MIRA INFORM REPORT

Report Date :

13.03.2013

IDENTIFICATION DETAILS

Name :	THYSSENKRUPP INDUSTRIES INDIA PRIVATE LIMITED (w.e.f. 1993)
Formerly Known As :	KRUPP INDUSTRIES INDIA LIMITED
Registered Office :	154C, Mittal Tower, 15^th Floor, 210, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	30.09.2011
Date of Incorporation :	23.01.1947
Com. Reg. No.:	11-005508
Capital Investment/ Paid-up Capital:	Rs. 97.865 Millions
CIN No.: [Company Identification No.]	U74999MH1947PTC005508
TAN No.: [Tax Deduction & Collection Account No.]	PNET03957C
PAN No.: [Permanent Account No.]	AAACK1947K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sugar Machinery, Cement Machinery, Material Handling Equipments etc.
No. of Employees:	1500 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 17340000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Thyseenkrupp Technologies AG. It is a well established company having a good track record. Financial position of the company appears to be sound and healthy. Fundamental seems strong. Trade relations are reported to be trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES:

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	AA (Long Term Non Fund)
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation it carry very low credit risk.
Date	September 2011

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. Pramod Thar
Designation :	Senior Manager in Finance
Contact No.:	91-20-66124239
Date :	12.03.2013

LOCATIONS

Registered Office/Factory :	154 C, Mittal Tower, 15^th Floor, 210, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-27425461/22020064
Mobile No.:	91-9822479741 (Mr. Gopal Prabhu)
Fax No.:	91-22-22044025/22026837
E-Mail :	khushroo.dastoor@thyssenkrupp.com gopal.prabhu@thyssenkrupp.com contactus@thyssenkrupp.com
Website :	http://www.thyssenkruppindia.com
Area :	4500 sq. ft
Location :	Owned
Head Office / Factory 2:	Pimpri, Pune - 411018, Maharashtra, India
Tel. No.:	91-20-27425461 / 2 / 3 / 4
Fax No.:	91-20-27425350
E Mail :	contactus.tkii@thyssenkrupp.com
Factory 3 :	Cherlapally, Hyderabad - 500051, Andhra Pradesh, India
Tel. No.:	91-40-27263540
Fax No.:	91-40-27263162
E-Mail :	tkii.hydbad@thyssenkrupp.com

