MIRA INFORM REPORT

Report Date :

24.12.2013

IDENTIFICATION DETAILS

Name :	TRIVENI TURBINE LIMITED
Registered Office :	A-44, Hosiery Complex, Phase II Extension, Noida – 201305, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.06.1995
Com. Reg. No.:	20-041834
Capital Investment / Paid-up Capital :	Rs. 357.880 Millions
CIN No.: [Company Identification No.]	L29110UP1995PLC041834
TAN No.: [Tax Deduction & Collection Account No.]	MRTT00689D
PAN No.: [Permanent Account No.]	AAACT4550H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Industrial Steam Turbine and also Power Generating Equipment and Solutions.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 5767000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. Financial position of the company appears to be sound. Overall fundamentals of the company appears to be sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

Uptick in agriculture and construction spread some cheer as the economy grew a higher-than-expected 4.8 % in the three months through September. Manufacturing rose an annual rate per cent during the quarter and mining fell by 0.4 %, government data showed while farm output rose 46%.

India has emerged as the most attractive investment destination, thanks to a relaxation in foreign direct investment norms, says a report. India is followed by Brazil and China in the ranking part of EY’s Capital Confidence Barometer report based on a survey across 70 nations. The US, France and Japan have emerged as the top three investors likely to invest in India.

India has been ranked 83^rd globally in terms of talent competitiveness of its human capital.  Switzerland, Singapore, Denmark, Sweden and Luxembourg are the top five in the list of 103 nations compiled by INSEAD business school.

Tax rates for companies in India are among the highest in the world and the number of payments is also more than the global average putting the country at low, 158^th rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the time taken for tax payments is relatively less in India which is rated ahead of China and Japan.

1 billion smartphone shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost computing in emerging markets. By 2017, total smartphone shipments are expected to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4 % between 2013 and 2017, according to research from IDC.

20 % vacancy rate of office space in Mumbai and Delhi in the third quarter, the highest in Asia after Chengdu, in China. According to Cushman and Wakefield, six Indian cities are among the 10 office markets with the worst vacancies.

Foreign banks will not have to pay stamp duty and capital gains tax, if they convert their branch operations into a wholly owned subsidiary, according to the Reserve Bank of India.

The Reserve Bank of India is planning to launch CPI – indexed bonds aimed to protecting the savings of retail investors from the impact the price rise by December end.

Central Bureau of Investigation has booked State Bank of India, Deputy Managing Director Shyamal Acharya and others in a graft case related to distribution of a loan of over Rs 4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the residence of Acharya.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based : A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	June 2013

Rating Agency Name	ICRA
Rating	Short term non-fund based : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	June 2013

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 :	A-44, Hosiery Complex, Phase II Extension, Noida – 201305, Uttar Pradesh, India
Tel. No.:	91-120-4748000
Fax No.:	91-120-4243049
E-Mail :	shares.ttl@trivenigroup.com mktg@triveniturbines.com rkg@trivenigroup.com akagarwal@ho.trivenigroup.com
Website :	http://www.triveniturbines.com
Factory :	12-A, Peenya Industrial Area, Bangalore - 560058, Karnataka, India
Tel. No.:	91-80-22164000/ 28394721
Fax No.:	91-80-28395945/ 22164100
Corporate Office :	‘Express Trade Towers’, 8th Floor, 15-16, Sector- 16A, Noida - 201301, Uttar Pradesh, India
Tel. No.:	91-120-4308000
Fax No.:	91-120-4311010-11
Sales Unit :	Located at: · Noida · Mumbai · Pune · Kolkata
Service Unit :	Located at: · Ahmedabad · Nagpur · Allahabad · Noida · Hyderabad · Pune · Kolhapur · Raipur · Kolkata · Vijayawada · Latur

DIRECTORS

AS ON 31.03.2013

Name :

Mr. Dhruv M. Sawhney

Designation :

Managing director

Date of Appointment :

06.09.2011

DIN No.:

00102999

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	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Managing director	01/10/2011	20/09/1992	Active	NO
2	L14101UP1977PLC021546	ORIENT BELL LIMITED	Director	09/08/1994	09/08/1994	Active	NO
3	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Managing director	06/09/2011	27/06/1995	Active	NO
4	U29119UP2006PLC032060	TRIVENI ENGINEERING LIMITED	Director	27/06/2006	27/06/2006	Active	NO
5	U40102UP2008PLC034648	TRIVENI ENERGY SYSTEMS LIMITED	Director	15/02/2008	15/02/2008	Active	NO
6	U29253KA2010PLC053834	GE TRIVENI LIMITED	Nominee director	25/08/2011	28/05/2010	Active	NO

