MIRA INFORM REPORT

Report Date :

21.03.2013

IDENTIFICATION DETAILS

Name :	PAHARPUR COOLING TOWERS LIMITED (w.e.f. 15.06.1988) PAHARPUR 3P (DIVISION OF PAHARPUR COOLING TOWERS LIMITED)
Formerly Known As :	PAHARPUR COOLING TOWERS PRIVATE LIMITED (w.e.f. 28.06.1971) PAHARPUR TIMBERS PRIVATE LIMITED
Registered Office :	Paharpur House, 8/1/B, Diamond Harbour Road, Kolkata - 700 027, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.10.1949
Com. Reg. No.:	21-018363
Capital Investment / Paid-up Capital :	Rs. 84.000 millions
CIN No.: [Company Identification No.]	U02005WB1949PTC018363
TAN No.: [Tax Deduction & Collection Account No.]	MRTP00232B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Cooling Towers, Air Coolers and their components, and Flexible Packaging Products.
No. of Employees :	500 (Approximately) [Only For Division]

RATING & COMMENTS

MIRA’s Rating :

A (69)

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 41600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having a good track record. The latest financials are not made available. As per the available information the financial position of the company is strong. Performance capability is high. Liquidity position is good. The rating also take into consideration the subject technological tie-ups with overseas players and strong R and D capabilities. Trade relations are reported to be fair. Business is active. Payment are reported to be regular and as per commitments. In view of experience promoters the company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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	CRISIL
Rating	AA [Long Term]
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation it carry very low credit risk.
Date	February 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Management non co-operative [91-33-24792050/91-120-4389120]

LOCATIONS

Registered / Corporate Office :	Paharpur House, 8/ 1/ B, Diamond Harbour Road, Kolkata - 700 027, West Bengal, India
Tel. No.:	91-33-24792050/ 2152/ 2153/ 24791976/ 40133000
Fax No.:	91-33-24792188/ 40133499
E-Mail :	paharpur.ccu@gncl.globalnet.ems.vsnl.net.in, mswarup@paharpur.com corporatefinance@paharpur.com finance@paharpur.com pctccu@paharpur.com a.singhania@paharpur.com
Website :	http://www.paharpur.com
Area :	48000 Sq. ft
Location :	Owned
Plants and Warehouse :	5-A, Oil Installation Road, Kolkata - 700 088, West Bengal, India Tel. No. 91-33-24391583/24396946 Fax. No. 91-33-24392041 E-Mail.: pctcalfac@paharpur.com 14 Diamond Harbour Road, Vill Bhasa, Post Box Bishnupur, 24 Parganas, West Bengal, India Tel. No.: 91-33-24531910-13 E-Mail: pctbhasa@paharpur.com Survey # 350, Nani Chirai, Taluka Bachau, Kutch - 370 140, Gujarat, India Tel. No. 91-2836-285347 E-Mail.: pctkandla@paharpur.com Plot # 9, Industrial Area IV, Sahibabad, District Ghaziabad, Uttar Pradesh, India Tel. No. 91-120-24770531/24770120/24770119 Fax. No. 91-120-4770594 E-Mail.: pctsbd@paharpur.com Plot # 19, Industrial Area IV, Sahibabad, District Ghaziabad, Uttar Pradesh, India
Overseas Office :	Paharpur USA Inc. 165 S Union Blvd, Suite 672 Lakewood, Co 80228, USA
Tel. No.:	+1-303-989 7200
Fax No.:	+1-720-962 8400
E-Mail :	info@paharpurusa.com
Location :	Leased
Global Sales Representatives:	Located At: v Australia v Bangladesh v Egypt v Iran v Japan v Korea v Malaysia v New Zealand v Philippines v Saudi Arabia v Syria v UAE v Bahrain v Canada v Indonesia v Iraq v Jordan v Kuwait v Nepal v Oman v Qatar v Singapore v Thailand v USA

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Vikram Mahendra Swarup
Designation :	Managing Director
Address :	2B, Judges Court Road, Kolkata – 700 027, West Bengal, India
Date of Birth/Age :	16.09.1948
Qualification :	B. E. (Hons)
Date of Appointment :	14.07.1993
DIN No.:	00163543

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29248WB1983PLC036013	MELVIN POWELL VANASPATI ENGINEERING INDUSTRIES LIMITED	Director	16-03-84	16-03-84	-	Active	NO
2	U24111DL1971PLC005791	OKHLA CHEMICALS LIMITED	Director	28-06-85	28-06-85	-	Active	NO
3	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LIMITED	Managing director	01-02-02	14-07-93	-	Active	NO
4	L65990MH1913PLC000374	INDUSTRIAL AND PRUDENTIAL INVESTMENT COMPANY LIMITED	Director	25-03-97	25-03-97	-	Active	NO
5	U74899DL1980PTC010482	DOYPACK SYSTEMS PRIVATE LIMITED	Director	01-09-97	01-09-97	-	Active	NO
6	U74899DL1980PTC010609	SELECTO PAC PRIVATE LIMITED	Director	01-09-97	01-09-97	-	Active	NO
7	U74899DL1936PLC000564	PAHARPUR INDUSTRIES LIMITED	Director	03-02-99	03-02-99	-	Active	NO
8	U67120WB1994PTC061897	HASTERA CREDIT PRIVATE LIMITED	Director	21-03-05	21-03-05	-	Active	YES
9	U74999MH1968GAP014120	INDO-AMERICAN CHAMBER OF COMMERCE	Director	29-09-05	29-09-05	-	Active	NO
10	U91990WB1959PLC024133	CALCUTTA SOUTH CLUB LIMITED	Director	29-09-05	29-09-05	-	Active	YES
11	L01132WB1919PLC003334	BIRLA CORPORATION LIMITED	Director	30-11-06	30-11-06	-	Active	NO
12	U74999MH1947PTC005508	THYSSENKRUPP INDUSTRIES INDIA PRIVATE LIMITED	Director	05-02-09	19-12-08	-	Active	NO
13	U45200WB2004PTC150912	PAHARPUR-PRAGNYA TECH PARK PRIVATE LIMITED	Director	30-04-09	16-03-09	-	Active	NO
14	U70109WB1996PTC078199	PAHARPUR PRAGNYA REALTY PRIVATE LIMITED	Director	25-09-09	01-09-09	-	Active	NO
15	U70200WB2010PTC141590	PAHARPUR ASANSOL PROPERTIES PRIVATE LIMITED	Director	01-02-10	01-02-10	15-06-11	Active	NO
16	U74899DL1981PTC011783	GARIMA PRIVATE LIMITED	Director	24-05-11	24-05-11	-	Active	NO

