MIRA INFORM REPORT

Report Date :

22.04.2013

IDENTIFICATION DETAILS

Name :	PATELS AIRTEMP (INDIA) LIMITED
Registered Office :	5^thFloor, Kalpana Complex, Near Memnagar Fire Station, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.06.1992
Com. Reg. No.:	04-017801
Capital Investment / Paid-up Capital :	Rs. 50.702 Millions
CIN No.: [Company Identification No.]	L29190GJ1992PLC017801
TAN No.: [Tax Deduction & Collection Account No.]	AHMP00313F
Legal Form :	A Public Limited Liability Company. The Company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturer of Air Conditioners and Refrigeration Equipments.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 1000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a good track record. There appear some dip in the sales and profits during 2012. However, trade relations are decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	24.01.2012

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	24.01.2012

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.

INFORMATION PARTED BY

Name :	Mr. Dipak
Designation :	Export Incharge
Contact No.:	91-2764-286634
Date :	19.04.2013

LOCATIONS

Registered Office :	5^thFloor, Kalpana Complex, Near Memnagar Fire Station, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-27913694
Fax No.:	91-79-27913693
E-Mail :	patad1@bsnl.in dipaksandanshiv@patelsairtemp.com janakpatel@patelairtemp.com project@patelsairtemp.co.in
Website :	www.patelairtemp.com
Location :	Owned
Works :	Plot 805, 806, 807, 810, Rakanpur, Taluk Kalol, Via Sola Bhadaj Village, Gandhi Nagar – 382721, Gujarat, India
Tel. No.:	91-276286634/ 35/ 286480/ 81/ 286280
Fax No.:	91-2764286301
E-Mail :	pateld1@bsnl.in patelsairtemp@yahoo.co.in
Mumbai Office :	310, Oberoi Chembers – II, New Link Road, Oshiwara, Andheri (W), Mumbai – 400053, Maharasahtra, India
Tel. No.:	91-22-26734162/ 63
Fax No.:	91-22-26734162
E-Mail :	patbom@bom2.vsnl.net.in

DIRECTORS

As on: 28.09.2012

Name :	Mr. Narayanbhai Gangarambhai Patel
Designation :	Chairman and Managing Director
Address :	357, Lane 18, Satyagrah Chhavni society, Satelite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	21.04.1940
Qualification :	B.E. (Mechanical), M.E. (Air and Ref)
Experience :	41 Years
Date of Appointment :	10.06.1992
DIN No.:	00023107
Name :	Mr. Devidas Chelaram Narumalani
Designation :	Whole Time Director
Address :	702, Royal Resorts, T-38, shastri Nagar, Off j.P. Road, Andheri (West), Mumbai – 400053, Maharasahtra, India
Date of Birth/Age :	01.06.1949
Qualification :	B. Tech (I.I.T), D.B.M
Experience :	27 Years
Date of Appointment :	10.06.1992
DIN No.:	00097592
Name :	Mr. Narendra Gopalbhai Patel
Designation :	Whole Time Director
Address :	13, Alok Bunglows, Sun –N- Step Club Road, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	13.02.1958
Qualification :	B.E. (Mechanical), D.B.M
Experience :	21 Years
Date of Appointment :	21.06.1994
DIN No.:	00023205
Name :	Mr. Prakash Narayanbhai Patel
Designation :	Whole Time Director
Address :	357, Lane 18, Satyagrah Chhavni society, Satelite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	23.07.1966
Qualification :	B.E. (Mechanical)
Experience :	17 Years
Date of Appointment :	27.05.2004
DIN No.:	00249210
Name :	Mr. Sanjiv Kumar Narayanbhai Patel
Designation :	Whole Time Director
Address :	357, Lane 18, Satyagrah Chhavni society, Satelite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	11.09.1972
Date of Appointment :	30.09.2009
DIN No.:	02794095
Name :	Mr. Hareshkumar Ishwarlal Shah
Designation :	Director
Address :	23, Shankar Nagar Co – Operative Housing Society, Ghodasar, Ahmedabad – 380050 Gujarat, India
Date of Birth/Age :	18.10.1946
Date of Appointment :	29.10.2005
DIN No.:	00216585
Name :	Mr. Natwarlal Joitram Patel
Designation :	Director up to 7^th February, 2012
Address :	844/1, Sector 5-C, Gandhi Nagar – 382016, Gujarat, India
Date of Birth/Age :	01.06.1951
Date of Appointment :	30.03.2003
DIN No.:	00249161
Name :	Mr. Naimish Bhunuprasad Patel
Designation :	Director
Address :	8, Indrabaug Society, Near Panchshil, Bus Stop, Usmanpura, Ahmedabad – 380013, Gujarat, India
Date of Birth/Age :	22.02.1957
Qualification :	B.E. (Mech)
Date of Appointment :	30.10.2009
DIN No.:	02813295
Name :	Mr. Vinodkumar Chhotubhai Desai
Designation :	Director
Address :	Block No. 295/4, Sector 20, Ghandhi Nagar – 382020, Gujarat, India
Date of Birth/Age :	16.02.1959
Qualification :	B.E (Production
Date of Appointment :	30.10.2009
DIN No.:	02813402
Name :	Mr. Girishbhai Nathubhai Desai
Designation :	Director
Address :	1 Pushpa Deep, 23 Pushpakunj Society, Kankaria, Ahmedabad – 380028, Gujarat, India
Date of Birth/Age :	15.01.1948
Date of Appointment :	30.10.2009
DIN No.:	02824731
Name :	Mr. Ramanbhai R. Patel
Designation :	Additional Director w.e.f. 11.02.2012
Date of Birth/Age :	07.08.1943
Qualification :	B.E. (Chemical), MBA
Date of Appointment :	11.02.2012
DIN No.:	05224867

