MIRA INFORM REPORT

Report Date :

22.07.2013

IDENTIFICATION DETAILS

Name :	ANGELIQUE INTERNATIONAL LIMITED
Registered Office :	104-107, Hemkunt Towers, 98, Nehru Place, New Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.01.1996
Com. Reg. No.:	55-075132
Capital Investment / Paid-up Capital :	Rs.255.133 millions
CIN No.: [Company Identification No.]	U18109DL1996PLC075132
TAN No.: [Tax Deduction & Collection Account No.]	DELA04434D
PAN No.: [Permanent Account No.]	AACCA4675N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject implements engineering, procurement, and construction contracts and also undertakes turnkey projects in mainly the power (generation, transmission, and distribution), water, irrigation and agriculture, and industrial sectors.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 9520000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well established company having a fine track record. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: A
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	December 28, 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 :	104-107, Hemkunt Towers, 98, Nehru Place, New Delhi – 110 019, India
Tel. No.:	91-11-26413873 to 75/ 26415683 to 85
Fax No.:	91-11-26413876/ 26292042
E-Mail :	anglind@vsnl.com info@angelique-india.com
Website :	http://www.angelique-india.com
Head Office :	Plot No.12, Sector 125, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-4193000
Fax No.:	91-120-4193272-275
Overseas Office :	Located at: AFRICA · Angola · Chad · Cote d`Ivoire · Equatorial Guinea · Ethiopia · Ghana · Mali · Mozambique · Rwanda · Sudan · Democratic Republic of Congo · Togo · Guinea · Sierra Leone · Burundi SOUTH EAST ASIA · Myanmar · Lao PDR · Cambodia SAARC · Afghanistan MIDDLE EAST · Yemen

DIRECTORS

AS ON 27.08.2012

Name :

Mr. Ajay Krishna Goyal

Designation :

President and Managing Director

Address :

D-1086, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

03.07.1968

Qualification :

B. E. (Textiles)

Experience :

21 Years

Date of Appointment :

01.01.2012

PAN No.:

ABVPG5607K

DIN No.:

00165614

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	U74899DL1985PTC022126	ANGELIQUE OVERSEAS PRIVATE LIMITED	Director	26/12/1989	26/12/1989	-	Strike off	NO
2	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Managing director	01/01/2012	03/01/1996	-	Active	NO
3	U72900DL2000PTC105180	ANGELIQUE SOFTWARE PRIVATE LIMITED	Director	11/04/2000	11/04/2000	-	Active	NO
4	U27100MH2005PTC154080	VANYA STEELS PRIVATE LIMITED	Director	20/06/2005	20/06/2005	16/08/2011	Active	NO
5	U00000DL2000PLC105516	ACL MOBILE LIMITED	Additional director	30/10/2007	30/10/2007	-	Active	NO
6	U93000DL2010PTC205549	BIOKEY PROJECTS PRIVATE LIMITED	Director	27/08/2012	30/09/2011	-	Active	NO

Name :

Mr. Sanjay Krishna Goyal

Designation :

Director

Address :

D-1086, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

17.08.1969

Qualification :

B. E. (Mechanical)

Date of Appointment :

03.01.1996

PAN No.:

ABVPG5608G

DIN No.:

00128703

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	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Director	03/01/1996	03/01/1996	-	Active	NO
2	U72900DL2000PTC105180	ANGELIQUE SOFTWARE PRIVATE LIMITED	Director	11/04/2000	11/04/2000	-	Active	NO
3	U00000DL2000PLC105516	ACL MOBILE LIMITED	Managing director	21/06/2011	28/04/2000	-	Active	NO
4	U55101MH2010PTC206509	SAROJNIDHI HOSPITALITY PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO

Name :

Mr. Madhava Ravindra

Designation :

Director

Address :

1-B, P G P Manor, 29, Barnaby Road, Kilpauk, Chennai – 600 010 Tamilnadu, India

Date of Birth/Age :

08.12.1939

Qualification :

B. E. (Mechanical)

Date of Appointment :

15.06.2007

PAN No.:

AAIPR7537B

DIN No.:

01086790

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	U45202MH1996PLC102855	SOWIL LIMITED	Director	23/02/2004	23/02/2004	-	Active	NO
2	U13100MH1961PLC012160	MSPL LIMITED	Director	01/11/2005	01/11/2005	-	Active	NO
3	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Director	15/06/2007	28/03/2007	-	Active	NO
4	U60100AP1988PLC009254	BALAJI RAIL ROAD SYSTEMS LIMITED	Director	14/09/2012	09/08/2012	-	Active	NO

