MIRA INFORM REPORT

Report Date :

18.10.2012

IDENTIFICATION DETAILS

Name :	BELLISS INDIA LIMITED [w.e.f.17.02.1994]
Formerly Known As :	APE BELLISS INDIA LIMITED BELLISS AND MORCOM INDIA PRIVATE LIMITED
Registered Office :	6, Little Russel Street, Kolkata - 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.11.1960
Com. Reg. No.:	21-024867
Capital Investment / Paid-up Capital :	Rs. 44.865 Millions
CIN No.: [Company Identification No.]	U29246WB1960PLC024867
TAN No.: [Tax Deduction & Collection Account No.]	CALA00392A
PAN No.: [Permanent Account No.]	AACB0442K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Designing of low pressure turbines and boiler feed pump turbines.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 220000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The financial for the current year is missing from government department. And from the previous year record there appears sharp dip in the turnover. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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	Cash Credit : (CRISIL) B
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
Date	March 2012

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 :	6, Little Russel Street, Kolkata - 700071, West Bengal, India
Tel. No.:	91-33-22870653/ 0880/ 2868 / 40152100
Fax No.:	91-33-22877608
E-Mail :	sbhadra@bellissindia.com info@bellissindia.com belcal@cal2.vsnl.net.in bel_cal@eth.net belkol@airtelmail.in
Website :	http://www.bellissindia.com
Head Office :	D-160, Sector -63, Noida - 201301, Uttar Pradesh, India
Tel. No.:	91-120-4055700
Fax No.:	91-120-4055777
E-Mail :	info@bellissindia.com
INTERNATIONAL DIVISIONS:
Corporate Office (USA):	Belliss USA Inc, 392 Old York Road , Hamilton, NJ 08620, USA
Tel. No.:	91-609-223-0185
Fax No.:	91-609-259-1281
E-Mail :	akumar@belliss-usa.com
Bhadreswar works:	15 - G. T. Road, Bhadreshwar, District Hooghly, West Bengal
Tel. No.:	91-33-26335548 / 26335494
Fax No.:	91-33-26335494
E-Mail :	ape5494@dataone.in
Faridabad Works:	14 / 5, Mathura Road, Faridabad, Haryana, India
Tel. No.:	91-129-2275326 / 2275270
Fax No.:	91-129-4170430
E-Mail :	bellissfbd@airtelmail.in

DIRECTORS

AS ON 16.08.2012

Name :

Sumat Prakash Jain

Designation :

Managing director

Address :

20, TIVCLL Court, 1/ 1 Bally Gunge Circular Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

04.01.1938

Date of Appointment :

01.08.1986

DIN No.:

00430707

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	U29246WB1960PLC024867	BELLISS INDIA LIMITED	Managing director	16/06/2011	01/08/1986	Active	NO

Name :

Mr. Subir Majumdar

Designation :

Director

Address :

1 K.S. Roy Road, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

15.08.1946

Date of Appointment :

20.01.1988

DIN No.:

00430700

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	U29246WB1960PLC024867	BELLISS INDIA LIMITED	Director	20/01/1988	20/01/1988	-	Active	NO
2	U51909WB2004PTC098823	RASIKA IMPEX PRIVATE LIMITED	Director	01/02/2005	01/02/2005	-	Active	NO
3	U74140WB1999PTC088772	GENESIS EVENT MANAGEMENT SERVICES PRIVATE LIMITED	Director	28/09/2005	28/09/2005	31/03/2009	Active	NO
4	U64204WB2003PTC096420	DIGI CABLECOMM SERVICES PRIVATE LIMITED	Director	22/11/2005	22/11/2005	09/12/2008	Active	NO
5	U32201WB1955PTC022609	DEBSONS PRIVATE LIMITED	Additional director	06/07/2010	06/07/2010	-	Active	NO

Name :

Mr. David Randal Bale

Designation :

Additional director

Address :

Clifton Croft, Clifton, Ashbourne DE62GL UK

Date of Birth/Age :

09.03.1956

Date of Appointment :

23.11.2010

DIN No.:

03341151

Name :

Mr. Vinod Dua

Designation :

Director

Address :

G-102, Sarita Vihar, New Delhi - 110044, India

Date of Birth/Age :

28.04.1957

Date of Appointment :

31.03.2006

DIN No.:

00048904

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	U29253DL1984PLC017667	BELLISS POWER LIMITED	Director	05/01/1989	05/01/1989	-	Active	NO
2	U74899DL1993PTC056124	VDA CONSULTING PRIVATE LIMITED	Director	19/11/1993	19/11/1993	-	Active	NO
3	U74210DL1998PTC091816	VAV INTERNATIONAL PRIVATE LIMITED	Director	19/01/1998	19/01/1998	-	Active	NO
4	U74899DL1974PLC009728	BELLISS INTERNATIONAL LIMITED	Director	02/05/2005	02/05/2005	-	Active	NO
5	U29246WB1960PLC024867	BELLISS INDIA LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
6	U45400DL2007PTC166733	SANMARG PROJECTS PRIVATE LIMITED	Director	07/08/2007	07/08/2007	28/01/2009	Active	NO
7	U72300DL2008PTC176467	B S VIP INFO PRIVATE LIMITED	Director	16/07/2008	16/07/2008	15/10/2008	Active	NO
8	U74900DL2009PTC189872	GOLDBIRD ADVISORS PRIVATE LIMITED	Director	30/04/2009	30/04/2009	-	Active	NO
9	U74140DL2008FTC179245	LF (1937) MANAGEMENT INDIA PRIVATE LIMITED	Alternate director	23/07/2009	23/07/2009	01/10/2009	Active	NO
10	U40101DL2010PTC199136	CASCADE ENERGY (INDIA) PRIVATE LIMITED	Director	16/02/2010	16/02/2010	-	Active	NO

Name :

Bikash Mukherjee

Designation :

Whole-time director

Address :

E 825, IInd Floor, Chitranjan Park, New Delhi – 110019, India

Date of Birth/Age :

05.09.1950

Date of Appointment :

26.09.2011

DIN No.:

01329217

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	U29220DL1989PLC035734	GOV CONTROLS INDIA LIMITED	Director	01/07/2002	01/07/2002	Active	NO
2	U29246WB1960PLC024867	BELLISS INDIA LIMITED	Whole-time director	30/08/2010	28/04/2010	Active	NO
3	U74899DL1994PLC061990	INTERTOOL ENGINEERING AND TRADING COMPANY LIMITED	Director	18/08/2012	26/09/2011	Active	NO
4	U29253DL1984PLC017667	BELLISS POWER LIMITED	Director	26/09/2011	26/09/2011	Active	NO
5	U74899DL1974PLC009728	BELLISS INTERNATIONAL LIMITED	Director	26/09/2011	26/09/2011	Active	NO
6	U72200DL1997PLC089530	JAINTEC ENGINEERING SERVICES LIMITED	Director	18/08/2012	26/09/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Samir Bhadra
Designation :	Secretary
Address :	E-45, Bagha Jatin, Kolkata – 700086, West Bengal, India
Date of Birth/Age :	16.02.1956
Date of Appointment :	02.07.2010
PAN No.:	AEUPB5048K
Name :	Mr. Ashish Kumar
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.08.2012

Names of Equity Shareholders	No. of Shares
Jardine Henderson Limited, India	591178
Behubor Investment Limited, India	335867
Behubor Investment Limited, India	1
Behubor Investment Limited, India	1
S G Mehta	40596
Government Control (India) Limited, India	390001
S. P. Jain	21000
Jain Nilima	16500
Manish Kumar	8250
Ashish Kumar	6750
Kant and Company Limited, India	67554
Sumat Prakash Jain	14205
Cascade Investments Pte Limited, India	994602
Total	2486505

Names of Preference Shareholders	No. of Shares
Kant and Company Limited, India	2000000
Total	2000000

AS ON 16.08.2012

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]	40.00
Bodies corporate	56.00
Directors or relatives of directors	3.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Designing of low pressure turbines and boiler feed pump turbines.

Products :

ITC Code	Product Descriptions
8406-19	Steam Turbines Other than Marine

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Multi Stage Steam Turbines	Nos.	N.A.	8	2
Condensing and Back Pressure Type Turbo Generating Set	Nos.	N.A.	8	4
Single Stage Steam Turbines	Nos.	N.A.	20	1
Steam Turbine for high inlet pressure and temperature and high exhaust pressure	Nos.	N.A.	20	14
Spare Parts for sale:-
Bhadreswar and Faridabad		N.A.	80.000 Millions	68.599 Millions

Notes:

Under the New Industrial Policy, the requirement of licensing under the Industries (Development and Regulation) Act, 1951 has been abolished for the Company's industrial undertakings.