KEY EXECUTIVES

Name :	Mr. Dipak
Designation :	Export Incharge

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2013

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1213121	23.93
Any Others (Specify)	815154	16.08
Group Companies	815154	16.08
Sub Total	2028275	40.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2028275	40.00
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	158362	3.12
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1946752	38.40
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	801644	15.81
Any Others (Specify)	135207	2.67
Non Resident Indians	123430	2.43
Clearing Members	10777	0.21
Trusts	1000	0.02
Sub Total	3041965	60.00
Total Public shareholding (B)	3041965	60.00
Total (A)+(B)	5070240	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5070240	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	No. of Shares held
1	Therm Flow Engineers Private Limited	815154	16.08
2	Devidas Chelaram Narumalani	290145	5.72
3	Patel Prakash Narayanbhai	280000	5.52
4	Narendrabhai Gopalbhai Patel	268500	5.30
5	Patel Narayanbhai Gangaram	205000	4.04
6	Patel Sitaben Narayanbhai	55000	1.08
7	Narendra Gopal Patel	35301	0.70
8	Patel Narayanbhai Gangaram	17700	0.35
9	Sanjiv Narayanbhai Patel	16000	0.32
10	Aarty P Patel	14000	0.28
11	Zinnia Narendra Patel	6675	0.13
12	Rashmika Narendra Patel	6525	0.13
13	Pushpa D Narumalani	5775	0.11
14	Prakash N Patel	5000	0.10
15	Kanayalal Gagandas Narumalani	3750	0.07
16	Khushal Gagandas Narumalani	3750	0.07
	Total	2028275	40.00

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Samir Javeri	60000	1.18
2	Sharad Kanayalal Shah	61000	1.20
3	Vishnubhai V Patel	59912	1.18
4	Shrestha Treks & Expeditions Private Limited	54503	1.07
	Total	235415	4.64

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.46
Bodies corporate	3.65
Directors or relatives of Directors	38.00
Other top fifty shareholders	18.71
Others	37.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Air Conditioners and Refrigeration Equipments.

Products :

Product Description	Item Code No. (ITC Code)
Shell and Tube Heat Exchangers	84195010
Pressure Vessels	73090040
Air Conditioners and Refrigeration Equipments	84158200

Exports :

Products :

Finished Good

Countries :

• Canada
• Indonesia

Imports :

Products :

Raw Material

Countries :

Korea

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

• Bank of Baroda, Navrangpura Branch, Near Income Tax Under Bridge, Navjeevan Post Office, Ahmedabad - 380009, Gujarat, India
• Industrial Development Bank of India, IDBI Tower, Colaba, Mumbai - 400005, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loans
Vehicle Loan From Bank	2.393	0.000
Loans repayable on demand
From Bank of Baroda	111.548	108.751
Total	113.941	108.751
Note: 1 (Vehicles acquired under hire purchase scheme are secured against vehicles purchased under the agreement) Note: 2: Working Capital facilities from Bank of Baroda is secured by way of hypothecation of raw-materials, stores and spares, work-in-progress of finished goods and book debts of the company both present and future and first charge on company’s plant and machinery, other movable assets of the company as well as secured by mortgage of companies factory land and building situated at Plot no. 805, 806, 807, and 810 at Rakanpur, Tal. Kalol, District Gandhinagar and also equitable mortgage on plot no 811 of the company setuated at village Rakanpur Taluka Kalol District Gandhinagar as collateral security and is also personally guaranteed by the Promoters of the company.