Name :

Mr. Nikhil Sawhney

Designation :

Joint Managing Director (JMD)

Date of Appointment :

06.09.2011

DIN No.:

00029028

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	U45202PB1993PTC025592	ABOHAR POWER GENERATION PRIVATE LIMITED	Director	06/06/2005	06/06/2005	29/11/2011	Active	NO
2	U40102UP2008PLC034648	TRIVENI ENERGY SYSTEMS LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO
3	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Director	10/05/2011	19/11/2008	-	Active	NO
4	U40100HP2005PTC030758	UPPER BARI POWER GENERATION PRIVATE LIMITED	Director	24/09/2009	24/08/2009	29/02/2012	Active	NO
5	U29253KA2010PLC053834	GE TRIVENI LIMITED	Nominee director	25/08/2011	28/05/2010	-	Active	NO
6	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Managing director	06/09/2011	10/05/2011	-	Active	NO
7	AAB-0322	ACQUIRE VENTURE HOLDINGS LLP	Designated Partner	23/07/2012	23/07/2012	-	Active	NO

Name :

Mr. Arun Prabhakar Mote

Designation :

Director

Date of Appointment :

01.08.2013

DIN No.:

01961162

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	U29253KA2010PLC053834	GE TRIVENI LIMITED	Nominee director	25/08/2011	28/05/2010	Active	NO
2	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	01/08/2013	01/11/2012	Active	NO

Name :

Mr. Tarun Sawhney

Designation :

Director

Date of Appointment :

28.07.2008

DIN No.:

00382878

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	U52110DL1986PLC024603	TRIVENI ENTERTAINMENT LIMITED	Director	27/01/2003	27/01/2003	26/06/2013	Active	NO
2	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	28/07/2008	03/12/2007	-	Active	NO
3	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Managing director	01/10/2013	19/11/2008	-	Active	NO
4	U29253KA2010PLC053834	GE TRIVENI LIMITED	Nominee director	25/08/2011	01/11/2010	-	Active	NO
5	AAB-0322	ACQUIRE VENTURE HOLDINGS LLP	Designated Partner	23/07/2012	23/07/2012	-	Active	NO

Name :

Mr. K.N. Shenoy

Designation :

Director

Date of Appointment :

06.09.2011

DIN No.:

00021373

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	U50101KA1996PTC024176	VOLVO INDIA PRIVATE LIMITED	Director	09/04/1997	09/04/1997	02/01/2012	Active	NO
2	U72300KA1997PTC022977	SOBIS TEKSOFT PRIVATE LIMITED	Director	04/11/1997	04/11/1997	-	Active	NO
3	U72900KA1997PTC022169	SHELK SOFTWARE PRIVATE LIMITED	Director	25/08/2001	25/08/2001	-	Active	NO
4	U41000KA2005PTC036146	GEBERIT PLUMBING TECHNOLOGY INDIA PRIVATE LIMITED	Director	25/04/2005	25/04/2005	05/04/2010	Active	NO
5	U72200KA2000PTC027761	SOBIS SOFTWARE (INDIA) PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
6	L74999AP2005PLC059013	GVK POWER & INFRASTRUCTURE LIMITED	Director	14/10/2005	14/10/2005	-	Active	NO
7	L31102MH1964PLC013011	EMCO LIMITED	Director	15/09/2006	20/01/2006	-	Active	NO
8	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Director	24/12/2007	13/07/2006	10/05/2011	Active	NO
9	U72200KA2006PTC040577	OPEN COUNTRY TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	21/09/2006	21/09/2006	01/12/2010	Active	NO
10	L33130GJ1987PLC009305	INTEGRA INDIA GROUP COMPANY LIMITED	Director	29/08/2008	24/08/2007	-	Amalgamated	NO
11	U74200KA2009PTC051291	VOITH ENGINEERING SERVICES PRIVATE LIMITED	Additional director	26/04/2012	26/10/2009	12/12/2012	Active	NO
12	U40102AP2008PLC058683	GVK ENERGY LIMITED	Director	01/08/2011	30/07/2010	-	Active	NO
13	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	06/09/2011	10/05/2011	-	Active	NO
14	U34300KA2006PTC038845	SURIN AUTOMOTIVE PRIVATE LIMITED	Director	29/09/2012	06/08/2012	-	Active	NO

Name :

Mr. Amal Ganguli

Designation :

Director

Date of Appointment :

06.09.2011

DIN No.:

00013808

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	U74899DL1993PTC051811	M L INFOMAP PRIVATE LIMITED	Director	20/01/1993	20/01/1993	-	Active	NO
2	U72200DL1991PLC046909	FLEXTRONICS SOFTWARE SYSTEMS LIMITED	Director	08/01/2001	08/01/2001	-	Amalgamated	NO
3	L74140DL1991PLC046369	HCL TECHNOLOGIES LIMITED	Director	08/05/2003	08/05/2003	-	Active	NO
4	L35921TN1949PLC002905	TUBE INVESTMENTS OF INDIA LIMITED	Director	02/06/2003	02/06/2003	29/07/2010	Active	NO
5	L51909DL1986PLC024222	SAMTEL COLOR LIMITED	Director	10/10/2003	10/10/2003	02/02/2007	Active	NO
6	L92111DL1988PLC033099	NEW DELHI TELEVISION LIMITED	Director	14/05/2004	14/05/2004	-	Active	NO
7	L17120MH1897PLC000163	CENTURY TEXTILE AND INDUSTRIES LIMITED	Director	31/07/2004	31/07/2004	-	Active	NO
8	U34103MP2005PLC017319	AVTEC LIMITED	Director	27/07/2005	27/07/2005	-	Active	NO
9	L74999DL1991PLC042749	ICRA LIMITED	Director	12/06/2006	30/03/2006	-	Active	NO
10	U64202DL1992PLC048053	HUGHES COMMUNICATIONS INDIA LIMITED	Director	30/09/2006	20/04/2006	-	Active	NO
11	L34103DL1981PLC011375	MARUTI SUZUKI INDIA LIMITED	Director	05/09/2006	05/09/2006	-	Active	NO
12	L64200MH1986PLC039266	TATA COMMUNICATIONS LIMITED	Director	13/09/2006	13/09/2006	-	Active	NO
13	U93090MH2006PTC165286	PINEBRIDGE INVESTMENTS TRUSTEE COMPANY (INDIA) PRIVATE LIMITED	Director	15/12/2006	15/12/2006	05/10/2012	Active	NO
14	U65993DL2006PLC149728	ARICENT TECHNOLOGIES (HOLDINGS) LIMITED	Director	11/09/2009	06/08/2007	-	Active	NO
15	U24239AP2005PTC047518	LAURUS LABS PRIVATE LIMITED	Director	13/06/2013	30/08/2007	-	Active	NO
16	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Director	29/12/2009	19/01/2009	10/05/2011	Active	NO
17	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	13/08/2009	24/03/2009	-	Active	NO
18	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	06/09/2011	10/05/2011	-	Active	NO
19	L26943RJ1976PLC001705	MANGALAM CEMENT LTD	Director	29/07/2013	11/02/2013	-	Active	NO

Name :

Mr. Shekhar Datta

Designation :

Director

Date of Appointment :

01.08.2013

DIN No.:

00045591

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	L24230MH1999PLC120720	WOCKHARDT LIMITED	Director	25/02/2000	25/02/2000	-	Active	NO
2	U29111MH2001PTC131781	LOMBARDINI INDIA PRIVATE LIMITED	Director	27/04/2001	27/04/2001	24/08/2007	Active	NO
3	L26933WB1991PLC052968	VESUVIUS INDIA LIMITED	Director	31/01/2003	31/01/2003	26/04/2013	Active	NO
4	L74899DL1964GOI004281	BHARAT HEAVY ELECTRICALS LIMITED	Additional director	27/11/2009	16/11/2005	23/04/2010	Active	NO
5	U67120MH2005PLC155188	BSE LIMITED	Director	14/09/2007	20/06/2006	16/06/2008	Active	NO
6	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Director	29/12/2009	25/04/2009	-	Active	NO
7	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	01/08/2013	29/10/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajiv Sawhney
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	77992116	23.64
Bodies Corporate	159330417	48.30
Sub Total	237322533	71.94
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	237322533	71.94
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	20901028	6.34
Foreign Institutional Investors	54968664	16.66
Sub Total	75869692	23.00
(2) Non-Institutions
Bodies Corporate	2842049	0.86
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	10099906	3.06
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1975726	0.60
Any Others (Specify)	1770244	0.54
Non Resident Indians	1446473	0.44
Hindu Undivided Families	304046	0.09
Clearing Members	10725	0.00
Trusts	9000	0.00
Sub Total	16687925	5.06
Total Public shareholding (B)	92557617	28.06
Total (A)+(B)	329880150	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	329880150	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Steam Turbine and also Power Generating Equipment and Solutions.

