MIRA INFORM REPORT

Report Date :

28.06.2013

IDENTIFICATION DETAILS

Name :	WEIR INDIA PRIVATE LIMITED (w.e.f. 21.10.2010) WEIR BDK VALVES (A UNIT OF WEIR INDIA PRIVATE LIMITED)
Formerly Known As :	WEIR ENGINEERING SERVICES (INDIA) PRIVATE LIMITED (w.e.f. 17.06.2010) WEIR ENGINEERING SERVICES (INDIA) LIMITED
Registered Office :	No.1212-15, 12^th Floor, DLF Tower B, Plot No.11, Jasola District Centre, Delhi – 110 044
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.06.1995
Com. Reg. No.:	55-070164
Capital Investment / Paid-up Capital :	Rs.121.605 millions
CIN No.: [Company Identification No.]	U74899DL1995PTC070164
PAN No.: [Permanent Account No.]	AAACW0042P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing, sale and servicing of valves and other flow control products.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Weir Holdings B.V. Netherlands”. It is an established company having satisfactory track record. There appear huge losses incurred by the company for past two years. However, company has achieved better growth in its sales turnover. Networth position seems to be strong. Subject has a strong financial and managerial support from its holding company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of experienced promoters, 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

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. Sachin
Designation :	Accounts Department
Contact No.:	91-80-43283888/ 814
Date :	26.06.2013

LOCATIONS

Registered Office :	No.1212-15, 12^th Floor, DLF Tower B, Plot No.11, Jasola District Centre, Delhi – 110 044, India
Tel. No.:	91-11-26162543
Fax No.:	91-11-46032296
E-Mail :	prashant.shedbal@weirgroup.com vikas.goel@weirgroup.com
Website :	www.weirgroup.com
Corporate Office :	Located at: · Bangalore
Tel. No.:	91-80-43283888/ 814
Factory :	Weir BDK Valves No.47/48, Gokul Road, Hubli – 580 030, Karnataka, India
Tel. No.:	91-836-4248222/ 2333930

DIRECTORS

AS ON 22.09.2012

Name :

Mr. Naveen Ganzu

Designation :

Director

Address :

No.17B, Binny Crescent, No. 16, Benson Cross Road, Benson Town, Bangalore ‐ 560 046, Karnataka, India

Date of Birth/Age :

21.04.1962

Date of Appointment :

21.03.2006

DIN No.:

00094595

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	U74899DL1992PTC050465	WEIR MINERALS (INDIA) PRIVATE LIMITED	Director	15/10/2003	15/10/2003	02/03/2012	Active	NO
2	U36999TN1982PLC009666	BEACON INDUSTRIES AND PUMPS LIMITED	Director	23/06/2004	23/06/2004	13/03/2008	Amalgamated	NO
3	L51909DL1988PLC034472	CREW B.O.S. PRODUCTS LIMITED	Director	15/04/2005	15/04/2005	11/02/2012	Active	NO
4	U74899DL1995PTC070164	WEIR INDIA PRIVATE LIMITED	Director	21/03/2006	21/03/2006	-	Active	NO

Name :

Mr. Vikas Goel

Designation :

Director

Address :

Flat No. C‐6, Regency Magnum, 6^th Floor, Jupiter Block, 34/2/4/5, Hennur Main Road, Bangalore ‐ 560 043, Karnataka, India

Date of Birth/Age :

21.04.1967

Date of Appointment :

30.09.2010

PAN No.:

AABPG7658Y

DIN No.:

00195827

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	U74899DL1992PTC050465	WEIR MINERALS (INDIA) PRIVATE LIMITED	Director	30/09/2011	17/06/2007	02/03/2012	Active	NO
2	U74899DL1995PTC070164	WEIR INDIA PRIVATE LIMITED	Director	30/09/2010	26/08/2010	-	Active	NO

Name :

Mr. Randeep Mahajan

Designation :

Director

Address :

491 A, 207 MS Palazzo Arun Shelters, Yelahanka Hobli Ban, Jakkur Main Road, Bangalore ‐ 560 064, Karnataka, India

Date of Birth/Age :

20.06.1969

Date of Appointment :

30.09.2010

DIN No.:

03120820

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	U74899DL1995PTC070164	WEIR INDIA PRIVATE LIMITED	Director	30/09/2010	26/08/2010	-	Active	NO

Name :