Banking Relations :	--
Auditors :
Name :	Parikh and Majmudar Chartered Accountant
Address :	203, Harsh Avenue, Near Old High Court, Navjivan Post, Ahmedabad – 380013, Gujarat, India
PAN.:	AAAFP8921B
Associates :	Thermflow Engineers Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5070240	Equity Shares	Rs.10/- each	Rs. 50.702 Millions

PARTICULARS	Opening Balance	Fresh issue	Bonus	ESOP	Conversion	Buy back	Other changes give details	Closing Balance
Equity shares with voting rights
Year ended 31 March, 2012
• Number of shares	5070240	-	-	-	-	-	0	5070240
• Amount (Rs.)	50.702	-	-	-	-	-	0	50.702
Year ended 31 March, 2011
• Number of shares	5070240	-	-	-	-	-	0	5070240
• Amount (Rs.)	50.702	-	-	-	-	-	0	50.702

Details of shares held by each shareholder holding more than 5 % shares

Name of share holder	Number of Shares	%holding
Equity shares with voting rights
Therm Flow Engineers Private Limited	713750	14.08
Devidas Chelaram Narumalani	290145	5.72
Patel Prakash Narayanbhai	280000	5.52
Narendrabhai Gopalbhai Patel	268500	5.30

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.702	50.702	50.702
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		369.164	327.340	250.421
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		419.866	378.042	301.123
LOAN FUNDS
1] Secured Loans		113.941	108.751	81.350
2] Unsecured Loans		46.100	45.400	23.400
TOTAL BORROWING		160.041	154.151	104.750
DEFERRED TAX LIABILITIES		22.274	20.426	17.999
TOTAL		602.181	552.619	423.872
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		197.803	174.845	135.060
Capital work-in-progress		0.000	0.002	10.010
INVESTMENT		0.280	0.280	0.280
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	291.956	138.349	50.173
	Sundry Debtors	250.617	347.862	273.702
	Cash & Bank Balances	57.322	29.355	37.840
	Other Current Assets	26.546	26.592	2.926
	Loans & Advances	24.199	24.453	21.718
Total Current Assets		650.640	566.611	386.359
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	185.136	155.944	59.268
	Other Current Liabilities	45.930	17.001	33.785
	Provisions	15.476	16.174	14.784
Total Current Liabilities		246.542	189.119	107.837
Net Current Assets		404.098	377.492	278.522
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		602.181	552.619	423.872

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Revenue from Operation	713.358	780.229
		Other Income	1.708	1.147
		TOTAL (A)	715.066	781.376
Less	EXPENSES
		Cost of Materials Consumed	477.705	441.434
		Purchases of Stock-in-Trade	3.567	23.656
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(139.498)	(48.658)
		Employee benefits Expenses	48.202	45.175
		Other Manufacturing Expenses	71.334	55.686
		Other Expenses	130.174	102.321
		Prior Period Expenses	0.386	0.091
		Profit / (Loss) on sale of Fixed Assets	0.175	(0.012)
		TOTAL (B)	592.045	619.693
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		123.021	161.683
Less	FINANCIAL EXPENSES (D)		30.503	17.732
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		92.518	143.951
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.262	11.004
	PROFIT BEFORE TAX (E-F) (G)		79.256	132.947
Less	TAX (H)		25.646	44.203
	PROFIT AFTER TAX (G-H) (I)		53.610	88.744
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		289.339	221.420
Less	APPROPRIATIONS
		Transfer to General Reserve	9.000	9.000
		Proposed Dividend	10.141	10.141
		Corporate Dividend Tax	1.645	1.684
	BALANCE CARRIED TO THE B/S		322.163	289.339
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	24.311	4.032
	TOTAL EARNINGS		24.311	4.032
	IMPORTS
		Raw Materials	51.028	42.243
		Capital Goods	0.000	5.719
		Others	0.294	3.555
	TOTAL IMPORTS		51.322	51.517
	Earnings Per Share (Rs.)		10.57	17.50