Products/ Services :

ITC Code No.	Product Descriptions
8406	Steam Turbine

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited

Citi Bank N.A

Yes Bank Limited

IDBI Bank

Punjab National Bank

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans (Secured) - From banks	1.260	162.970
- From others	3.750	4.060
SHORT TERM BORROWINGS
Repayable on demand Cash credits from banks *	0.000	4.480
Total	5.010	171.510
SHORT TERM BORROWINGS * Secured by pledge/ hypothecation of the stock-in-trade, raw material, stores and spare parts, work-in-progress and receivables and a second charge on the fixed assets on a pari-passu basis. Interest rates ranges from 11% to 12% per annum.

Banking Relations :	--
Auditors :
Name :	J. C. Bhalla and Company Chartered Accountants
Branch Auditors :
Name :	Virmani and Associates Chartered Accountants
Subsidiary Company :	GE Triveni Limited
Investing company holding substantial interest :	Triveni Engineering and Industries Limited (TEIL)
Enterprise in which Key Management Personnel or their relatives have substantial interest / significant influence :	Tirath Ram Shah Charitable Trust (TRSCT)
Company in which Key Management Personnel or their relatives have substantial interest / significant influence :	Kameni Upaskar Limited (KUL)

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
450,000,000	Equity Shares	Re. 1/- each	Rs. 450.000 Millions
5,000,000	8% Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 50.000 Millions
	Total		Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
329,880,150	Equity Shares	Re. 1/- each	Rs. 329.880 Millions
2,800,000	8% Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 28.000 Millions
	Total		Rs. 357.880 Millions

a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Equity Shares

Particulars	31.03.2013
	No of Shares	Rs. in Millions
At the beginning of the year	329,880,150	329.880
Add: Shares allotted to shareholders of Triveni Engineering and Industries Limited in the ratio 1:1 in accordance with the Scheme of Arrangement.	--	--
Outstanding at the end of the year	329,880,150	329.880

Preference Shares

Particulars	31.03.2013
	No of Shares	Rs. in Millions
At the beginning of the year	2,800,000	28.000
Add: Shares issued from Preference Share Capital suspense A/c.	--	--
Outstanding at the end of the year	2,800,000	28.000

b) Terms / rights attached to equity shares

The Company has only one class of equity shares with a par value of Re. 1/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares are entitled to receive the remaining assets of the Company, after meeting all liabilities and distribution of all preferential amounts, in proportion to their shareholding.

c) Terms / rights attached to preference shares

As per the Scheme of Arrangement (“Scheme”) duly approved by the Allahabad High Court vide order dated April 19, 2011, 28,000,000 equity shares of Re. 1/- each fully paid up by Triveni Engineering and Industries Limited stood converted into 2,800,000 - 8% Cumulative Redeemable Preference Shares of Rs. 10/- each fully paid up. These Preference Shares carry the right to cumulative dividend @ 8% p.a. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Preference Shares are redeemable at par at the end of 5 years from the date of allotment. However, the Company has an option to redeem these shares at any time after the end of 6 months from the date of allotment. The preference shareholders have a preference vis-a-vis equity shareholders with respect to any dividend that may be declared by the Company as well as with regard to redemption of capital in the event of liquidation.

d) Shares allotted as fully paid up pursuant to contract(s) without payment being received in cash (during the 5 years immediately preceding)

257,880,150 equity shares of Re. 1/- each were allotted on May 10, 2011,as fully paid up to the shareholders of Triveni Engineering and Industries Ltd (TEIL) in the ratio of one equity share for every one equity share held by them in TEIL, pursuant to the Scheme.

e) Details of shareholders holding more than 5% shares in the company

Particulars	31.03.2013
Equity Shares of Re.1/- each fully paid	No of Shares	% holding
Triveni Engineering and Industries Limited	72,000,000	21.83
Dhruv M. Sawhney	28,124,645	8.53
Nalanda India Fund Limited	25,788,000	7.82
Umananda Trade and Finance Limited	20,157,589	6.11
Rati Sawhney	16,824,914	5.10
Tarnik Investments and Trading Limited	18,680,527	5.66
8% Cumulative Redeemable Preference Shares of Rs.10/- each fully paid
Triveni Engineering and Industries Limited	2,800,000	100

