/08/2012	Active	NO
13	U74899DL2000PLC107479	HUMSAY I GLOBAL SERVICES LIMITED	Director	29/08/2000	29/08/2000	15/11/2007	Active	YES
14	U28120MH2003PLC140814	REFRON CYLINDERS LIMITED	Director	10/06/2003	10/06/2003	-	Amalgamated	NO
15	U74899DL1988PTC033823	RAJNI FARMS PRIVATE LIMITED	Director	28/02/2004	28/02/2004	-	Active	NO
16	U24999MH1963PLC012625	INOX AIR PRODUCTS LIMITED	Managing director	01/04/2009	17/10/2004	-	Active	NO
17	U45200DL2007PTC159796	INOX INFRASTRUCTURE PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO
18	U65191PN1943PLC007308	THE RATNAKAR BANK LIMITED	Additional director	28/09/2007	28/09/2007	31/10/2007	Active	NO
19	U31901HP2009PLC031083	INOX WIND LIMITED	Director	09/04/2009	09/04/2009	25/04/2009	Active	NO
20	L92490MH1999PLC122381	FAME INDIA LIMITED	Director	22/09/2010	28/02/2010	-	Active	NO
21	U74140DL2006PTC156453	INOX INTERNATIONAL PRIVATE LIMITED	Director	20/07/2011	06/10/2010	-	Active	NO
22	U40100GJ2010PLC062869	INOX RENEWABLES LIMITED	Director	25/06/2011	11/11/2010	-	Active	NO
23	U85100PN2011NPL141211	N. K. PATNI CHARITABLE FOUNDATION	Director	31/10/2011	31/10/2011	-	Active	NO

Name :

Mr. Vivek Devendra Jain

Designation :

Director

Address :

47, Golf Links, New Delhi – 110003, Delhi, India

Date of Birth/Age :

16.08.1946

Qualification :

MBA

Date of Appointment :

31.12.1984

DIN No.:

00029968

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	U24999MH1963PLC012625	INOX AIR PRODUCTS LIMITED	Director	31/12/1984	31/12/1984	-	Active	NO
2	U74899DL1972PTC110957	INOX CHEMICALS PRIVATE LIMITED	Director	29/11/1985	29/11/1985	-	Active	NO
3	U74899DL1986PTC026403	SIDDHOMAL AIR PRODUCTS PRIVATE LIMITED	Director	16/12/1986	16/12/1986	-	Active	NO
4	L24110GJ1987PLC009362	GUJARAT FLUOROCHEMICALS LIMITED	Managing director	01/01/2008	04/02/1987	-	Active	NO
5	U74899DL1982PTC013707	SIDDHOMAL INVESTMENTS PRIVATE LIMITED	Director	31/03/1987	31/03/1987	-	Active	NO
6	U74899DL1990PTC039122	DEVANSH TRADING AND FINANCE PRIVATE LIMITED	Director	06/02/1990	06/02/1990	-	Active	NO
7	U74899DL1990PTC039270	SITASHRI TRADING AND FINANCE PRIVATE LIMITED.	Director	19/02/1990	19/02/1990	-	Active	NO
8	U74899DL1990PTC039312	SIDDHAPAVAN TRADING AND FINANCE PRIVATE LIMITED	Director	22/02/1990	22/02/1990	-	Active	NO
9	U65910MH1995PLC085703	INOX LEASING AND FINANCE LIMITED	Director	17/02/1995	17/02/1995	-	Active	NO
10	U24111DL1996PTC081217	DEVANSH GASES PRIVATE LIMITED	Director	16/08/1996	16/08/1996	-	Active	NO
11	U63040WB1998PLC087235	TRAVAIR CONNECTIONS LIMITED	Director	01/07/1998	01/07/1998	-	Active	NO
12	L92199GJ1999PLC044045	INOX LEISURE LIMITED	Director	09/11/1999	09/11/1999	-	Active	NO
13	U40100MH1997PLC106044	VINDHYACHAL HYDRO POWER LIMITED	Director	05/06/2000	05/06/2000	06/08/2012	Active	NO
14	U74899DL2000PLC107479	HUMSAY I GLOBAL SERVICES LIMITED	Director	29/08/2000	29/08/2000	20/12/2007	Active	YES
15	U74899DL1988PTC033823	RAJNI FARMS PRIVATE LIMITED	Director	28/02/2003	28/02/2003	-	Active	NO
16	U28120MH2003PLC140814	REFRON CYLINDERS LIMITED	Director	10/06/2003	10/06/2003	-	Amalgamated	NO
17	U74140DL2004PTC130113	INOX DPNC OUTSOURCING SERVICES PRIVATE LIMITED	Director	20/10/2004	20/10/2004	-	Active	NO
18	U74999DL2004PTC131077	KINGSTON SMITH INOX - DC OUTSOURCING PRIVATE LIMITED	Director	08/12/2004	08/12/2004	-	Strike off	NO
19	U74140DL2006PTC156453	INOX INTERNATIONAL PRIVATE LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
20	U45200DL2007PTC159796	INOX INFRASTRUCTURE PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO
21	U99999GJ1976PLC018945	INOX INDIA LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
22	U45209MH2007PTC173174	MEGNASOLACE CITY PRIVATE LIMITED	Director	31/01/2008	31/01/2008	-	Active	NO
23	U31901HP2009PLC031083	INOX WIND LIMITED	Director	09/04/2009	09/04/2009	25/04/2009	Active	NO
24	U40100GJ2010PLC062869	INOX RENEWABLES LIMITED	Director	25/06/2011	11/11/2010	-	Active	NO