The Production of spares has been given in terms of value without any quantitative figures

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø State Bank of India, SSI Branch, Bhowanipore, ‘Premlata’, 2^nd Floor, 39, Shakespeare Sarani, Kolkata – 700017, West Bengal, India

Ø Canara Bank, 37-38, Community Centre, East of Kailash, New Delhi - 110065, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Scheduled Banks against overdraft facilities (Secured by way of a charge of stocks and stores, movable plant, machinery and equipment both present and future and book debts, bills and other receivables both present and future Also secured by equitable mortgage by deposit of title deed of factory land at Bhadreswar in favour of Stale Bank Of India Additionally there are guaranteed by the Managing Director and one Director m their personal capacity.	42.151	29.890
Deferred Payment Liability Balance payable on hire purchase agreement for purchase of Car	0.488	0.154
Total	42.639	30.044
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Inter Corporate Deposit	9.578	9.066
Others	11.475	0.000
Interest accrued and due	4.019	3.214
Total	25.072	12.280

Banking Relations :	--
Auditors :
Name :	Gandhi Arun and Company Chartered Accountants
Address :	51, Paddapukur Road, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-64500250 / 24190515 / 16
Income-tax PAN of auditor or auditor's firm :	AAEFG5051F
Associates :	Belliss International Limited (Formerly APE (India) Limited)
Subsidiaries :	Ø Belliss USA Inc. Ø Belliss Energy Limited Ø Belliss Energy Asia Pacific Pte. Limited
Companies/ parties in which key management person or his relatives have substantial interest/ significant influence :	Ø Gov Control India limited (GCI) Ø Intertool Engineering and Trading Company Limited (IET)

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions
5,000,000	Preference Shares	Rs. 10/- each	Rs. 50.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,486,505	Equity Shares	Rs.10/- each	Rs. 24.865 Millions
2,000,000	Preference Shares	Rs. 10/- each	Rs. 20.000 Millions
	Total		Rs. 44.865 Millions

Of the above shares

a) 4,600 Equity Shares of Rs. 10/- each have been allotted as fully paid up pursuant to a contract without payment being received in cash.

b) 2,022,035 Equity Shares of Rs. 10/- each have been 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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		44.865	44.865	44.865
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.820	0.013	0.133
4] (Accumulated Losses)		0.000	0.000	(15.846)
NETWORTH		55.685	44.878	29.152
LOAN FUNDS
1] Secured Loans		42.639	30.044	30.278
2] Unsecured Loans		25.072	12.280	12.639
TOTAL BORROWING		67.711	42.324	42.917
DEFERRED TAX LIABILITIES		0.000	0.155	0.000
TOTAL		123.396	87.357	72.069
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.577	22.196	24.199
Capital work-in-progress		4.035	8.062	0.636
INVESTMENT		10.317	7.479	6.137
DEFERREX TAX ASSETS		0.873	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	106.683	110.218	106.768
	Sundry Debtors	50.666	34.799	51.239
	Cash & Bank Balances	5.163	1.752	1.398
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.864	21.745	33.041
Total Current Assets		189.376	168.514	192.446
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.812	47.486	62.137
	Other Current Liabilities	108.305	77.466	94.681
	Provisions	5.177	8.685	8.904
Total Current Liabilities		148.294	133.637	165.722
Net Current Assets		41.082	34.877	26.724
MISCELLANEOUS EXPENSES		21.512	14.743	14.373
TOTAL		123.396	87.357	72.069