Name :

Rear Admiral (Retired) Jagadish Janardan Baxi

Designation :

Director

Address :

562, F, 4^th Floor, Premier Villa, New Bel Road, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

30.10.1938

Qualification :

BSC (ENG)

Date of Appointment :

15.06.2007

PAN No.:

AEDPB6728F

DIN No.:

00589912

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	U51216KA2004PTC034454	BAXI ENTERPRISES PRIVATE LIMITED	Director	06/09/2004	06/09/2004	-	Active	NO
2	U05190KA2005PTC035742	EVOLTECH SECURITY AND SYSTEMS PRIVATE LIMITED	Director	02/03/2005	02/03/2005	-	Active	NO
3	U31909AP2004PTC042753	HELA SYSTEMS PRIVATE LIMITED	Director	24/01/2007	24/01/2007	-	Active	NO
4	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Director	15/06/2007	28/03/2007	-	Active	NO

Name :

Mrs. Premila Goyal

Designation :

Whole Time Director

Address :

D-1086, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

12.07.1944

Qualification :

B. Com

Date of Appointment :

01.07.2012

PAN No.:

AALPG1650M

DIN No.:

00760686

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	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Whole-time director	01/07/2012	03/01/1996	-	Active	NO

Name :

Mr. Harish Kumar Saraf

Designation :

Director

Address :

B-4/51, Rajasthali Apartments, Road No.41, Pitampura, Delhi – 110 034, India

Date of Birth/Age :

28.02.1969

Qualification :

B Tech

Date of Appointment :

11.08.2011

PAN No.:

ACKPS0889H

DIN No.:

00952270

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	U74899DL1994PLC059897	NIPPON DATA SYSTEMS LIMITED	Director	28/06/1994	28/06/1994	-	Active	NO
2	U74899DL1999PTC100391	CONSOLIDATED INFRATECH PRIVATE LIMITED	Director	24/06/1999	24/06/1999	29/04/2010	Active	NO
3	U72200DL1998PTC095826	SENTINEL SOFTWARE SOLUTIONS PRIVATE LIMITED	Additional director	01/06/2010	01/06/2010	-	Active	NO
4	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Director	11/08/2011	20/12/2010	-	Active	NO
5	U74999UP2007PTC033093	CHETNA APPARELS PRIVATE LIMITED	Director	18/01/2011	18/01/2011	-	Active	NO

Name :

Mr. Mohinder Pratap Gupta

Designation :

Whole Time Director

Address :

J-14, Rajouri Garden, New Delhi – 110 027, India

Date of Birth/Age :

21.10.1954

Qualification :

B. E. (Mechanical)

Date of Appointment :

01.07.2012

PAN No.:

AAAPG0326M

DIN No.:

00165882

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	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Whole-time director	01/07/2012	01/05/2001	-	Active	NO
2	U93000DL2010PTC205549	BIOKEY PROJECTS PRIVATE LIMITED	Director	27/08/2012	30/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pankaj Goyal
Designation :	Company Secretary
Address :	F-7, Sarita Vihar, New Delhi – 110 076, India
Date of Birth/Age :	18.09.1957
Date of Appointment :	01.05.2006
PAN No.:	AAJPG1723D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.08.2012

Note:

Shareholding details file attached.

AS ON 27.08.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	97.90
Other top fifty shareholders	1.98
Others	0.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject implements engineering, procurement, and construction contracts and also undertakes turnkey projects in mainly the power (generation, transmission, and distribution), water, irrigation and agriculture, and industrial sectors.