Name :

Mr. Siddharth Pavan Jain

Designation :

Whole Time Director

Address :

94, Benzer Terrace, Worli Sea Face, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

21.09.1978

Qualification :

B.E.(Mech.)

PAN No.:

ACYPJ7083L

Date of Appointment :

20.05.2003

DIN No.:

00030202

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	Company/ LLP Status	Defaulting status
1	U74899DL1972PTC110957	INOX CHEMICALS PRIVATE LIMITED	Director	08/12/2001	08/12/2001	Active	NO
2	U74899DL1990PTC039312	SIDDHAPAVAN TRADING AND FINANCE PRIVATE LIMITED	Director	08/12/2001	08/12/2001	Active	NO
3	U74899DL1988PTC033823	RAJNI FARMS PRIVATE LIMITED	Director	28/03/2003	28/03/2003	Active	NO
4	U24111DL1996PTC081217	DEVANSH GASES PRIVATE LIMITED	Director	24/04/2003	24/04/2003	Active	NO
5	U24999MH1963PLC012625	INOX AIR PRODUCTS LIMITED	Whole-time director	01/04/2011	20/05/2003	Active	NO
6	U28120MH2003PLC140814	REFRON CYLINDERS LIMITED	Director	10/06/2003	10/06/2003	Amalgamated	NO
7	U65910MH1995PLC085703	INOX LEASING AND FINANCE LIMITED	Director	26/08/2003	26/08/2003	Active	NO
8	U99999GJ1976PLC018945	INOX INDIA LIMITED	Director	17/03/2004	17/03/2004	Active	NO
9	L92199GJ1999PLC044045	INOX LEISURE LIMITED	Director	10/09/2004	10/09/2004	Active	NO
10	U74999DL2004PTC131077	KINGSTON SMITH INOX - DC OUTSOURCING PRIVATE LIMITED	Director	10/01/2005	10/01/2005	Strike off	NO
11	U45400MH2007PTC170509	PRIME SKYLINE DEVELOPERS PRIVATE LIMITED	Director	31/08/2007	31/08/2007	Amalgamated	NO
12	U45209MH2007PTC173174	MEGNASOLACE CITY PRIVATE LIMITED	Director	31/01/2008	31/01/2008	Active	NO
13	U31901HP2009PLC031083	INOX WIND LIMITED	Director	23/06/2010	25/04/2009	Active	NO

Name :

Mr. Subodh Kumar Jain

Designation :

Director

Address :

36, Golf Links, New Delhi – 110003, Delhi, India

Date of Birth/Age :

02.04.1952

Date of Appointment :

17.07.1976

DIN No.:

00031010

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	U24999MH1963PLC012625	INOX AIR PRODUCTS LIMITED	Director	17/07/1976	17/07/1976	-	Active	NO
2	U74899DL1972PTC110957	INOX CHEMICALS PRIVATE LIMITED	Director	29/11/1982	29/11/1982	-	Active	NO
3	U74899DL1986PTC026403	SIDDHOMAL AIR PRODUCTS PRIVATE LIMITED	Director	16/12/1986	16/12/1986	-	Active	NO
4	U74899DL1982PTC013707	SIDDHOMAL INVESTMENTS PRIVATE LIMITED	Director	31/03/1987	31/03/1987	-	Active	NO
5	U74899DL1990PTC039122	DEVANSH TRADING AND FINANCE PRIVATE LIMITED	Director	06/02/1990	06/02/1990	-	Active	NO
6	U74899DL1990PTC039270	SITASHRI TRADING AND FINANCE PRIVATE LIMITED.	Director	19/02/1990	19/02/1990	-	Active	NO
7	U74899DL1990PTC039312	SIDDHAPAVAN TRADING AND FINANCE PRIVATE LIMITED	Director	22/02/1990	22/02/1990	-	Active	NO
8	U74899DL1994PLC057056	NIRYAT SAM APPARELS INDIA LIMITED	Managing director	08/03/2010	08/03/1995	-	Active	NO
9	U70200DL2005PTC142714	SOUTH ASIA GAS ENTERPRISE PRIVATE LIMITED	Director	21/11/2005	21/11/2005	-	Active	NO
10	U40200DL2005PTC144239	WEST ASIA GAS ENTERPRISES PRIVATE LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
11	U18109DL2006PTC152526	VALAYA CLOTHING PRIVATE LIMITED	Director	02/07/2007	02/07/2007	-	Active	NO
12	U74899DL1989PLC034661	JCE ENGINEERING AND MANAGEMENT SERVICES LIMITED	Director	05/05/2008	05/05/2008	16/03/2011	Active	NO
13	U40107DL2010PTC203108	POWRTEC ENERGY PRIVATE LIMITED	Director	25/05/2010	25/05/2010	-	Active	NO
14	U14200DL2010PTC205435	SMS NATURAL RESOURCES PRIVATE LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO
15	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	23/12/2011	23/12/2011	-	Active	NO

Name :

Mr. Olivares Enrique Michael

Designation :

Director

Address :

2570, Millbrook Drive, Emmaus, PA – 18049, USA

Date of Birth/Age :

11.10.1955

Date of Appointment :

22.09.2009

DIN No.:

02853003

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	Company/ LLP Status	Defaulting status
1	U24999MH1963PLC012625	INOX AIR PRODUCTS LIMITED	Director	30/09/2010	22/09/2009	Active	NO

Name :

Mr. Schult Peter Bruce

Designation :

Director

Address :

5, Oakwood Grove, Singapore – 738297, USA

Date of Birth/Age :

05.11.1965

Date of Appointment :

22.09.2009

DIN No.:

02796080

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	Company/ LLP Status	Defaulting status
1	U24999MH1963PLC012625	INOX AIR PRODUCTS LIMITED	Director	30/09/2010	22/09/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Narendra Mehra
Designation :	Secretary
Address :	Ceejay House, 7^th Floor, Dr. A. B. Road, Worli, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	28.01.1954
Date of Appointment :	02.06.2011
Pan No.:	AAAPM1041K
Name :	Mr. Ravi
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	49.74
Bodies corporate	49.75
Other top fifty shareholders	0.50
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Industrial Gases.

Products :

Item Code No (ITC Code)	Products Description
280440, 280430, 280421	Oxygen, Nitrogen and Argon
731100.01	Cylinders
841960	Air Separation Plants

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Industrial and Medical Gases	CuM / Lacs	12220.05	7753.87**
Air Separation Plants	Nos.	***	--

NOTES:

1) * NA represents ‘Not Applicable’ in view of Government of India Notification No. S.D.477 (E) dated 25.7.1991.

2) ** Including Production for Captive Consumption.

3) *** In the opinion of the Management, in view of the wide range of Air Separation Plants having different capacity etc., installed capacity cannot

4) Oxygen, Nitrogen and Argon Gases are produced from the same plant.

5) Installed capacities are as certified by Management on which the Auditors have relied, being a Technical matter.

GENERAL INFORMATION

No. of Employees :

750 (in office + in factory) (Approximately)

Bankers :

Ø Axis Bank Limited, Andheri Branch, Royal Accord IV, Lokhandwala Complex, Andheri (West), Mumbai-400053, Maharashtra, India