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	279.619	229.577	202.875
		Other Income	1.622	14.854	1.709
		TOTAL (A)	281.241	244.431	204.584
Less	EXPENSES
		Trading Items	3.778	3.915	4.529
		Cost of production	161.029	143.559	119.399
		Administrative and Selling Expenses	95.137	67.473	66.857
		TOTAL (B)	259.944	214.947	190.785
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.297	29.484	13.799
Less	FINANCIAL EXPENSES (D)		6.689	5.537	5.620
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.608	23.947	8.179
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.761	4.016	4.366
	PROFIT BEFORE TAX (E-F) (G)		7.847	19.931	3.813
Less	TAX (H)		0.428	3.541	1.039
	PROFIT AFTER TAX (G-H) (I)		7.419	16.390	2.774
Add	Reserve for Doubtful Debts		0.000	0.120	0.000
Add	MAT Credit Entitlement		3.387	1.438	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	(15.846)	(18.620)
Less	APPROPRIATIONS
		Proposed Preference Dividend	0.000	1.797	0.000
		Dividend Distribution Tax	0.000	0.305	0.000
	BALANCE CARRIED TO THE B/S		10.806	0.000	(15.846)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	12.817	8.467	1.860
	IMPORTS
		Components and Spare parts	0.968	0.000	0.000
	Earnings Per Share (Rs.)
	Basic		2.18	5.79	0.31
	Diluted		2.18	5.79	0.62

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.64	6.71	1.36
Net Profit Margin (PBT/Sales)	(%)	2.81	8.68	1.88
Return on Total Assets (PBT/Total Assets}	(%)	3.34	10.45	1.76
Return on Investment (ROI) (PBT/Networth)		0.14	0.44	0.13
Debt Equity Ratio (Total Liability/Networth)		3.88	3.92	7.16
Current Ratio (Current Asset/Current Liability)		1.28	1.26	1.16

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	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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS:

The turnover during the year was higher at Rs. 281.200 Millions as against Rs. 244.300 Millions in the previous year. Though the approximate 15% increase in revenue generated commensurate increase in operating margin, increase in administrative overheads and a drop in non-operating income resulted in the net profit for the year drop to Rs. 7.800 Millions as against Rs. 19.900 Millions in the previous year.

In view of the need to conserve liquidity for increasing volume of business, the Directors are not proposing any dividend to the Preference Shareholder for the year, but are hopeful that they will be a in a position to cover up for this in the current year.

OPERATIONS OF SUBSIDIARY COMPANIES

(A) Belliss USA Inc.

During the 3rd year of its existence, Belliss USA Inc. has been able to earn a small profit of $ 16,872 from a total income of $ 126,386 for the year as compared to a total income of $18 1,554 and a profit of $3,153 in the previous year. The management of the company is hopeful of the potential of growth in its business ahead.

(B) Belliss Energy Limited

During the year, the company's project team was deployed for on-going project work within the parent company and hence the personnel cost of the subsidiary was absorbed by the parent company. Small administrative costs resulted in a net loss of Rs. 0.004 Million for the year, which alongwith the brought forward loss of Rs. 0.635 Million takes the total loss to Rs. 0.638 Million. The Board of Directors of the subsidiary company still feels that the prospects for the EPC business are promising and the name of the company is also being changed to Belliss EPC Limited or any other suitable name as may be approved by the Central Government to re-focus its activities.

(C) Belliss Energy Asia Pacific Pte. Limited

The company was incorporated on 20" July, 2010 under the Companies Act of Singapore with an initial paid-up capital of the Company of 11,200 Singapore Dollars. Belliss India Limited holds 90% of its shares and balance shares are held by the resident director, Mr. George Abraham.