Mr. Surendra Menon

Designation :

Director

Address :

C‐3, Akshay Apartments, 7^th Main, KHM Block, R.T. Nagar, Bangalore ‐ 560 032, Karnataka, India

Date of Birth/Age :

02.12.1959

Date of Appointment :

30.09.2010

DIN No.:

03118880

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	U74899DL1995PTC070164	WEIR INDIA PRIVATE LIMITED	Director	30/09/2010	26/08/2010	-	Active	NO

Name :

Mr. Alan Wallace Fernie Mitchelson

Designation :

Director

Address :

Claremont, 11 West Montrose Street, Helensburgh, G84 9PF

Date of Birth/Age :

30.03.1949

Date of Appointment :

22.09.2012

DIN No.:

05229570

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	U74899DL1995PTC070164	WEIR INDIA PRIVATE LIMITED	Director	22/09/2012	28/03/2012	-	Active	NO

Name :

Mr. Babugowda Sanganagowda Patil

Designation :

Director

Address :

149, 5^th Cross, 10^th Main, Rajamahal Vilas Extension, Bangalore ‐ 560 080, Karnataka, India

Date of Birth/Age :

20.01.1944

Date of Appointment :

22.09.2012

DIN No.:

00061959

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	L21014KA1980PLC003842	SHETRON LIMITED	Director	27/09/2002	27/09/2002	-	Active	NO
2	L15421PN1939PLC006738	THE UGAR SUGAR WORKS LIMITED	Director	28/03/2005	28/03/2005	19/03/2010	Active	NO
3	U15421KA2002PLC029968	SADASHIVA SUGARS LIMITED	Director	09/12/2005	09/12/2005	18/08/2011	Active	NO
4	U74140KA2004PTC034016	SANYO BPL PRIVATE LIMITED	Director	15/12/2005	15/12/2005	01/01/2009	Under liquidation	NO
5	L85110KA1915PLC000740	UNITED BREWERIES (HOLDINGS) LIMITED	Director	22/03/2006	22/03/2006	-	Active	NO
6	U01100MH1988PLC049515	GROVER VINEYARDS LIMITED	Director	30/09/2006	23/03/2006	01/09/2011	Active	NO
7	U19202KA2001PLC029428	UB INTERNATIONAL TRADING LIMITED	Director	28/03/2006	28/03/2006	-	Active	NO
8	L29199KA1985PLC006934	SUPRAJIT ENGINEERING LIMITED	Director	19/06/2006	19/06/2006	-	Active	NO
9	L24123KA1966PLC002036	MANGALORE CHEMICALS AND FERTILISERS LIMITED	Director	27/11/2006	27/11/2006	01/06/2013	Active	NO
10	U18101KA2002PLC030185	SCOTTS GARMENTS LIMITED	Director	04/07/2007	04/07/2007	-	Active	NO
11	U45201AP2001PLC036617	AMR INDIA LIMITED	Director	24/09/2008	03/06/2008	-	Active	NO
12	L27104TN1991PLC020533	SURANA INDUSTRIES LIMITED	Director	10/06/2010	30/10/2009	-	Active	NO
13	U40104MH2007PTC175502	ODETTA REALTY PRIVATE LIMITED	Additional director	28/07/2010	28/07/2010	20/09/2010	Active	NO
14	U27300KA2011PTC058145	B R S PRECISION MANUFACTURING PRIVATE LIMITED	Director	13/04/2011	13/04/2011	-	Active	NO
15	U40109TN2010PLC074770	SURANA GREEN POWER LIMITED	Director	30/06/2012	06/02/2012	-	Active	NO
16	U40300TN2012PLC085008	SURANA GREEN ENERGY LIMITED	Director	19/03/2012	19/03/2012	-	Active	NO
17	U74899DL1995PTC070164	WEIR INDIA PRIVATE LIMITED	Director	22/09/2012	28/03/2012	-	Active	NO
18	U85110KA1992PLC013759	INTERNATIONAL POWER CORPORATION LIMITED	Additional director	26/11/2012	26/11/2012	-	Active	NO
19	U40108KA1997PLC022700	TRINETHRA ENERGY CONVERTIONS LIMITED	Additional director	26/11/2012	26/11/2012	-	Active	NO
20	U85110KA1998PLC024498	PRASANNA POWER LIMITED	Additional director	26/11/2012	26/11/2012	-	Active	NO