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	357.880	357.880	357.880
(b) Reserves & Surplus	1083.970	328.460	(330.530)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1441.850	686.340	27.350
(3) Non-Current Liabilities
(a) long-term borrowings	5.010	167.030	462.190
(b) Deferred tax liabilities (Net)	77.830	70.880	58.190
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	53.790	79.880	78.780
Total Non-current Liabilities (3)	136.630	317.790	599.160
(4) Current Liabilities
(a) Short term borrowings	0.000	4.480	125.190
(b) Trade payables	1136.550	718.170	907.140
(c) Other current liabilities	730.300	1082.100	1548.230
(d) Short-term provisions	517.920	374.970	242.590
Total Current Liabilities (4)	2384.770	2179.720	2823.150
TOTAL	3693.250	3183.850	3449.660
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1110.600	1205.940	1174.570
(ii) Intangible Assets	37.410	30.360	33.100
(iii) Capital work-in-progress	1.330	1.130	1.650
(iv) Intangible assets under development	0.000	0.000	0.350
(b) Non-current Investments	80.000	55.000	10.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	104.080	100.740	68.480
(e) Other Non-current assets	59.040	0.000	0.020
Total Non-Current Assets	1392.460	1393.170	1288.170
(2) Current assets
(a) Current investments	50.000	100.010	0.000
(b) Inventories	665.110	791.070	959.620
(c) Trade receivables	1171.750	646.170	1064.710
(d) Cash and cash equivalents	285.150	118.060	10.440
(e) Short-term loans and advances	251.810	127.900	121.760
(f) Other current assets	146.970	7.470	4.960
Total Current Assets	2570.790	1790.680	2161.490
TOTAL	3693.250	3183.850	3449.660

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations (net)	6568.470	6318.820	3050.460
		Other Income	81.060	46.860	26.340
		TOTAL (A)	6649.530	6365.680	3076.800
Less	EXPENSES
		Cost of raw material and components consumed	3713.320	3717.330	2000.110
		Decrease / (Increase) in inventories of finished goods and work-in-progress	90.440	110.260	(117.080)
		Employee benefit expenses	537.730	460.990	195.360
		Other expenses	591.590	516.120	280.030
		Exceptional Items	0.000	0.000	559.820
		TOTAL (B)	4933.080	4804.700	2918.240
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1716.450	1560.980	158.560
Less	FINANCIAL EXPENSES (D)		27.250	95.930	47.130
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1689.200	1465.050	111.430
Less/ Add	DEPRECIATION/ AMORTISATION (F)		122.620	115.930	58.770
	PROFIT BEFORE TAX (E-F) (G)		1566.580	1349.120	52.660
Less	TAX (H)		500.330	438.310	125.320
	PROFIT AFTER TAX (G-H) (I)		1066.250	910.810	(72.660)
	EARNINGS IN FOREIGN CURRENCY
		Exports of goods on F.O.B. basis	1684.120	799.670	332.470
		Service charges	61.350	33.440	16.060
		Selling commission	0.210	2.180	3.130
	TOTAL EARNINGS		1745.680	835.290	351.660
	IMPORTS
		Raw Materials	296.010	212.170	126.470
		Components and spare parts	1.490	3.670	3.610
		Capital Goods	6.830	90.420	33.500
	TOTAL IMPORTS		304.330	306.260	163.580
	Earnings Per Share (Rs.)
	Basic		3.22	2.75	2.27
	Diluted		3.22	2.75	(0.34)

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013
Type	1^st Quarter	2^nd Quarter
Net Sales	1106.300	1228.900
Total Expenditure	896.200	986.500
PBIDT (Excl OI)	210.100	242.400
Other Income	18.700	17.000
Operating Profit	228.800	259.400
Interest	2.500	1.200
Exceptional Items	0.000	0.000
PBDT	226.300	258.200
Depreciation	31.400	32.300
Profit Before Tax	194.900	225.900
Tax	63.300	73.100
Provisions and contingencies	0.000	0.000
Profit After Tax	131.600	152.800
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	131.600	152.800

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	16.03	14.31	(2.36)
Net Profit Margin (PBT/Sales)	(%)	23.85	21.35	1.73
Return on Total Assets (PBT/Total Assets}	(%)	40.36	43.13	1.53
Return on Investment (ROI) (PBT/Networth)		1.09	1.97	1.93
Debt Equity Ratio (Total Debt/Networth)		0.00	0.01	21.48
Current Ratio (Current Asset/Current Liability)		1.08	0.82	0.77

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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10364412	15/03/2013 *	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B72380686
2	10340285	15/03/2013 *	1,435,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, CENTENARY BUILDING', NO.2 8, M G ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B71791453
3	10297039	15/03/2013 *	192,500,000.00	CITI BANK N.A.	4TH FLOOR, JEEVAN BHARTI BUILDING, 124 CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA	B72626575
4	10295637	15/03/2013 *	580,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B72153273
5	10293892	26/06/2013 *	460,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B80069123

* Date of charge modification

MANAGEMENT DISCUSSION AND ANALYSIS

Triveni Turbines operates within the engineered-to-order mechanical equipment sector, manufacturing steam turbines primarily for industrial use up to 100 MW.