DIRECTORS

As on 12.03.2012

Name :	Shehata Ramsis Shehata
Designation :	Director
Address :	28, Strathaven Mews SW, Calgary, Cananda –T3H2G2
Date of Birth/Age :	06.05.1951
Date of Appointment :	23.05.2003
Din No.:	00480010
Name :	Mr. Dara Nadirshaw Damania
Designation :	Director
Address :	11, Abbas Road, 11 G.G Thakkar Road, Pune-411001, Maharashtra, India
Date of Birth/Age :	02.12.1936
Date of Appointment :	01.01.1978
Din No.:	00403834
Election Commission Identity Card No:	MT/42/250/486422
Name :	Mr. Detlev Walter Rose
Designation :	Director
Address :	Saarlandstrasse 6 Olelde, GermanyD-59302
Date of Birth/Age :	23.05.1962
Date of Appointment :	13.11.2007
Din No.:	01928197
Name :	Mr. Vinod Jamnadas Mehta
Designation :	Director
Address :	20A Thakur Nivas, Co-Operative Housing Society, 173, J Tata Road, Churchgate, Mumbai – 400 020, Maharashtra, India
Date of Birth/Age :	11.04.1932
Date of Appointment :	20.02.1990
Election Commission Identity Card No:	MT/04/024/102891
Name :	Mr. Premal Narendra Kapadia
Designation :	Director
Address :	Flat No. 6, Haveli, 19, L D Ruparel Marg, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	05.06.1949
Date of Appointment :	12.07.1999
DIN No. :	00042090
Election Commission Identity Card No:	MT/04/024/096081
Name :	Mrs. Pallavi Arvind Parikh
Designation :	Director
Address :	333, Tahnee Heights, 66D, Nepeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	19.12.1943
Date of Appointment :	05.02.1999
DIN No. :	00107779
Name :	Mr. Vikram Mahendra Swarup
Designation :	Director
Address :	2 B, Judges Court Road, Kolkata-700027, West Bengal, India
Date of Birth/Age :	16.09.1948
Date of Appointment :	19.12.2008
DIN No. :	00163543
Name :	Mr. Noshir Dosabhai Kamdin
Designation :	Director
Address :	C-4, Czar Palace, 250 C , Boat Club Road, GPO, Pune-411001, Maharashtra, India
Date of Birth/Age :	06.06.1936
Date of Appointment :	01.01.2011
DIN No. :	00407835
Election Commission Identity Card No. :	MH/42/250/489403
Name :	Mr. Doraiswamy Padmanabhan
Designation :	Managing Director
Address :	Row House, H – 2, Shirin Gardens, Opp. ITI, Baner Road, Aundh, Pune-411007, Maharashtra, India
Date of Birth/Age :	01.01.1946
Date of Appointment :	01.10.2009
DIN No. :	00407935
Name :	Mr. Vijaykumar Bhanwarlal Kanthed
Designation :	Whole Time Director
Address :	Flat No. 1, Ramkunj, ICS Colony, Ganeshkhind Road, Pune-411007, Maharashtra, India
Date of Birth/Age :	18.09.1946
Date of Appointment :	09.03.2001
DIN No. :	01144690
Name :	Mr. Malaykumar Mahendrachandra Das
Designation :	Whole Time Director
Address :	Plot No. 14, Sector – A, Vrundavan Co-operative Housing Society Limited, Off Pashan Road, Pune-411018, Maharashtra, India
Date of Birth/Age :	04.12.1950
Date of Appointment :	09.03.2001
DIN No. :	00408084
Name :	Dr. Michael H Thiemann
Designation :	Alternate Director to Mr. Detlev Rose
Address :	Flat 409/410, Samudra Mahal Premises CHS Limited, Dr. A B Road, Worli, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	25.08.1946
Date of Appointment :	13.11.2007
DIN No. :	00061988
Name :	Mr. Sivasubramanian Natarajan
Designation :	Whole Time Director
Address :	Solitaira Apartments, Flat No.101, TPS 4 Raod No.6, Opposite Almeida Park, Bandra (West), Mumbai -400050, Maharashtra India
Date of Birth/Age :	09.07.1959
Date of Appointment :	06.09.2011
DIN No. :	03632901

KEY EXECUTIVES

Name :	Mr. Khushroo Jal Dastoor
Designation :	Company Secretary
Address :	A 806, Empress Court, 67B Empress Country, Pune-411001, Maharashtra India
Date of Birth/Age :	09.06.1955
Date of Appointment :	02.03.1998
PAN No. :	AARPD5292N
Election Commission Identity Card No. :	MT / 0042 / 0251 / 111484
Name :	Mr. Pramod Thar
Designation :	Senior Manager in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.03.2012

Names of Shareholders	No. of Shares
Buckau Walther GmbH, Germany	535583
Protos Engineering Company Private Limited, India	163456
Shefali N. Kapadia	5168
Shefali N. Kapadia	5112
Narendrkumar J Girme	5458
Jayprakash J Girme	5458
Vijaykumar Suresh	7071
Bwi Equity Trust, India	1058
Melvin Powell Vanaspati and Engineering Industries Limited, India	1254
Paharpur Corporation Limited, India	2474
Paharpur Cooling Towers Limited, India	81532
Bright Holdings and Trading Company Private Limited, India	67856
Mina P Parikh	1032
Mina P Parikh	1499
Neerja A Parikh	1172
Pallavi Arvind Parikh	1758
Neerja A Parikh	4779
PBC Ventures Limited, India	23650
Wist Trade Private Limited, India	5091
Gaurav Mahndra Swarup	2334
Vikram Mahndra Swarup	2334
Gyan Mahndra Swarup	2334
Gyan Mahndra Swarup	2334
Kusumben Ramanlal Gandhi	1267
Parag M Shah	800
Mahendra Ramanlal Gandhi	4867
Utsav R Kapadia	156
Ananndi Vangal	156
Rekha H Kapadia	156
Nini H Kothari	156
Gouri Bipin Mistry	156
Harshadray Private Limited, India	20196
Mahnedra Ramanlal Gandhi	1690
Mahnedra Ramanlal Gandhi	280
Kusumben Ramanlal Gandhi	2636
Mahnedra Ramanlal Gandhi	1970
Mahnedra Ramanlal Gandhi	5970
Parag M Shah	2636
Renu M Gandhi	667
Pallavi Arvind Parikh	1667
Premal Narendra Kapadia	3427
Total	978650