Products/ Services :

Item Code No. (ITC Code)	98010013
Product Description	Project Goods (For Power Project)
Item Code No. (ITC Code)	98010011
Product Description	Project Goods (For Industrial Project)
Item Code No. (ITC Code)	98010012
Product Description	Project Goods (For Irrigation Project)
Item Code No. (ITC Code)	98010019
Product Description	Project Goods (For Other Project)
Item Code No. (ITC Code)	87019090
Product Description	Tractors (Other than Tractors of Heading 8709)
Item Code No. (ITC Code)	17011490
Product Description	CANE/BEET SUGR CHMCLY PURE SUCRSE in Solid

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India-Lead Bank, Overseas Branch, Jawahar Vyapaar Bhawan, 1, Tolstoy Marg, New Delhi – 110 001, India
• ING Vysya Bank Limited, Narain Manzil, Ground Floor, Shop No. G1 to G5, 1^st Floor, Shop No.1001 to 1007, Barakhamba Road, New Delhi – 110 001, India
• Central Bank of India
• Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi – 110 002, India
• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India
• IndusInd Bank Limited
• Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23, Barakhamba Road, New Delhi – 110 001, India
• Punjab National Bank, Mid-Corporate Branch, A-9, Connaught Place, New Delhi – 110 001, India
• HDFC Bank Limited
• Export-Import Bank of India
• Axis Bank Limited, 2^nd Floor, Statesman House, 148, Barakhamba Road, New Delhi – 110 001, India
• Barclays Bank PLC

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Other loans and advances	2.185	3.649
SHORT-TERM BORROWINGS
Loans repayable on demand - From Banks
Working capital facilities [Under consortium of State Bank of India, Central Bank of India, Axis Bank Limited, ICICI Bank Limited, IndusInd Bank Limited, Standard Chartered Bank, Barclays Bank PLC, Punjab National Bank and ING Vysya Bank Limited, and are secured by way of pari-passu first charge on stock-in-trade, trade receivables, all other current assets and movable fixed assets of the company, both present and future (excluding specifically hypothecated vehicles) and pari-passu first charge on the immovable fixed assets of the company situated in India and personal guarantees of two directors of the company including the managing director to the extent of Rs.6550.000 millions]
Packing credit accounts	162.945	196.692
Cash Credit Accounts (Including working capital demand loan)	52.570	110.380
Bills discounted	345.590	409.499
Total	563.290	720.220

Banking Relations :	--
Auditors :
Name :	Anil Maheshwari and Company Chartered Accountants
Address :	G-66/ 2, First Floor, Gautam Nagar, New Delhi – 110 049, India
Tel. No.:	91-11-26852318
Tele. Fax No.:	91-11-26533613
PAN No.:	AAHFA2850K
Subsidiary :	· Angelique International Pte Limited, Singapore Subsidiary · Société d'Assemblage de Tracteurs SA, Mali · Bio Key Projects Private Limited, New Delhi
Joint Venture :	· Salma Dam Joint Venture · AILLCJV · AIL LTB JV · AIL SYEC

CAPITAL STRUCTURE

AS ON 27.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25513326	Equity Shares	Rs.10/- each	Rs.255.133 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	255.133	127.567
(b) Reserves & Surplus	2124.751	1877.647
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2379.884	2005.214
(3) Non-Current Liabilities
(a) Long-term borrowings	2.185	3.649
(b) Deferred tax liabilities (Net)	47.764	27.719
(c) Other long term liabilities	643.532	901.792
(d) Long-term provisions	34.949	29.506
Total Non-current Liabilities (3)	728.430	962.666
(4) Current Liabilities
(a) Short term borrowings	562.933	748.472
(b) Trade payables	1307.518	1386.022
(c) Other current liabilities	3598.726	1962.498
(d) Short-term provisions	903.765	814.431
Total Current Liabilities (4)	6372.942	4911.423
TOTAL	9481.256	7879.303
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1005.230	849.316
(ii) Intangible Assets	7.603	6.903
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	51.150	57.713
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	206.433	176.677
(e) Other Non-current assets	820.130	1665.928
Total Non-Current Assets	2090.546	2756.537
(2) Current assets
(a) Current investments	4.946	105.613
(b) Inventories	645.508	604.268
(c) Trade receivables	2499.264	2468.819
(d) Cash and cash equivalents	2351.632	536.927
(e) Short-term loans and advances	1880.695	1405.406
(f) Other current assets	8.665	1.733
Total Current Assets	7390.710	5122.766
TOTAL	9481.256	7879.303