	PARTICULARS		31.03.2010
	SALES
		Income	718.951
		Other Income	5.118
		TOTAL (A)	724.069
Less	EXPENSES
		Increase/ Decrease in stocks	(0.567)
		Material Consumed	392.028
		Manufacturing Expenses	129.564
		Selling and Administrative expenses	33.029
		Loss on sale of fixed Assets	0.000
		Director’s Remuneration	7.560
		Amount Written Off	7.645
		Key Men Insurance	0.000
		TOTAL (B)	569.259
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		154.810
Less	FINANCIAL EXPENSES (D)		13.406
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		141.404
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.777
	PROFIT BEFORE TAX (E-F) (G)		132.627
Less	TAX (I)		45.780
	PROFIT AFTER TAX (G-I) (J)		86.847
Less	PRIOR PERIOD ADJUSTMENT (NET)		0.058
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		155.494
Less	APPROPRIATIONS
		Transfer to General Reserve	9.000
		Proposed Dividend	10.140
		Interim Dividend	0.000
		Tax on Dividend	1.723
	BALANCE CARRIED TO THE B/S		221.420
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	38.725
	TOTAL EARNINGS		38.725
	IMPORTS
		Capital Goods	15.157
		Raw Materials	36.030
		Consumable Tools	1.777
		Trading Goods	0.000
	TOTAL IMPORTS		52.964
	Earnings Per Share (Rs.)		17.12

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	140.000	167.500	233.900
Total Expenditure	113.900	141.100	202.900
PBIDT (Excl OI)	26.100	26.400	31.000
Other Income	0.300	0.700	0.600
Operating Profit	26.500	27.100	31.600
Interest	6.200	6.500	7.700
Exceptional Items	000	000	000
PBDT	20.200	20.500	24.000
Depreciation	3.800	3.800	3.900
Profit Before Tax	16.500	16.700	20.100
Tax	5.300	5.500	6.600
Provisions and contingencies	000	000	000
Profit After Tax	11.100	11.200	13.500
Extraordinary Items	000	000	000
Prior Period Expenses	000	000	000
Other Adjustments	000	000	000
Net Profit	11.100	11.200	13.500

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.49	11.36	11.99
Net Profit Margin (PBT/Sales)	(%)	11.11	17.04	18.45
Return on Total Assets (PBT/Total Assets}	(%)	9.34	17.93	25.43
Return on Investment (ROI) (PBT/Networth)		0.19	0.35	0.44
Debt Equity Ratio (Total Debt /Networth)		0.38	0.41	0.35
Current Ratio (Current Asset/Current Liability)		2.64	2.99	3.58

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS

(Rs in Millions)

Particular	31.03.2012	31.03.2011	31.03.2010
Other Than Acceptances	185.136	155.944	59.268
Total	185.136	155.944	59.268

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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

Note:

Registered office of the company has been shifted from 403, Avdesh Complex, 4^th Floor, opp. Gurudwara, Thaltej, Sarkhej Gandhi Nagar Highway, Ahmedabad – 380054, Gujarat, India to the present address w.e.f.16.12.2006

PERFORMANCE

The performance of the company for the fiscal year 2011-12 was impacted partly owing to the rising cost of inputs and partly owing to the dull sentiments prevailing in the capital goods sector in the industry. Net sales inclusive of Exports of the Company are Rs. 713.358 against Rs. 780.229 Millions of the previous year. Profit before Tax is Rs. 79.256 Millions against Rs. 132.947 Millions during the previous year. Net Profit of the Company is Rs. 53.610 Millions against Rs. 88.744 Millions during the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L29190GJ1992PLC017801
Name of the company	PATELS AIRTEMP (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	5^thFloor, Kalpana Complex, Near Memnagar Fire Station, Navrangpura, Ahmedabad – 380009, Gujarat, India patad1@bsnl.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Bank of Baroda, Navrangpura Branch, Near Income Tax Under Bridge, Navjeevan Post Office, Ahmedabad - 380009, Gujarat, India navran@bankofbaroda.com
Nature of instrument creating charge	Composite hypothecation agreement dated 18.07.2012
Date of instrument Creating the charge	18.07.2012
Amount secured by the charge	Rs. 85.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest LC commission and charges as per bank's guidelines prevaling from time to time Terms of Repayment Six Months Margin 10% by way of FDR Extent and operation of the charge Hypothecation of all stock of goods, book debts, plants and machinaries and other movable assets
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all stock of goods, book debts, plants and machinaries and other movable assets

FUTURE PROSPECTS

The Company is focusing on the business of manufacturing a range of shell and tube Heat exchangers, Air cooled Heat Exchangers, Refrigeration and Air Conditioning equipments, pressure vessels, etc. which broadly fall under the category of capital goods. They have multifarious applications in several industries.