As on 12.03.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	54.73
Bodies corporate	37.35
Directors or relatives of directors	5.56
Other top fifty shareholders	2.36
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Sugar Machinery, Cement Machinery, Material Handling Equipments etc.

Products :

Item Code No. (ITC Code)	Product Description
84.28	Machinery for Mining and Conveyors
84.74	Sugar and Cement Machinery
84.02	Boilers

Exports :

Products :

· Cement Machinery

· Sugar Machinery

· Material Handling Equipments etc.

Countries :

· South Africa

· South East Asia

· Gulf Country

· Bangladesh

· Malaysia

· UAE

· Germany

Imports :

Products :

Raw Material

Countries :

· Germany

· China

· Korea

· Netherlands

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS As on 30.09.2011

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Sugar mill machinery, specialised conveying equipment, cement plant machinery, dispersion and reaction machines (Supraton), mobile, semi-mobile, portable crushing and screening plants and crushers, screens and feeders, sponge iron plants, machinery and equipments	12,000 tonnes per annum	Available to meet licence conditions	Parts for plants within installed capacity
High speed semi-automatic, fully automatic and continuous centrifugal machines	160 Nos.	Available to meet licence conditions	94 Nos.
Closed system compost plant	One or more plants upto 300 tonnes/day for Rs. 5.00 million annually within the existing capacity of sugar machinery and calciner plant.	Available to meet licence conditions	--
Steam tube calciner drier on maximum utilisation of plant and machinery	Rs. 8.00 millions	--	--
Breweries and malteries	Rs. 10.00 million within the existing capacity of sugar machinery and calciner plant	Available to meet licence conditions	--
Bagasse drying machinery and equipments	300 tonnes per annum within the existing capacity of sugar machinery	Available to meet licence conditions	--
FBC Boilers (Bubbling bed type and circofluid type) from 20 TPH to 200 TPH capacities for multi-fuel firing	2500 M.T. per annum within the existing capacity of sugar machinery	Available to meet licence conditions	Parts for plants within installed capacity
Fruit Juices Machinery, Alcohol Machinery and Alcoholic Beverages Machinery	4000 M.T. per annum within the existing capacity of sugar machinery	Available to meet licence conditions	Parts for plants within installed capacity

GENERAL INFORMATION

Suppliers :

· Jindal Limited

Customers :

End Users

· Aditya Birla Group

No. of Employees :

1500 (Approximately) (In Office + In Factory)

Bankers :

· Bank of India, Express Towers, Nariman Point, Mumbai-400021, Maharashtra, India

· Syndicate Bank, 10, Homji Modi Street, Mumbai-400023, Maharashtra, India

· Bank of India, Pimpri Branch, Pune-411018, Maharashtra, India

· Central Bank of India, 22/13, Poonam Chambers, Pimpri, Pune-411018, Maharashtra, India

· State Bank of Tranvacore, 1248/A, Azmani Plaza, Deccan Gymkhana, Pune-411004, Maharashtra, India

· Union Bank of India, 1202/39, Shirole Marg, Pune – 411004, Maharashtra, India

· Bank of Baroda, Jangli Maharaj Road, Opposite Modern High School, Shivajinagar, Pune – 411004, Maharashtra, India

· Syndicate Bank, 1216/A, Ferguson Colleg Road, Shivajinagar, Pune – 411004, Maharashtra, India

· Deutsche Bank, Hazarimal Somani Marg, Fort Mumbai-400001, Maharashtra, India

· Export Import Bank of India, Center One Building, Floor – 21, World Trade Centre Complex, Cuffe Paraade, Mumbai – 400005, Maharashtra, India

· IDBI Bank

· HSBC Bank

· Bank of Baroda

· HDFC Bank Limited

· Commerz Bank

· ABN Amro Bank N.V.