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		127.567
2] Share Application Money		0.000
3] Reserves & Surplus		1501.140
4] (Accumulated Losses)		0.000
NETWORTH		1628.707
LOAN FUNDS
1] Secured Loans		832.138
2] Unsecured Loans		10.754
TOTAL BORROWING		842.892
DEFERRED TAX LIABILITIES		10.850
TOTAL		2482.449
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		743.614
Capital work-in-progress		0.000
INVESTMENT		91.391
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	614.551
	Sundry Debtors	3668.212
	Cash & Bank Balances	998.027
	Other Current Assets	36.212
	Loans & Advances	1318.707
Total Current Assets		6635.709
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1824.226
	Other Current Liabilities	2343.912
	Provisions	820.127
Total Current Liabilities		4988.265
Net Current Assets		1647.444
MISCELLANEOUS EXPENSES		0.000
TOTAL		2482.449

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	10658.418	8755.898	7324.316
		Other Income	213.005	148.003	297.236
		TOTAL (A)	10871.423	8903.901	7621.552
Less	EXPENSES
		Purchases of stock-in-trade	4383.073	3948.669	6698.311
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	6.119	11.052
		Employee benefit expense	621.725	520.292
		Other expenses	4744.209	3341.906
		Exceptional Items	11.981	14.035
		TOTAL (B)	9767.107	7835.954	6698.311
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1104.316	1067.947	923.241
Less	FINANCIAL EXPENSES (D)		237.733	228.915	203.398
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		866.583	839.032	719.843
Less/ Add	DEPRECIATION/ AMORTISATION (F)		52.650	35.851	23.224
	PROFIT BEFORE TAX (E-F) (G)		813.933	803.181	696.619
Less	TAX (H)		291.001	278.289	228.072
	PROFIT AFTER TAX (G-H) (I)		522.932	524.892	468.547
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Direct Export	9597.053	7560.021	6067.647
		Other Income (net)	149.852	27.389	0.000
	TOTAL EARNINGS		9746.905	7587.410	6067.647
	Earnings Per Share (Rs.)		20.50	20.57	36.70

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.81	5.90	6.15
Net Profit Margin (PBT/Sales)	(%)	7.64	9.17	9.51
Return on Total Assets (PBT/Total Assets}	(%)	8.63	10.27	9.44
Return on Investment (ROI) (PBT/Networth)		0.34	0.40	0.43
Debt Equity Ratio (Total Debt/Networth)		0.24	0.38	0.52
Current Ratio (Current Asset/Current Liability)		1.16	1.04	1.33

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

ITA 280/2013

COMMISSIONER OF INCOME TAX-I ..... APPELLANT

THROUGH: MR. SANJEEVRAJPAL, ADV.

versus

ANGELIQUE INTERNATIONAL LIMITED ..... RESPONDENT

Through: None

CORAM:

HON'BLE MR. JUSTICE BADAR DURREZ AHMED

HON'BLE MR. JUSTICE VIBHU BAKHRU

ORDER

29.05.2013

Mr. Rajpal states that an appeal has also been preferred in respect of the assessment year 2008-09. The present appeal is in respect of the assessment year 2009-10. He submits that both the matters be listed on the same date.

Renotify this appeal on 23.09.2013. Mr. Rajpal may inform to the registry that the other appeal be also listed on that date.

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT-TERM BORROWINGS
Loans repayable on demand - From Banks
Temporary overdraft in current account	1.828	31.901
Total	1.828	31.901

OPERATIONS

The year, the Company, in spite of challenging environment surrounding EPC companies world wide, has achieved a strong growth of 22% (as against 17% during previous year) in terms of overall revenue growth to Rs.10871.420 millions as against Rs.8903.150 millions. With this performance the Company has surpassed a revenue growth mile stone of Rs 10 billion. This moment of achievement motivates them to rededicate theirselves for another quantum leap in near future. During the year, Profit Before Tax, depreciation and exceptional items is Rs 878.560 millions, against Rs.853.740 millions during previous year. Tax outgo is Rs.291.000 millions against Rs.278.960 millions during previous year. Profit After Tax and exceptional items stands at Rs.522.930 millions against Rs.524.890 millions in the previous year.

The profitability has been subdued during the year for various reasons specifically rising input costs under fixed price long term contracts. The company has contracted such projects to gain entry into new markets and in niche areas, which will provide a foundation stone for future growth with better margin even in rapidly growing competitive business environment.

MANAGEMENT DISCUSSIONS AND ANALYSIS

International Operations

The Company continues its Africa focus with expanding foot prints in the continent. During the year the Company has been awarded its largest project contract in DR Congo apart from maiden project contract awards in many other countries. In terms of revenue Africa has contributed 75% of the operating revenue. Pursuing risk diversification policy across target markets, while exposure in Afghanistan is being rationalized, successful entry has been gained into promising market of Nepal power sector.