The Company has started focusing not only on the domestic market but also on the international market and the directors are pleased to inform the members that in the current fiscal year FY 2012-13 the company has entered into a long term supply arrangements with a leading global manufacturer of heat exchangers whereby the company has started manufacturing and supplying heat exchangers to entered into after an exhaustive audit of the Company's facilities and capabilities and this augurs very well for the company and it is a testimony that the company's facilities and capabilities are capable to meet very strict international standards.

On an average the company expects to export heat exchangers valued at around Rs. 200.000 Millions per annum. Further in the current year, the domestic demand has also revived and as of June, 2012 the company's order book position was quite healthy and it has stood at Rs. 720.000 Millions which included domestic orders of Rs. 620.000 Millions and export order of Rs. 100.000 Millions. Going forward, the company expects to sustain a reasonably good growth rate in future both in the domestic market as well as in the export market.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT

The Company is engaged in the manufacture and sale of extensive range of Heat Exchangers such as Shell and Tube type, Finned tube type and Air cooled Heat Exchangers, Pressure Vessels, Air-conditioning and Refrigeration equipments and Turnkey HVAC Projects in India and marketing of equipments even outside India. The Company has technical collaboration with M/S. TEK FINS Inc. USA for design and manufacture of Air cooled Heat Exchangers. All these products are supplied to leading Industrial Sections like Power Projects, Refineries, Fertilizers, Cements, Petrochemicals, Pharmaceuticals, Textile and Chemical Industries.

With the highly innovative environment, the Company could sustain its sales even in highly cut-thought competition and the prevailing market conditions.

PRODUCT – WISE PERFORMANCE

The Company is operating in one segment i.e. engineering fabrication having different products, such as Heat Exchangers, Air Cooled Heat Exchangers, Pressure Vessels, Air-conditioning and Refrigeration Equipments, Turnkey HVAC projects and other Misc. products, the turnover of which are given in Notes on Accounts portion of the Annual Report. The company has decided to stick to high value added engineering products. These products are regularly procured by the Industrial Process Plants / Units. These products has ASME “U”/ “U2”/ “S” Stamp authorization, it is expected to improve profitability of the company in the future. For updating Heat Transfer Technology, Company has become member of HTRI (Heat Transfer Research, Inc, U.S.A.).

FUTURE OUTLOOK

The long-term fundamentals of the Indian economy which is expected to remain strong. Key fundamentals generally include demographics, rising income and purchasing power of population and large investment in pipeline. The growth of the economy is being driven primarily by domestic investment and consumption, with limited dependence on exports or the demand situation in other economies. At the same time, there are some concerns, particularly with regard to inflation. Inflationary pressures emerging from commodity and food prices have shown signs of becoming more generalised, leading to the containing of inflation becoming the key priority of policy makers. In addition, the global economic environment continues to remain uncertain with slow recovery and fiscal concerns in developed markets. Keeping in mind the aforesaid factors, the company will make all efforts to encash the opportunities which come across.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans and advances from related parties
Inter Corporate Deposits	46.100	45.400
Total	46.100	45.400

CONTINGENT LIABILITIES

(Rs in Millions)

Particular	31.03.2012	31.03.2011
Outstanding Bank Guarantees	208.876	141.156
Outstanding Inland Letter of Credit	26.273	15.783
Outstanding Income Tax Demand (Gross)	4.569	10.677

FIXED ASSETS

• Land
• Road
• Buildings
• Plant and Machinery
• Electrical Installation
• Furniture and Fixtures
• Office Equipments
• Vehicles
• Software

UNAUDITED FTNANCIAL RESULT (PROVISIONAL) FOR THE QUARTER ENDED 30.09.2012

(Rs in Millions)