· State Bank of India

· ICICI Bank Limited

· Royal Bank of Scotland

Facilities :

FUND BASE FACILITIES - RS. 10000.000 MILLIONS

HSBC Bank, Pune, Maharashtra, India

State Bank of Travancore, Pune, Maharashtra, India

Deutsch Bank, Mumbai, Maharashtra, India

ABN Amro Bank, Pune, Maharashtra, India

ICICI Bank, Pune, Maharashtra, India

Central Bank of India, Pimpri, Pune, Maharashtra, India

Bank of India, Pimpri, Pune, Maharashtra, India

NON-FUND BASE FACILITIES – RS.4545.000 MILLIONS

ICICI Bank Limited

HDFC Bank Limited

Rs. In Millions

Secured Loans	As on 30.09.2011 Rs. in millions	As on 30.09.2010 Rs. in millions
Foreign currency loans banks secured	0.000	339.350
Working capital loans banks secured	0.000	37.770
Total	0.000	377.120

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Muttha Towers, 5^th Floor, Suite No. 8, Airport Road, Yerawada, Pune-411006, Maharashtra, India
Holding Company:	Buckau Walther GmbH Germany
Ultimate Holding Company:	ThyssenKrupp AG
Fellow Subsidiary :	· ThyssenKrupp Fördertechnik GmbH · Polysius AG · ThyssenKrupp Forging Group · Krupp Canada Inc. · Polysius Shanghai · ThyssenKrupp Materials Logistic and Services · Berco Undercarriages India Private Limited · Rothe Erde GmbH · ThyssenKrupp Marine System · Polysius SAS · ThyssenKrupp Elevators India Private Limited · Uhde India Private Limited

CAPITAL STRUCTURE

As on 12.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- Each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
978650	Equity Shares	Rs.100/- Each	Rs.97.865 millions

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- Each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
978700	Equity Shares	Rs.100/- Each	Rs.97.870 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2011	30.09.2010	30.09.2009
SHAREHOLDERS FUNDS
1] Share Capital		97.870	97.870	97.865
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4236.650	3462.670	2873.935
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4334.520	3560.540	2971.800
LOAN FUNDS
1] Secured Loans		0.000	377.120	776.687
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	377.120	776.687
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4334.520	3937.660	3748.487
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		815.160	673.470	612.231
Capital work-in-progress		0.000	0.000	69.200
INVESTMENT		0.200	0.200	4.200
DEFERREX TAX ASSETS		66.560	40.110	7.050
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2816.530	2782.260	1609.774
	Sundry Debtors	6107.710	5461.430	3951.081
	Cash & Bank Balances	4961.250	4372.640	2724.760
	Other Current Assets	700.790	777.670	768.517
	Loans & Advances	1590.890	2134.450	1228.186
Total Current Assets		16177.170	15528.450	10282.318
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3615.240	3022.800	2268.061
	Other Current Liabilities	8135.760	8318.770	3906.710
	Provisions	973.570	963.000	1051.741
Total Current Liabilities		12724.570	12304.570	7226.512
Net Current Assets		3452.600	3223.880	3055.806
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4334.520	3937.660	3748.487

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2011	30.09.2010	30.09.2009
	SALES
		Turnover	17413.765	10849.885	8080.430
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS		1551.533	1083.884	805.498
Add	EXCEPTIONAL ITEMS		40.449	40.452	133.866
	PROFIT BEFORE TAX		1591.982	1124.336	939.364
Less	TAX		505.212	353.012	309.384
	PROFIT AFTER TAX		1086.770	771.324	629.980
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		136.815	123.465	112.170
Less	APPROPRIATIONS
		Dividend	269.129	156.584	127.225
		Tax on Dividend	43.659	26.007	21.622
		Transfer to General Reserve	758.335	575.383	469.838
	BALANCE CARRIED TO THE B/S		152.462	136.815	123.465
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1671.984	927.288	387.956
		Export Services	65.504	82.337	121.571
	TOTAL EARNINGS		1737.488	1009.625	509.527
	IMPORTS
		Raw Materials	385.468	782.591	226.404
		Components	408.421	201.192	309.617
		Stores & Spares	13.432	15.156	3.279
		Capital Goods	38.453	3.052	1.081
	TOTAL IMPORTS		845.774	1001.991	540.381
	Earnings Per Share (Rs.)		1110.48	788.15	643.72

Particulars	30.09.2012
Sales Turnover(Approximately)	14800.000

Expected Sales (2012-2013): Rs. 14000.000 Millions (Due to Market Down)

The above information has been parted by Mr. Pramod Thar.