Name :

Dr. Raghunath Subramanyam

Designation :

Director

Address :

104, IIM Quarters, Bannerghatta Road, Bangalore ‐ 560 078, Karnataka, India

Date of Birth/Age :

24.05.1957

Date of Appointment :

22.09.2012

DIN No.:

00458251

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	U70100AP2000PLC033767	ALKOR TECHNOLOGIES LIMITED	Director	15/03/2000	15/03/2000	02/01/2009	Active	NO
2	U72400KA1999PTC025221	SPATIAL DATA PRIVATE LIMITED	Director	07/03/2001	07/03/2001	31/03/2008	Active	NO
3	U85110KA1987PLC008639	INDIA SATCOM LIMITED	Nominee director	21/09/2001	21/09/2001	30/09/2010	Active	NO
4	U67120KA1997PTC021650	NVCF FINANCE PRIVATE LIMITED	Director	22/08/2002	22/08/2002	-	Active	NO
5	U72200KA2006PTC040955	KTWO TECHNOLOGY SOLUTIONS PRIVATE LIMITED	Director	28/06/2007	01/06/2007	-	Active	NO
6	U72300DL2007PTC169659	SPIRE TECHNOLOGIES AND SOLUTIONS PRIVATE LIMITED	Additional director	05/08/2011	05/08/2011	-	Active	NO
7	U74899DL1995PTC070164	WEIR INDIA PRIVATE LIMITED	Director	22/09/2012	28/03/2012	-	Active	NO
8	U13100MH1972GOI016078	MINERAL EXPLORATION CORPORATION LIMITED	Director	08/05/2012	08/05/2012	-	Active	NO

Name :

Mr. Bharat Bhanji Khimji

Designation :

Director

Address :

47/48, Gokul Road, Hubli ‐ 580 030, Karnataka, India

Date of Birth/Age :

16.10.1942

Date of Appointment :

22.09.2012

DIN No.:

00319435

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	U28920MH1975PTC018528	KHIMJI ENGINEERS AND CONSULTANTS PRIVATE LIMITED	Director	04/09/1975	04/09/1975	-	Active	NO
2	U67120MH1979PTC021783	NEW KHIM HOLDINGS PRIVATE LIMITED	Director	12/10/1979	12/10/1979	-	Active	NO
3	U22219KA1981PTC004552	VULCANISING FIBRE BOARD PRIVATE LIMITED	Director	19/12/1981	19/12/1981	-	Active	NO
4	U29120GJ1997PTC033232	NEW KHIM IMPEX PRIVATE LIMITED	Director	23/10/1997	23/10/1997	-	Active	NO
5	U74999MH1985PTC035221	KHIM FILTRATION INDIA PRIVATE LIMITED	Director	15/10/1999	15/10/1999	-	Active	NO
6	U29120KA1987PTC008579	KHIMJI FLOW EQUIPMENTS PRIVATE LIMITED	Additional director	19/04/2010	19/04/2010	-	Active	NO
7	U65993KA2011PTC057652	BKHIM INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Director	16/03/2011	16/03/2011	-	Active	NO
8	U74899DL1995PTC070164	WEIR INDIA PRIVATE LIMITED	Director	22/09/2012	28/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prashant D. Shedbal
Designation :	Secretary
Address :	No.37, Justice Bheemaiah Layout, Near Diesel Shed, Sanjay Nagar, 2^nd Main, K.R. Puram, Bangalore ‐ 560 036, Karnataka, India
Date of Birth/Age :	25.09.1985
Date of Appointment :	04.05.2012
PAN No.:	COBPS8456P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2012

Names of Shareholders	No. of Shares
Weir Holdings B.V., The Netherlands	12160528
Naveen Ganzu	2*
Vikas Goel	1*
Manoj Sardari Lal Grover	1*
Vinod Gajanand Sharma	1*
Total	12160533

* Under Beneficial Interest of Weir Holdings B.V.

AS ON 22.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing, sale and servicing of valves and other flow control products.