The members may note that though the company is exploring various opportunities, no business was transacted by the subsidiary till March 31, 2011. As per audited Statement of Comprehensive Income and Balance Sheet of the company as at March 31, 2011, an operational loss of 13,300 Singapore Dollars is shown, which primarily represents the set up cost and yearly professional fee etc.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29246WB1960PLC024867
Name of the company	BELLISS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	6 Little Russel Street, Kolkata - 700071, West Bengal, India Email: sbhadra@bellissindia.com
This form is for	Modification of charge
Charge identification number of the modified	10274647
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank of India, SSI Branch, Bhowanipore, ‘Premlata’, 2^nd Floor, 39, Shakespeare Sarani, Kolkata – 700017, West Bengal, India Email: sbi04833@sbi.co.in
Nature of description of the instrument creating or modifying the charge	(i) Supplemental Agreement of Loan-Cum-Hypothecation (SME-4). (ii) Omnibus Counter Guarantee (Annexure-7). (iii) Memorandum for Recording Extension of Mortgage by Deposit of Title Deeds Covering Enhanced Limits and/ or Creation of Equitable Mortgage on Additional Properties for Existing Limits and Enhanced Limits and Additional Facilities (SME-7). Altogether read with Letter of Arrangement (SME-1) vides Br. No.BR/18/18, dated: 11.04.2012.
Date of instrument Creating the charge	12.04.2012
Amount secured by the charge	Rs. 93.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest (i) WC-CC: 13.25% [*SBBR+3.25%] per annum. (ii) SLC: 14.25% [*SBBR+4.25%] per annum. Payable with monthly rests. *State Bank Base Rate=10.00% per annum, w.e.f. 13/08/2011. Terms of Repayment (i) The credit facilities shall be repayable on demand. (ii) The WC facility which has been sanctioned on 30/03/2012 will be available for 12 months from that date, subject to review every 6 months, when it may be cancelled/ reduced depending upon the conduct and utilization of the advance, or as per the Bank's Scheme. (iii) The SLC facility will be available for 2 months at any one instance and can be availed any number of times in a calendar year. (iv) Interest shall be paid on monthly basis. Margin As stipulated by the Bank for the respective assets/ facilities from time to time. Presently on: [A] Fund Based Limits:- (i) Stocks (Raw Materials): 25%. (ii) Stores and Spares: 25%. (iii) Stock-in-Process: 25%. (iv) Finished Goods: 25%. (v) Receivables: 30% (Cover Period of 90 days). [B] Non-Fund Based Limits:- (i) Bank Guarantee (in the form of STDR): 25% and (ii) Letter of Credit (in the form of STDR): 25%. Extent and Operation of the charge (i) First charge over all hypothecated and mortgaged assets/ properties of the Company. (ii) The charge shall be applicable to the ultimate balance that may become due to the Bank. Others The overall amount of charge consists of the following facilities: Working Capital- Cash Credit (Stocks and Book Debts) of Rs.50.000 Millions + Stand by Line of Credit of Rs.3.000 Millions + Bank Guarantee* of Rs.40.000 Millions [+ Letter of Credit* of Rs.40.000 Millions] = Total Credit Limit of Rs. 93.000 Millions. *100% both way interchangeability of NFB (BG) Limit of Rs. 40.000 Millions between Bank Guarantee and Letter of Credit (ILC/ FLC).
Short particulars of the property charged	Hypothecation of the Company's entire stocks of raw materials, stock-in-process, semi-finished and finished goods, receivables, book debts and other current assets; both present and future. Stocks/ Goods/ Consumables may locate at the Company's factory premises, office, shop, godown or elsewhere. Hypothecation of entire plant and machineries and other fixed assets of the Company at Bhadreshwar Factory (both existing and future addition/ replacement). Hypothecation of entire plant and machineries and other fixed assets of the Company at Faridabad Factory (both existing and future addition/ replacement). EM of land measuring 3.337 Acres under Mouza Bhadreshwar, Pargana Arsha, JL No.12, RS No. 872, Touzi No.46-48, Dag No.1281, Khatian No.689, PS/Mun Bhadreshwar, Dist Hooghly with all structures thereon. EM of land measuring 0.168 Acres under Mouza Paikpara, Pargana Boro, JL No. 11, RS No.870, Touzi No.14, Dag No.276/387, Khatian No.130, PS/ Mun Bhadreshwar, Dist. Hooghly with all structures thereon.
Date of latest modification prior to the present modification	07.02.2011
Particulars of the present modification	By this modification, the overall amount of charge has been enhanced from Rs.88.000 Millions to Rs. 93.000 Millions with detail of credit facilities: CC (Stocks & BD) Rs.50.000 Millions + SLC Rs.3.000 Millions + BG Rs. 40.000 Millions [+ ILC/ FLC Rs. 40.000 Millions] = Total Limit Rs.930.00 Lacs. All other terms, conditions and particulars of assets/ properties charged continue to remain as before in full force and effect.

CONTINGENT LIABILITES (AS ON 31.03.2011) :

Counter guarantee given for guarantees given by the Banks secured by securities spelt out against "Secured Loan" - Rs. 19.909 Millions (2010 – Rs. 20.527 Millions)

Bonds/ Underatakings given by the Company under Concessional Duty/ Exemption Scheme to Customs Authorities Rs. 0.015 Million (2010- Rs. 0.015 Million).

Claims not acknowledged as debts by the Company, for Excise Duty, Rs. 0.671 Million. Sales Tax Rs. 57.404 Millions (2010 Excise Duty Rs. 0.671 Million and Sales 'Tax Rs. 6.198 Millions) and other claims Rs. 3.000 Millions (2010 Rs. 3.000 Millions).