	Quarter Ended		Half Year Ended
Particulars	30.09.2012	30.06.2012	30.09.2012
Income from Operations
a) Net Sales/Income from Operations	163.868	134.292	298.160
b) Other Operating Income	3.653	5.728	9.381
Total Income from Operations (net)	167.521	140.020	307.541
Expenditure
a) Cost of Materials consumed	118.356	116.667	235.023
b) Purchase of stock-in-trade	5.446	7.528	12.974
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(37.528)	(65.342)	(102.870)
d) Employee benefits expense	12.259	11.158	23.417
e) Labour Charges	13.948	12.749	26.697
f) Depreciation and amortisation expenses	3.837	3.765	7.602
g) Other Expenses	28.622	31.125	59.747
Total Expenditure	144.940	117.650	262.590
Profit/(Loss) from operations before other income, finance costs and exceptional items	22.581	22.370	44.951
Other Income	0.649	0.316	0.965
Profit/(Loss) from ordinary activities before finance costs and exceptional items	23.230	22.686	45.916
Interest and other Finance Costs	6.545	6.219	12.764
Profit/(Loss) from ordinary activities after finance costs but before exceptional items	16.685	16.467	33.152
Exceptional Items	0.000	0.000	0.000
Profit / (Loss) from Ordinary Activities before tax	16.685	16.467	33.152
Tax Expenses	5.495	5.337	10.832
Net Profit/ (Loss) from Ordinary Activities after tax	11.190	11.130	22.320
Extraordinary item	(0.016)	0.000	(0.016)
Net Profit/ (Loss) for the period	11.206	11.130	22.336
Share of Profit/(Loss) of Associates	-	-	-
Minority Interest	-	-	-
Net Profit after taxes, minority interest and share of Profit/(Loss) of Associates	11.206	11.130	22.336
Paid up equity share Capital (Face value of Rs. 10 each per Share)	50.702	50.702	50.702
Reserves excluding Revaluation Reserves (as per balance sheet) of previous accounting year	-	-	-
Earnings Per Share of Rs 10
a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualized)	2.21	2.20	4.41
b) Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year (not to be annualized)	2.21	2.20	4.41
PARTICULARS OF SHAREHOLDING PUBLIC SHAREHOLDING	30.09.2012	30.06.2012	30.09.2012
- Number of Shares	3143369	3143369	3143369
- Percentage of Shareholding	62.00	62.00	62.00
Promoters and Promoters Group Shareholding
a) Pledge/Encumbered
- No. of Shares	-	-	-
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	-	-	-
- Percentage of Shares (as a % of the total share capital of the company)	-	-	-
b) Non-encumbered
- Number of Shares	1926871	1926871	1926871
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
- Percentage of Shares (as a % of the total share capital of the company)	38.00	38.00	38.00

INVESTOR COMPLAINTS	3 months Ended 30.09.2012
Pending at the beginning of the Quarter	Nil
Received during the quarter	Nil
Disposd of during the quarter	Nil
Remaining unresolved at the end of the Quarter	Nil

Note:

1 The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on Saturdav. 10th November, 2012

2. The Company has only one segment of activity namely, Engineering

3 The above results are subject to limited review by the auditors

4. Previous Periods' figures have been regrouped/rearrange Wherever necessary.

STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2012

(Rs in Millions)

Sr. No.		Quarter Ended
	Particulars	30.09.2012
		Unaudited
A	EQUITY AND LIABILITIES
1	Shareholders' Funds
	(a) Share Capital	50.702
	(b) Reserves and Surplus	391.500
	Sub-total - Shareholders' funds	442.202
2	Minority Interest	NA
3	Non- Current Liabilities
	(a) Long-term borrowings	51.661
	(b) Deferred tax nabilities (net)	22.957
	(c) Other Long-term liabilities	2.702
	(d) Long Term provisions	1.222
	Sub-total - Non- Current Liabilities	78.542
4	Current Liabilities
	(a) Short term borrowings	123.985
	(b) Trade payables	176.313
	(c) Other current liabilities	52.054
	(d) Short term provisions	1.899
	Sub-total - Current Liabilities	354.251
TOTAL - EQUITY AND LIABILITIES		874.995
B	ASSETS
1	Non- Current Assets
	(a) Fixed Assets	194.708
	(b) Non- Current investments	0.280
	(c) Long Term loans and advances	7.741
	(d) Other non- current assets	17.131
	Sub-total - Non- Current Assets	219.860
2	Current Assets
	(a) Inventories	388.219
	(b) Trade receivables	177.012
	(c) Cash and cash equivalents	77.807
	(d) Short-term loans and advances	12.097
	(e) Other current assets	--
	Sub-total - Current Assets	655.135
TOTAL- ASSETS		874.995

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. 54.03
UK Pound	1	Rs. 82.43
Euro	1	Rs. 70.49

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.