Industry estimates indicate that the current and approved electricity capacity- addition projects in India are expected to add about 88 GW of installed capacity in the 12th five year plan beginning April 2012. This potential for growth will make India one of the fastest growing markets for electricity infrastructure equipment. However, uncertainties in the regulatory environment over coal linkages, land acquisition, environmental clearance etc., have adversely impacted new investments to a major extent and may also further delay the execution of projects which are underway. Under these circumstances, distributed power generation and captive power plants continue to play a crucial role to meet industrial demand for power.

As a key input into the decentralised and captive power generating industry, the business derives its demand through three principal segments – both domestically as well as from the export market.

INDUSTRIAL CAPITAL EXPENDITURE

The largest segment of demand, through the course of a business cycle, for their products is from industrial expansion – either greenfield or brownfield. All process industries that require steam as part of the process would necessarily generate power onsite, as it is the most efficient use of thermal energy. Whereas electrical output through captive power plants deploying a condensing steam turbine would give a thermal efficiency of around 33 to 35% (as compared to a super critical power plant which operates at significantly higher temperatures and pressures, which get a thermal efficiency of up to 39 to 40%); co-generation based captive power plants deliver two forms of energy – electrical power and heat in the form of steam. These co-generation based captive power plants deliver thermal efficiency in excess of 70%.

Other process industries that may not use steam as part of the process, but due to their remote location and inability of the grid to supply quality and cost-effective electricity, may have to go for generation of power onsite. These industries do also usually produce heat in their process which can be captured to generate power on a decentralised basis as well.

To set the context correctly it will be important to examine the domestic and export market environments for the preceding year.

Domestic Market

In 2012-13, the Indian economy slowed down and the economic growth fell to a decade-low level of around 5%. This may be attributed to the high interest regime pursued in the monetary policy by the RBI to control inflation and worryingly large fiscal and current account deficits. Exports slowed and imports, main constituents being largely inflexible, continued at high levels. The problem being made more acute by high prices of oil and other commodities coupled with a depreciating rupee. India is now well integrated with the global economy and the global slowdown, particularly in Europe took a heavy toll. Business sentiment remained subdued in view of the near bankruptcy of some European countries and heightened global risk aversion.

Due to the factors mentioned above, the investment in industry was subdued and the capital market was moribund. A number of major industrial projects, many of them in infrastructure, remained stagnant. Foreign investment levels too were not encouraging.

The economic slowdown resulted in a 4% de-growth in capital goods sector in 2011-12, while in the past five years the output of capital goods increased at an average growth rate of approximately 15%. The slowdown in infrastructure as well as key user industries strained the industry players with fewer orders, delays in taking deliveries / execution of projects and delayed bill payments. Going by a user-based classification, the de-growth of capital goods output worsened to 6.3% in 2012-13 from 4.0% in 2011-12, and this was the only userbased category to record such de-growth in 2012-13.

Export Market

Even more than four years after the global financial crisis, developed economies are struggling to restructure their economies and regain fiscal sustainability. Developing countries in turn have been affected by the weakness in the developed countries. Euro zone pessimism of mid-2012 had larger than expected real side effects, weakening the global economy. This has impacted the industrial and manufacturing sectors in these economies to a large extent, which in turn affected the fresh capex and demand for capital goods. South East Asia, in general is an exception to such declining economic activities and one of the few regions which are still on economic ascent.

Renewable Energy

The Renewable Energy market is the second largest segment of market demand, through the course of a business cycle, for the products of Triveni Turbines. They are characterised by three distinct sectors – small-scale renewable-based Independent Power Producers, agro-based co-generation and renewable waste-heat recovery Captive Power Plants. These sectors have the advantage of an assured fuel supply coupled with financial incentives, which makes this segment a steady contributor to demand.

The renewable based Independent Power Producers and agrobased co-generation sectors are the most reliable sources of demand for steam turbines. While this demand may not be as large as the potential of the Industrial Capital Expenditure segment, it does form a base demand. As this sector will always attract investments - as long as the feedstock is available -it is usually non-cyclical.