Products :

Item Code No. (ITC Code)	84818030
Product Description	Valve/Others

Imports :

Products :

· Raw Materials

Countries :

· South Africa

· Middle East

Terms :

Selling :

Credit

Purchasing :

Credit / Depend

GENERAL INFORMATION

Customers :	Others
No. of Employees :	600 (Approximately)
Bankers :	ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla Complex, Mumbai – 400 051, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S R B C and Company (formerly S.R. Batliboi and Company) Chartered Accountants
Address :	12^th and 13^th Floor, “UB City”, Canberra Block, No.24, Vittal Mallya Road, Bangalore – 560 001, Karnataka, India
PAN No:	ABSFS4151K
Holding Company:	Weir Holdings B.V., Netherlands
Ultimate holding Company:	The Weir Group Plc, UK
Fellow subsidiaries:	· Weir Minerals (India) Private Limited, India · Weir Engineering Services Limited, UK · Weir Minerals Australia Limited, Australia · Weir Power and Industrial France SAS, France · Weir Power Industrial Aloha, UK · Weir Specialty Pumps, USA · Weir Power and Industrial Pte Limited, Singapore · Weir Power and Industrial, South Africa · Weir Rubber Engineering, USA · Weir Valves and Controls USA Inc., USA · Weir Valves and Controls Middle East, UAE · Weir Valves and Controls (Suzhou) Co Limited, China · Weir Valves & Controls UK Limited, UK · Weir Engineering Services Co., UAE · Weir Minerals Netherlands B.V., Netherlands · Weir Group Shanghai, China

CAPITAL STRUCTURE

AS ON 22.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
12200000	Equity Shares	Rs.10/- each	Rs.122.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12160533	Equity Shares	Rs.10/- each	Rs.121.605 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	121.605	121.605
(b) Reserves & Surplus	2795.768	2982.752
(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)	2917.373	3104.357
(3) Non-Current Liabilities
(a) Long-term borrowings	40.116	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.00
(d) Long-term provisions	2.100	9.512
Total Non-current Liabilities (3)	42.216	9.512
(4) Current Liabilities
(a) Short term borrowings	144.635	30.000
(b) Trade payables	431.264	351.872
(c) Other current liabilities	68.125	58.488
(d) Short-term provisions	69.763	32.875
Total Current Liabilities (4)	713.787	473.235
TOTAL	3673.376	3587.104
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	473.355	470.416
(ii) Intangible Assets	1574.304	1921.933
(iii) Capital work-in-progress	1.758	0.398
(iv) Intangible assets under development or work-in-progress	28.857	0.793
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	277.937	130.513
(e) Other Non-current assets	14.216	16.272
Total Non-Current Assets	2370.427	2540.325
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	457.442	403.816
(c) Trade receivables	745.178	536.445
(d) Cash and cash equivalents	63.262	51.418
(e) Short-term loans and advances	37.067	55.100
(f) Other current assets	0.000	0.000
Total Current Assets	1302.949	1046.779
TOTAL	3673.376	3587.104

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		19.272
2] Share Application Money		0.000
3] Reserves & Surplus		226.404
4] (Accumulated Losses)		0.000
NETWORTH		245.676
LOAN FUNDS
1] Secured Loans		0.165
2] Unsecured Loans		3.657
TOTAL BORROWING		3.822
DEFERRED TAX LIABILITIES		2.120
TOTAL		251.618
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		139.345
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.713
	Sundry Debtors	57.803
	Cash & Bank Balances	34.996
	Other Current Assets	1.081
	Loans & Advances	23.003
Total Current Assets		143.596
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.740
	Other Current Liabilities	1.557
	Provisions	7.026
Total Current Liabilities		31.323
Net Current Assets		112.273
MISCELLANEOUS EXPENSES		0.000
TOTAL		251.618

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2388.650	980.660	192.382
		Other Income
		TOTAL (A)	2388.650	980.660	192.382
			(taken some new business)
Less	EXPENSES
		Office Expenses	2148.720	897.940	173.240
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	2148.720	897.940	173.240 (including financial expenses)
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		239.930	82.720
Less	FINANCIAL EXPENSES (D)		8.530	1.030
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		231.400	81.690	19.142
Less/ Add	DEPRECIATION/ AMORTISATION (F)		418.380	295.130	5.883
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(186.980)	(213.440)	13.259
Less	TAX (H)		0.000	(2.120)	4.689
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(186.980)	(211.320)	8.570
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(101.595)	109.724	101.153
	BALANCE CARRIED TO THE B/S		NA	(101.595)	109.724
	EARNINGS IN FOREIGN CURRENCY
		Sales	NA	NA	45.028
		Service Charges	NA	NA	2.036
		Reimbursement of Expenses	NA	NA	0.036
	TOTAL EARNINGS		NA	NA	47.100
	IMPORTS
		Consumable Stores & Spares	NA	NA	15.885
	TOTAL IMPORTS		NA	NA	15.885
	Earnings / (Loss) Per Share (Rs.)		(15.38)	(17.38)	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(7.83)	(21.55)	4.45
Return on Total Assets (PBT/Total Assets}	(%)	(5.13)	(5.95)	4.69
Return on Investment (ROI) (PBT/Networth)		(0.06)	(0.07)	0.05
Debt Equity Ratio (Total Debt/Networth)		0.06	0.01	0.02
Current Ratio (Current Asset/Current Liability)		1.83	2.21	4.58