Ø Bank of Maharashtra, 628/29, Sachpir Street, Camp Branch, Pune-411001, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	1002.509	1636.679
Foreign currency loans secured
Foreign currency loans banks secured	1596.897	1694.656
Working capital loans secured
Working capital loans banks secured	48.691	330.262
Loans taken for fixed assets secured
Loans taken for other fixed assets secured	9.163	14.443
Total	2657.260	3676.040
Notes: The above Term Loans from Banks include External Commercial Borrowings of Rs 1496.897 Millions (Previous year Rs 1544.655 Millions). THE ABOVE LOANS ARE SECURED AS UNDER: (i) (a) (1 and 2) Jointly secured on pari-passu basis by hypothecation of all movable fixed assets of 1260TPD Air Separation Plant in the premises of Ispat Industries Limited, Dolvi and Second and subservient charge on all present and future current assets of the Company and additionally secured by hypothecation, in favour of Bank of Maharashtra, of all movable fixed assets of the Company's Units located at Ahmedabad, Pune - Gas division, Thane - Hydro, Vashind - JISCO and Tarapur -JISCO. (3,4,5 and 6) Jointly secured on pari-passu basis by hypothecation of all movable fixed assets created forming part of Tonnage Air separation Plant in the premises of Essar Steel Limited at Hazira and all movable fixed assets of the Company's units located at Butibori and Surajpur - I. (7 and 8) Jointly secured on pari-passu basis by hypothecation of all movable fixed assets forming part of 1250 TPD Air separation Plant in the premises of Steel Authority of India Limited at Bokaro. (9) Secured by second charge on all movable fixed assets forming part of 1250 TPD Air Separation Plant in the premises of Steel Authority of India Limited at Bokaro. (10) Secured by hypothecation of movable fixed assets of the Company's units located at Vizag and Thane Gas Division. (11,12, 13, and 14) Secured by hypothecation of movable fixed assets of the Company's units located at Barotiwala, Jejuri, Wardha, Dolvi (260 TPD plant) and Kharagpur. (15) Secured by hypothecation of movable fixed assets forming part of 108 TPD Air Seperation Plant in the premises of Steel Authority of India Ltd at Salem and all movable fixed assets of the company's units located at Pondicherry, Surajpur II and Bhopal. (16) Secured by hypothecation of Storage Tanks installed in the premises of the Customers and Transport Tanks and all the movable fixed assets of the Company's units at Chennai and Bangalore. (17) Secured by exclusive first charge by way of hypothecation of movable fixed assets, of the company's units at Pondicherry (L100TPD), Bhadrachalam and Vizag. (18) Secured by exclusive first charge by way of hypothecation of movable fixed assets to be created, of the company's unit in the premises of Posco Maharashtra Steel Private Limited and transport tanks and tanks at customer premises to be purchased. (19) Secured by exclusive first charge by way of hypothecation of movable fixed assets of the company's unit at Barotiwala (200 TPD plant). (i) (b) Secured by hypothecation of Stocks and Book debts and second charge on Plant and Machinery of the Company. (ii) Secured by hypothecation of HP Server and base system acquired out of the said finance.
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Deposits related parties unsecured	270.300	270.300
Deferred sales tax loan unsecured	51.404	59.198
Other debt unsecured	15.000	15.000
Total	336.704	344.498

Banking Relations :	--
Financial Institution :	BNP Paribas, 20, Collyer Quay, Tung Centre, Singapore-049319
Auditors :
Name :	Patankar and Associates Chartered Accountant
Address :	Ameya, 4, Anand Bag Co-Operative Housing Society, 999, Navi Peth, Pune-411030, Maharashtra, India
Pan No.:	AABFP8926B
Joint Ventures :	Bellary Oxygen Company Private Limited CIN No.:- U40200KA2005PTC036482
Enterprise having significant influence, its holding / associate companies :	Ø Prodair Corporation. Ø Air Products and Chemicals Inc. Ø Air Products PLC Ø Air Products (Middle East) FZE Ø Air Products SA - NV Ø Air Products - Singapore PTE Limited. Ø Air Products - Korea Inc. Ø Air Products San Fu Company Limited, Taiwan Ø Air Products GmbH Ø Prodair Air Products India Private Limited CIN No.:- U24111PN2009PTC133706
Enterprise over which key management personnel, or his relative, has significant influence :	Ø Inox India Limited CIN No.:- U99999GJ1976PLC018945 Ø Gujarat Fluorochemicals Limited CIN No.:- L24110GJ1987PLC009362 Ø Inox Chemicals Private Limited CIN No.:- U74899DL1972PTC110957 Ø Siddhomal and Sons

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Millions
1500000	Preference Shares	Rs.100/- each	Rs. 150.000 Millions
	TOTAL		Rs. 450.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10340697	Equity Shares	Rs.10/- each	Rs. 103.407 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		103.407	103.407	103.406
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7423.645	6003.429	4927.176
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7527.052	6106.835	5030.582
LOAN FUNDS
1] Secured Loans		2657.260	3676.040	4191.644
2] Unsecured Loans		336.704	344.498	802.363
TOTAL BORROWING		2993.964	4020.538	4994.007
DEFERRED TAX LIABILITIES		1442.042	1314.190	1131.795
OTHER LIABILITIES		326.730	313.803	316.992
TOTAL		12289.788	11755.366	11473.376
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9716.893	9219.790	9212.271
Capital work-in-progress		382.965	868.398	523.631
INVESTMENT		165.031	165.026	165.026
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	422.533	352.226	332.735
	Sundry Debtors	943.423	724.707	844.180
	Cash & Bank Balances	600.217	110.458	151.037
	Other Current Assets	5.868	7.048	3.887
	Loans & Advances	886.509	1087.107	1213.183
Total Current Assets		2858.550	2281.546	2545.022
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	498.656	500.254	692.010
	Other Current Liabilities	105.084	90.739	109.227
	Provisions	229.911	188.401	171.337
Total Current Liabilities		833.651	779.394	972.574
Net Current Assets		2024.899	1502.152	1572.448
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		12289.788	11755.366	11473.376