In terms of segment, power contribution from power sector has been 42% against 47% last year. Second revenue driver is industrial sector with 23%, against 19% in previous year revenue contribution. Agriculture and water sector component in the operating turnover has been 15% against 18% last year.

Domestic Operations

Given the opportunities in the overseas developing markets and need for optimization of allocation of scare resources particularly human resources and management attention, over last two years efforts have been oriented towards completion of projects in hand and then start afresh. While part success has been achieved on this objective, optimum projects closure status is likely to take some more time. In the meanwhile, Company continues to progress with Railways signaling modernization project contract work and side by side competing in electrical sub-station project segment.

Future Outlook

African continent is becoming focus markets for EPC companies operating in countries like India, China, Middle East and even Europe as is evident from growing competition.

The Company is not only keeping a close watch on the developments but also taking steps by re-positioning itself, with the advantage of local knowledge acquired over last decades and market leadership achieved by winning customer confidence.

Company has always been customer oriented in terms of value for their money and delivery of appropriate and sustainable technology solutions for those markets.

Apart from availing market opportunities Company is also looking inward and well deliberated internal re-structuring operations greater efficiencies are being achieved. Company is also focusing in development of core skill centers of highest international standards internally in various multi engineering segments to cater to growing customer needs in its pursuit for realization of its corporate vision.

The Company is also forging strategic alliances by way of consortium and company controlled joint ventures to avail business opportunities in next level segments of its operations and also expanding its presence in markets where local level alliances are pre-requisite for conduct of business activities.

Deliberations continue to achieve operating synergies for back end manufacturing facilities under Company’s umbrella which will provide research and development platform in addition to quality assurance, timely delivery and cost efficiency.

Subsidiaries

Company’s subsidiary in Republic of Mali, Soci é t é d’Assemblage de Tracteurs SA abbreviated Mali Tracteurs SA for assembly and marketing of tractors continues to show healthy growth with achieving a turnover of F.CFA 1,769.240 million against F.CFA 1,587.42 million during previous year. For the year ended 31^st December 2011 it has reported a cash profit of F.CFA 97.168 million (Rs 10.72 million) against cash profit of F.CFA 13.82 million (Rs 1.30 Million) during the previous year. Due to high capital cost leading to incidence of large depreciation of F.CFA 300. 86 million (Rs 33.200 millions) there is net loss of F.CFA 203.69 million (Rs.22.480 Millions). This subsidiary company continues to follow the policy of promoting pricing the tractors and accessories moderately, considering the same as one of the measures for agriculture development in Mali. Diminution to the extent of Rs.11.460 millions, arising due to this loss, in the value of the investment of the Company has been provided for during the.

In case of other subsidiary of the Company in Singapore, Angelique International Pte Limited, marketing efforts for any further business continue. However due to incidence of essential administrative and regulatory compliances expenditure a loss of US$ 14,000 (i.e., Rs 0.71 million) has been incurred by this subsidiary during the year ended 31^st March 2012.

During the year, the Company has acquired majority stake, by way of subscription to the fresh capital, in a new formed company Biokey Project Private Limited with focus in green energy alternatives in developing economies, particularly in Africa. This subsidiary has commenced its aggressive marketing initiatives in target markets and the directors are hopeful of break through very soon.

During the year Company has formed another subsidiary Company Dhruv Metals and Minerals (Mali) Sarl in Republic of Mali. This new subsidiary is to focus on activities of mineral / metal exploration and mining / precious metal recovery/refining in Republic of Mali and adjoining countries. Due to recent political instability in Mali the activities of this subsidiary could not be commenced. The first annual accounts of the Company shall be prepared for the period ending on 31^st December 2012.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
(a) Claim against the company not acknowledged as debts	14.424	155.592
(b) Guarantees	4925.300	3383.572
(c) Other money for which the company is contingently liable	2083.230	1022.316
	7022.954	4561.480