FIXED ASSETS

Ø Land-freehold

Ø Land Leasehold

Ø Buildings

Ø Plant, Machinery and Equipment

Ø Furniture and Fittings

Ø Vehicles

Ø Patent, Trade Mark etc.

WEBSITE DETAILS

PROFILE:

Formerly known as Belliss and Morcom (India) Limited, Belliss India Limited was incorporated in 1960. For nearly 50 years, Subject has provided reliable Steam Turbines and Turbine Generator Sets for industrial plants in many parts of the world.

Originally offering a product range based upon technology of Allen Steam Turbine UK, through a process of continuous development and new product design Belliss now supplies a wide range of Steam Turbines from 20KW to 20,000KW.

Over 2,500 steam turbines have been manufactured, commissioned and serviced by Belliss India Limited in 15 different industries. The company has production facilities in India supported by a wide network of global suppliers.

With an engineering staff of over 100 engineers and ISO 9001 certification, Belliss has the skills, quality control and latest 3-D CAD tools to design and manufacture turbines for your specific process and power demands.

THE GROUP

Subject is the flagship company of the Belliss Group. Formally known as Belliss and Morcom (India) Limited, Belliss India Limited was incorporated in the year 1960 under the Indian Company’s Act 1956. Over the years the group has grown from being solely a Steam Turbines manufacturer to include other activities like offering turnkey solutions (EPC), setup of renewable energy projects, governor services, component manufacturing, engineering services and international trading of power related equipment and services.

The group has established a formidable reputation in both international and domestic markets for providing world class products and services. Being one of the largest manufacturers of small steam turbines, Belliss exports to over 14 countries including through its international subsidiaries, joint ventures and partners.

BOARD OF DIRECTORS

Mr. S.P. Jain – Chairman & Managing Director

Mr. Jain is the Chairman & Managing Director of the Belliss Group. He is a well known personality in the steam turbine and sugar industry. He graduated with a B.Sc. in Mechanical Engineering and after early appointments in Oil & Gas and Mechanical Engineering industries, joined Belliss in 1965. He has been Managing Director since 1986. Over the last 45 years at Belliss, he has headed different departments. His experience and contributions enabling the company to achieve many significant milestones have been invaluable. His engineering capabilities and business acumen have lead the company to achieve a prominent place in the industry.

Mr. Bikash Mukherjee – Director – Technical

Mr. Mukherjee is Director Technical of Belliss India Limited, the flagship company of the Belliss Group. Prior to this he was Director-Operations, COO and Vice President at Belliss. He joined Belliss in 1971 after serving as a marine engineer for few years. His contributions to different departments of the company have been noteworthy. His management, engineering, project management skills and vast experience in the field of steam turbines is an asset for the company. He is well known in the catered industries as well as in steam turbine industry. Mr. Mukherjee is a Mechanical Engineer by education.

Mr. Subir Majumdar – Independent Director

Mr. Majumdar has been an independent Director with Belliss India Limited since January 1988. He is a veteran lawyer and solicitor specializing in Shipping and Marine matters. He is the Managing Partner at M/s Bose and Mitra, a leading law firm in India with offices globally.

Mr. Vinod Dua – Independent Director

Mr. Dua is a qualified chartered accountant with almost 30 years experience in finance, corporate restructuring and international taxation. Mr Dua provides support to the group in finance, commercial and compliance functions and works closely with the CEO on business strategies, corporate governance, taxation and financial matters.

Mr. David Bale – Independent Director

Mr. Bale joined the board in 2010. As a senior lawyer and former commercial director, Mr. Bale brings to the Board extensive international experience in the engineering, manufacturing and power sectors through over 20 years in senior positions with Northern Engineering Industries plc and Rolls-Royce plc. He served as Commercial Director of Rolls-Royce Industrial Power Group in the 1990s and latterly as Deputy General Counsel of Rolls-Royce plc until June 2008. Now working independently, Mr. Bale provides consulting services to business and in the legal and charitable sectors. At Belliss Mr. Bale provides support to the group on strategy and commercial aspects of the business and works closely with the CEO on business strategies, corporate and legal affairs.

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 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. 52.75
UK Pound	1	Rs. 85.08
Euro	1	Rs. 69.04

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		35

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.