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7019.223	6026.819	4604.001
		Other Income	109.741	141.657	72.437
		TOTAL (A)	7128.964	6168.476	4676.438
Less	EXPENSES
		Consumption materials changes inventories	949.198	690.996	540.417
		Manufacturing Expenses	1802.972	1640.494	2097.679
		Employees Related Expenses	533.714	476.290	0.000
		Administrative Expenses	782.976	731.411	0.000
		Expenses Capitalized	--	--	(2.715)
		Provision for Impairment Loss	--	--	4.665
		Profit on Assets	--	--	(3.606)
		TOTAL (B)	4068.860	3539.191	2636.440
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3060.104	2629.285	2039.998
Less	FINANCIAL EXPENSES (D)		238.405	323.418	232.477
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2821.699	2305.867	1807.521
Less/ Add	DEPRECIATION/ AMORTISATION (F)		709.499	631.899	484.532
	PROFIT BEFORE TAX (E-F) (G)		2112.200	1673.968	1322.989
Less	TAX (H)		631.892	537.425	454.327
	PROFIT AFTER TAX (G-H) (I)		1480.308	1136.543	868.662
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		787.601	1711.348	2723.176
Less	APPROPRIATIONS
		Transfer to General Reserve	2000.000	2000.000	1820.000
		Dividend	51.703	51.703	51.703
		Tax on Dividend	8.388	8.587	8.787
	BALANCE CARRIED TO THE B/S		207.818	787.601	1711.348
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	15.552	48.887	79.314
		Service Charges	NA	13.827	0.000
		Transport Charges	NA	0.611	9.375
		Other	NA	0.616	0.000
	TOTAL EARNINGS		NA	63.941	88.689
	IMPORTS
		Raw Materials	118.169	101.318	112.640
		Stores & Spares	22.529	33.877	7.998
		Capital Goods	62.553	390.858	115.709
		Traded Goods	25.711	9.714	8.719
	TOTAL IMPORTS		228.962	535.767	245.066
	Earnings Per Share (Rs.)		143.15	109.91	84.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	20.76	18.43	18.57
Net Profit Margin (PBT/Sales)	(%)	30.09	27.78	28.74
Return on Total Assets (PBT/Total Assets}	(%)	16.80	14.55	11.25
Return on Investment (ROI) (PBT/Networth)		0.28	0.27	0.26
Debt Equity Ratio (Total Liability/Networth)		0.70	1.00	1.41
Current Ratio (Current Asset/Current Liability)		3.43	2.93	2.62

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE

The registered office has been shifted from 56, Jolly Maker Chambers II, Nariman Point, Mumbai-400021, Maharashtra, India to the present address w.e.f.01.10.2006.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24999MH1963PLC012625
Name of the company	INOX AIR PRODUCTS LIMITED
Address of the registered office or of the principal place of business in India of the company	7^th Floor, Ceejay House, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	BNP Paribas, 20, Collyer Quay, Tung Centre, Singapore-049319
Nature of instrument creating charge	Joint Deed of Hypothecation dated 10th March, 2011.
Date of instrument Creating the charge	10.03.2011
Amount secured by the charge	Rs. 532.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 3 months USD Libor + 200 bps. Terms of repayment 16 (sixteen) quarterly installments starting at the end of 27th month from the date of first draw down. Margin 1.30 times Extent and operation of the charge The Foreign Currency loan of USD 12 Million and Hedging facility are secured by an exclusive first charge by way of Hypothecation of moveable fixed assets of the Company's unit at Barotiwala (200 tpd plant).
Short particulars of the property charged (Including location of the property)	The foreign currency loan and hedging facility are secured by an exclusive first charge by way of Hypothecation of moveable fixed assets of the Company's unit at Barotiwala (200 tpd plant).

FIXED ASSETS

Ø Land – Leasehold

Ø Plant and Machinery

Ø Office Equipment

Ø Furniture and Fixtures

Ø Vehicles

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 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. 51.62
UK Pound	1	Rs. 83.57
Euro	1	Rs. 67.17

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

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

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.