As per industry data, of the total installed renewable energy capacity of 28 GW in India as on March 31, 2013, approximately twenty percent has been set up through bagasse co-generation, biomass and waste-to-power. India saw a capacity addition of 10 GW from renewable energy sources during the last 3 years. Bagasse co-generation, biomass and waste-to-power contributed approximately 475 MW to the total capacity addition in 2012-13. The current potential of bagasse co-generation is estimated at 5 - 7 GW, surplus agro and forest residues to energy is estimated at 17 GW along with an additional “waste-to-energy” potential of 2.7 GW.

The share of renewable power in global energy consumption, though relatively small, is ever increasing. Targets, subsidies, public investment, innovative financing, bulk procurement, green power purchasing, building codes, municipal utility regulation, and many other incentives exist across the world to enhance the share of electricity generation through renewables - none so more than Europe, which targets 20% of total energy production from renewables by 2020. The cumulative installed biopower capacity in Europe is poised to nearly double between 2012 and 2035 and greenfield biomass power plants are expected to capture the bulk of the growth. The use of solid biomass such as agri-waste, municipal waste and wood is expected to increase in the future in developing countries as well. An increasing use of wood chip/pellets are deployed in the Latin American countries; while a continued expansion of modern biomass power generation and co-generation can be witnessed in countries such as Brazil, Philippines, and Thailand, as well as pan-Africa. As per some industry projections, Asia will supersede Europe as the leading market by 2016 in terms of number of biomass based plants and capacities.

The third sector which contributes to demand for Triveni’s products, within the Renewable Energy segment is the waste heat recovery Captive Power Plants. Demand from this sector is counter cyclical to the business cycle and Industrial Capital Expenditure segment. When business sentiment is low, companies tend to increase capital expenditure on efficiency. This efficiency-spend manifests itself in streamlining of operations and the reduction of operating costs – primarily through captive power generation. Many industries which deploy processes that are exothermic in nature and generate heat during their processes, especially, metal and cement, opt for an eco-friendly way to generate power at their premises to bring down their cost of production. The waste-heat once captured is converted into steam which in turn drives a power generating steam turbine.

BUSINESS PERFORMANCE

Given the challenges in the overall economic environment and the capital goods industry, the operating and financial performance in FY13 has been satisfactory and encouraging. Even under the existing difficult business conditions, the business was able to achieve a growth in turnover and improve its profitability. The overall domestic market continued to decline and year-on-year, the market shrunk by 17%, while the decline from FY11 has been over 50%. Triveni succeeded in improving its market share from 54% in FY12 to 58% in FY13 in a highly competitive market.

MARKETING

Domestic: As per the industry data, the domestic market declined from over 1400 MW in FY11 and 800 MW in FY12 to 670 MW in FY13 and the biggest decline recorded was in the metal segment followed by Independent Power Producers (IPP). The Company continues to maintain its dominant position in all segments of the market viz., sugar co-generation (SCG), process co-generation (PCG) and IPP. Despite the slowdown in domestic orders, the overall enquiry base for FY13 has shown a growth of 12% over FY12. In FY13, the PCG industry in particular has witnessed growth in enquiries due to expansion in the cement and chemical industries. There was a rise in the Company’s market share in the 20-30 MW segment, reflecting an increasing market awareness about the Company’s product range and strong positioning in the metals and minerals market. The shrunk domestic market has resulted in lower average capacity of a turbine and the competition has intensified in this range as the market players are vying for business to keep their capacities occupied. The Company has addressed this by introducing low cost models.

Exports: With the decline in domestic demand, the Company’s focus on the international market yielded rich dividends during the year. The Company deployed a three pronged strategy - (a) identifying key countries/geographies, (b) focusing on selected segments/sectors like sugar co-generation, process co-generation and waste heat recovery and (c) creating brand awareness and positioning Triveni as a strong global brand with the capability to offer efficient and customer specific solutions.

The Company has, apart from limited direct marketing, enhanced its market reach by appointing local representatives and business partners. This has enlarged the enquiry base and success rate of order conversion and resulted in better realisations through market intelligence. The foray into new markets resulted in expanding the year-on-year enquiry book by almost 40%. FY13 has been an outstanding year for the Company’s export market with order intake and order execution showing a growth of 84% and 98% respectively. Globally, Triveni turbines are installed in 40 countries across Asia, Europe, Africa, Central and Latin America and some parts of Middle East.