Bankers Charges Report as per Registry

Corporate identity number of the company	U18109DL1996PLC075132
Name of the company	ANGELIQUE INTERNATIONAL LIMITED
Address of the registered office or of the principal place of business in India of the company	104-107, Hemkunt Towers, 98, Nehru Place, New Delhi – 110 019, India E-Mail: anglind@vsnl.com
This form is for	Creation of charge
Type of charge	Book Debts Others (1^st pari passu charge over current assets and movable fixed assets.)
Particular of charge holder	Axis Bank Limited, 2^nd Floor, Statesman House, 148, Barakhamba Road, New Delhi – 110 001, India E-Mail: f8.axisbank@gmail.com
Nature of description of the instrument creating or modifying the charge	COMPOSITE HYPOTHECATION DEED (Current Assets, Movables, Plant and Machinery)
Date of instrument Creating the charge	18.03.2013
Amount secured by the charge	Rs.130.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: As per sanction Letter No. AXISB/NZO/RMG/2012-13/370 dated 04.03.2013 to be amended from time to time. Terms of Repayment: As per sanction Letter No. AXISB/NZO/RMG/2012-13/370 dated 04.03.2013 to be amended from time to time. Margin: As per sanction Letter No. AXISB/NZO/RMG/2012-13/370 dated 04.03.2013 to be amended from time to time. Extent and Operation of the charge: Pari Passu Charge. Others: The above is to secure Bank Guarantee.
Short particulars of the property charged	Hypothecation by way of first pari passu charge over all present and future current assets and movable fixed assets of the company stored or to be stored at the company's godowns or premises or wherever else the same may be.

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Office Premises

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computers

· Vehicles

· Air Conditioner

WEBSITE DETAILS:

PROFILE:

Subject Incorporated in Year 1996 and has grown phenomenally in this short span. The company turnover is now nearing US$ 250 million.

Angelique’s operations are focused on several rapidly growing economies for setting up turnkey projects as under:

a) Multilateral funding viz. World Bank, Asian Development Bank, African Development Bank and United Nations
b) Bilateral Credits from Government to Government routed through Export Import Bank of India

c) Supplier’s credit – arranged for specific projects. 

d) Buyer’s own funds

CORE SECTORS

· Power

· Water

· Irrigation and Agriculture

· Industrial Projects

· Social Infrastructure

Subject sets up projects on total turnkey basis which includes civil construction, feasibility studies, design, engineering, procurement, supply, installation, training and trial runs.

Subject has a large network of overseas offices spread across Africa, South East Asia, Middle East and SAARC region.

Africa

Angola	Ethiopia	Mozambique	Ivory coast	Sudan
DR Congo	Mali	Chad	Guinea	Ghana
Eq Guinea	Rwanda	Sierra Leone	Togo

South-East Asia

Myanmar

Lao PDR

Combodia

SAARC

Afghanistan

Middle East

Yemen

Board of Directors

Ajay Krishna Goyal

· Shri Ajay Krishna Goyal, elder son of Late Shri Daya Krishna Goyal, is also one of the promoters of the Company.

· A graduate in Textile Engineering, at a young age of 43 years, he is wholly involved in the core activities of the Company

Ajay Krishna Goyal

· Shri Ajay Krishna Goyal, elder son of Late Shri Daya Krishna Goyal, is also one of the promoters of the Company.

· A graduate in Textile Engineering, at a young age of 43 years, he is wholly involved in the core activities of the Company

Madhav Ravindra

· Engineering graduate (Mechanical) from BHU

· 40 years of Industry experience served as Chairman of Railway Board in India. 

· On the Board of reputed companies in the areas wind energy based power generation and iron ore.

Harish Kumar Saraf

· A qualified B. Tech with an extensive experience in the field of Software Technology

Mrs. Premila Goyal

· Graduate from Rajasthan University.

· 20 years of business experience including 10 years as independent  entrepreneur in Garment Design, Manufacturing and Export.

Rear Admiral (Retd) J. J. Baxi

· B. Sc (Engg) from BHU and holding diploma in Electronics from Southampton (UK).

· Distinguished services with Indian Navy with VSM and AVSM.

· Served as Director R&D and later as Managing Director of Bharat Electronics Limited.

· Current serving companies in the field of security systems, Avionics and nano-technology.

Sanjay Krishna Goyal

· Shri Sanjay Krishna Goyal, younger son of Late Shri Daya Krishna Goyal,

· A graduate in mechanical engineering from University of Texas, Austin, USA. Started his carrer with the company, presently he is independently managing his own Wireless communication software company.

· Angelique is thoroughly enriched by the continuous support and guidance extended by him.

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.59.79
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.