KEY RATIOS

PARTICULARS		30.09.2011	30.09.2010	30.09.2009
Net Profit Margin (PBT/Sales)	(%)	9.14	10.36	11.63
Return on Total Assets (PBT/Total Assets}	(%)	9.37	6.94	8.62
Return on Investment (ROI) (PBT/Networth)		0.37	0.32	0.32
Debt Equity Ratio (Total Debt/Networth)		0.00	0.11	0.26
Current Ratio (Current Asset/Current Liability)		1.27	1.26	1.42

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	30.09.2011	30.09.2010	30.09.2009
Sundry Creditors due to Micro, Small and Medium Enterprises	48.930	45.450
Sundry Creditors due to Others	3565.310	2977.350
Total	3614.240	3022.800	2268.061

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

REVIEW OF BUSINESS ENVIRONMENT

Year 2010-11

During the year, the world economy was gradually coming out of the down turn. However, suddenly the situation has worsened in recent months due to economic woes of some European developed countries and downgrade of US sovereign bonds by Credit Rating Agency which created havoc in the global financial markets. Impact on India was visible as stock market plunged while the Rupee posted its highest fall. High inflation led to continuous increase in interest rates by RBI. This has affected industrial production and hit the investment activities. In this situation India is expected to record GDP growth between 7.2% to 7.6% during the year 2011-12 as against 8.5% achieved in 2010-11.

Infrastructure, construction and power sectors continued to contribute to the growth factor of the Indian economy.

In spite of the slowdown conditions, which has affected all engineering companies, the Company was able to receive orders. With the additional investments made by the company, the company could improve productivity, reduce delivery time, update technology for improved project execution and reduce costs which resulted in its better performance.

OUTLOOK FOR 2011-12

The Government policy for initiating and regulating investment in power, infrastructure, construction, mines augur good for the Company.

The rising inflationary trend and the frequent increase of the repo and reverse repo rates by the Reserve Bank of India has resulted in increase in interest rates leading to a slump in demand for housing as well as fresh investments in new projects. Borrowings have become dearer and in spite of the Government announcing an enhanced infrastructure spending for the 12 th five year plan, the actual expenditure is lagging behind.

For improved and efficient working, the company, with efficient working capital management, is emphasizing on timely execution of orders within the estimated and budgeted costs. Effective measures have been taken for research and development which will enable it to gain a competitive edge over other competition, which is intensifying and affecting the company’s margins.

Investments made by the Company by way of addition in the capacity at Pimpri and Hyderabad has enhanced their chances of bagging some good orders during the year.

Human Resource Management continues to be a challenge and the company is taking adequate measures to retain and attract skilled, qualified and experienced manpower. Company has also undertaken initiatives for upgrading the skills of the employees by arranging various training programmes.

The company continues to focus on Research and Development, effective project management, cost control measures, optimum utilization of added capacities, in house manufacturing, better market studies and exploring export markets, which will contribute to its further success.

TURNOVER (SALES AND OTHER INCOME) AND PROFIT

Turnover for the year 2010-11 stands at Rs.17413.765 million (previous year Rs. 10849.885 million) recording a growth of 60.50% over previous year. Profit before tax and before exceptional item is Rs.1551.533 million (previous year Rs. 1083.884 million) and profit before tax and after exceptional item is Rs.1591.982 million (previous year Rs.1124.336 million) and post tax profit at Rs.1086.770 million (previous year Rs.771.324 million) recording a growth of 43.15%, 41.59% and 40.90% respectively.

TRADE REFERENCES

· Jindal Limited

· Aditya Birla Group

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 54.34
UK Pound	1	Rs. 80.90
Euro	1	Rs. 70.73

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.