Aftermarket Services: The Company provides 360 degree after-sales services. These include erection and commissioning, supply of spare parts, refurbishment and operation and maintenance. The 24x7 customer care support helps customers maintain a high uptime. The dedicated customer care cell serves customers through an integrated network of service centres, with a team of over 180 well trained employees. During the year, the Company introduced a number of new areas of revenue generation in services and spares domain including spares for efficiency improvement packages which helped in sustaining the turnover in an otherwise subdued market. There has been a major growth of over 50% in the refurbishing business with renewed customer focus and new areas of business including focus on the utility segment. A significant order had been executed in the utility segment which could open up major market opportunities for the Company in future. The aftermarket business showed year on year growth of 19% and increased contribution of 19% to overall revenue. This segment is well positioned for further growth, through continued focus on utility and industrial segment turbines.

OUTLOOK

The economic sentiments and growth prospects remain uncertain in domestic market. Based on the enquiry book and market feedback, the Company believes that overall order finalisation for FY 14 should be better than FY13. With the impediments being faced by the large utility power generation projects, distributed power generation may be the preferred option. Further, with acute pressure on margins, industrial customers will be looking for cost reduction and improvements in efficiency in the use of power. Similarly, discrete renewable energy based power generation will be required for meeting the power requirement in remote areas through distributed and decentralised power generation.

Exports will continue to be the major growth driver for the Company. The Company’s carry forward export order book is Rs. 1.35 billion with a strong enquiry book of more than 4 GW. This should enable the Company to have a strong order booking and resultant turnover from the export market in FY14. The Company’s foray into new geographies and new industrial segments in FY13 and the healthy enquiry book in these international markets give hopes of a better outlook for the business. In the international markets, investments in Biomass IPP and conversion of coal based power plants into biomass will be witnessed in Europe. Landfills are banned, which has facilitated investments in alternate disposal of waste for waste based power generation either through direct incineration or gasification. The markets have recently seen good activity on the conversion of district heating plants into combined heat and power offering better overall thermal cycle efficiency and this should provide attractive opportunities in many parts of Europe.

The Middle East and parts of Europe continue to be a big potential market with business coming from combined heat and power solutions in the Process Co-generation, Food processing and IPP segments.

Overall the outlook for the business seems to be more promising for FY14 and the Company expects reasonable growth in the international markets

FINANCIAL REVIEW

The operating results of the Company should be looked in the backdrop of an extremely sluggish domestic market relating to the range of turbines being produced by the Company, which has further declined by 17% during the year after a steep decline of over 50% in the previous year. The GDP growth of the country for 2012-13 stood at around 5% which was one of the lowest in a decade.

Under these challenging conditions, the Company achieved 4% higher turnover at Rs. 6568.500 millions, 16% higher PBT and 17% higher PAT. There are few factors which led to an improvement in the profitability:

Export Sales

The main reason for the good performance of the Company is the vision and foresight of the Company to focus on exports in the last few years to achieve geographical diversification of revenues to minimise over-dependency on any one market.

The efforts made by the Company has paid dividends as the Company achieved 84% growth in the export orders secured during the year and 98% growth in export sales. Further, the exports contributed 26.6% to the overall revenue of the year as against 13.9% in the previous year. The margins of growing export sales were higher than on domestic sales.

After market revenues

After market revenues comprise of erection and commissioning, supply of spares, rendering of services, refurbishment and O&M. These are high margin revenue streams.

During the year, the revenue increased by 19% to Rs.1258.800 millions and its share to the total revenue was 19% as against 17% in the previous year. Further, during the year, export formed 14% of the total After Market revenues as against only 8% in the previous year.

CONTINGENT LIABILITIES:

(Rs. in Millions)

Particulars	Amount of Contingent Liability	Amount Paid
Claims against the Company not acknowledged as debts :
Excise duty	39.920	26.150
Service tax	42.390	0.000
Others	2.080	0.000
Total	84.390	26.150
a) The outflow arising from these claims is uncertain. Such outflow, if any, will be after adjusting reimbursement of Rs.8.060 Millions received from customers (Previous year: Rs. 8.060 Millions) in respect of excise duty demand on account of denial of benefit under Notification No. 6/2000 issued by the Central Government under Section 5A(1) of the Central Excise Act, 1944. b) The amounts shown above represent the best estimates arrived at on the basis of available information. The uncertainties, possible payments and reimbursements are dependent on the outcome of the different legal processes which have been invoked by the Company or the claimants, as the case may be, and therefore cannot be predicted accurately. The Company engages reputed professional advisors to protect its interests and has been advised that it has a strong legal position against such disputes.

FIXED ASSETS:

Tangible Assets

· Land

Buildings

Plant and Machinery

Office Equipment

Furniture and Fixtures

Vehicles

Computers

Intangible Assets

· Computer Software

Website

Design and Drawings

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. 61.99
UK Pound	1	Rs. 101.37
Euro	1	Rs. 84.82

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.