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

Unsecured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Foreign currency term loans from banks (Note a)	40.116	0.000
SHORT-TERM BORROWINGS
Foreign currency working capital loan from bank (Note b)	79.635	0.000
Rupee working capital loan from bank (Note c)	65.000	30.000
Total	184.751	30.000

Notes:

LONG-TERM BORROWINGS

a) The Company had taken a foreign currency loan of USD 783,900 from a bank on March 28, 2012 for a period of 450 days. The loan is repayable at the end of the term and carries interest @ Libor plus 2%. The loan has been guaranteed by the corporate guarantee given by Weir Group Plc, UK, the Ultimate holding company.

SHORT-TERM BORROWINGS

b) The Company had taken a foreign currency working capital loan from a bank maximum tenure of 90 days. The loan is repayable at the end of the term and carries interest of 2-4% per annum. The loan has been guaranteed by the corporate guarantee given by Weir Group Plc, UK, the Ultimate holding company.

c) The Company had taken a rupee working capital loan from a bank maximum tenure of 90 days with roll over option. The loan is repayable at the end of the term and carries interest of 12-15% per annum. The loan has been guaranteed by the corporate guarantee given by Weir Group Plc, UK, the Ultimate holding company.

CORPORATE INFORMATION:

Subject was incorporated on June 26, 1995 and is a subsidiary of Weir Holdings B.V Netherlands. The Company is engaged in manufacturing, sale and servicing of valves and other flow control products.

REVIEW OF OPERATIONS

During the year ended 31^st March, 2012, the company achieved a total income of Rs.2388.650 millions (previous year Rs.980.660 millions) reflecting a 144% growth over previous year. This included the effect of full year revenues from the valve business acquired during previous financial year.

There was a net loss of Rs.186.980 millions for the year (previous year net loss of Rs.211.320 millions). The profit before non cash expenditure for the year stood at Rs.231.390 millions at 9.7% of the sales (previous year Rs.81.690 millions at 8.3%).

BUSINESS ACQUISITION:

On September 2, 2010, the Company had entered into a business transfer agreement (BTA) for acquisition of the valves business, a unit of B.D.K Engineering Industries Limited, Hubli (BDK). Pursuant to BTA, the aforesaid business had been transferred to the Company as a going concern on a slump sale basis effective from October 11, 2010 (hereinafter referred to as Weir BDK Valves unit) for a purchase consideration of Rs.2930.000 millions, for various assets and liabilities acquired and valued as under:

Particulars	Amount (Rs. in millions)	Amount (Rs. in millions)
Purchase consideration paid (A) (net of amount refunded as part of escrow arrangement)		2928.830
Less: Net assets taken over (B)
(a) Assets taken over:
Tangible Assets	308.839
Intangible assets	739.510
Trade Receivables	275.811
Inventories	328.845
Loans and advances	106.673
(a)	1759.678
(b) Liabilities taken over:
Trade Payables	236.890
Other current liabilities	20.892
Provisions	0.369
(b)	258.151
(a)-(b)		1501.527
Purchased goodwill* (C)		1427.303

*Includes intangible customer relationships valued at Rs.777.826 millions by an independent valuer, not recognized separately as an intangible asset in the books of accounts

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Bank guarantees	214.286	32.072
Claims against the Company not acknowledged as debts:
- Income tax	37.791	35.192
- Sales tax	20.982	Nil

FIXED ASSETS:

· Buildings

· Plant and Machinery

· Furniture and Fittings

· Computers

· Office Equipments

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.60.59
UK Pound	1	Rs.92.92
Euro	1	Rs.78.94

INFORMATION DETAILS

Information Gathered by :	PDT
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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.