Name :	Mr. Gaurav Mahendra Swarup
Designation :	Whole Time Director
Address :	2B, Judges Court Road, Kolkata – 700 027, West Bengal, India
Date of Birth/Age :	21.11.1956
Qualification :	B.E. (Mechanical), MBA (Harvard University)
Date of Appointment :	14.07.1993
DIN No.:	00374298

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L25209UP1970PLC003320	SWADESHI POLYTEX LIMITED	Director	30-05-88	30-05-88	-	Active	NO
2	L65990MH1913PLC000374	INDUSTRIAL AND PRUDENTIAL INVESTMENT COMPANY LIMITED	Director	17-04-90	17-04-90	-	Active	NO
3	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LIMITED	Managing director	01-02-02	14-07-93	-	Active	NO
4	U74899DL1936PLC000564	PAHARPUR INDUSTRIES LIMITED	Director	26-10-94	26-10-94	-	Active	NO
5	U24230AP1994PLC018752	SHIVA ANALYTICALS (INDIA) LIMITED	Director	01-01-96	01-01-96	27-10-07	Active	NO
6	U25200MH1955NPL009601	THE PLASTICS EXPORT PROMOTION COUNCIL	Director	18-10-96	18-10-96	-	Active	NO
7	U24111DL1965PLC004507	CHEMICAL AND METALLURGICAL DESIGN COMPANY LIMITED	Director	13-04-99	13-04-99	-	Active	NO
8	U28110AP1996PTC023794	INDO-US MIM TEC PRIVATE LIMITED	Director	02-06-99	02-06-99	-	Active	NO
9	L29120MH1960PLC011635	K S B PUMPS LIMITED	Director	24-01-00	24-01-00	-	Active	NO
10	L15421UP1932PLC025141	UPPER GANGES SUGAR AND INDUSTRIES LIMITED	Director	20-02-03	20-02-03	-	Active	NO
11	U67120WB1994PTC061897	HASTERA CREDIT PRIVATE LIMITED	Director	21-03-05	21-03-05	-	Active	YES
12	L74999WB1974PLC041725	TIL LIMITED	Director	29-07-08	26-03-08	-	Active	NO
13	U00313DL2005PTC140903	FLOETER INDIA RETORT-POUCHES PRIVATE LIMITED	Director	30-09-09	06-01-09	-	Active	NO
14	U45200WB2004PTC150912	PAHARPUR-PRAGNYA TECH PARK PRIVATE LIMITED	Director	30-04-09	16-03-09	-	Active	NO
15	U70109WB1996PTC078199	PAHARPUR PRAGNYA REALTY PRIVATE LIMITED	Director	25-09-09	01-09-09	-	Active	NO
16	U70200WB2010PTC141590	PAHARPUR ASANSOL PROPERTIES PRIVATE LIMITED	Director	01-02-10	01-02-10	15-06-11	Active	NO
17	U74140WB2003PTC121076	MEDICA SYNERGIE PRIVATE LIMITED	Nominee director	25-06-10	25-06-10	-	Active	NO
18	U74899DL1981PTC011783	GARIMA PRIVATE LIMITED	Director	24-05-11	24-05-11	-	Active	NO
19	U63090WB2011PTC165284	C.D. AVIATION (INDIA) PRIVATE LIMITED	Director	23-07-11	23-07-11	-	Active	NO

Name :	Mr. Ratan Lal Gaggar
Designation :	Director
Address :	11, Lansdown Road, Kolkata – 700 020, West Bengal, India
Qualification :	Senior Advocate
Date of Appointment :	30.12.1989
DIN No.:	00322904

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LIMITED	Director	28-06-76	28-06-76	-	Active	NO
2	L40200DL1968PLC005169	SOMANY CERAMICS LIMITED	Director	09-03-84	09-03-84	-	Active	NO
3	U99999MH1974PTC017460	TIL LIMITED	Director	14-05-85	14-05-85	-	Not Available for eFiling	NO
4	L74999WB1974PLC041725	TIL LIMITED	Director	14-05-85	14-05-85	-	Active	NO
5	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LIMITED	Director	30-12-89	30-12-89	-	Active	NO
6	L74140AS1974PLC001498	FINANCIAL MANAGEMENT SERVICES LIMITED	Director	05-02-93	05-02-93	13-07-09	Active	NO
7	L70101WB1989PLC047465	SUMEDHA FISCAL SERVICES LIMITED	Director	30-03-93	30-03-93	-	Active	NO
8	L40106DL1981PLC012228	SPML INFRA LIMITED	Director	30-06-94	30-06-94	-	Active	NO
9	U67120WB1995PTC071339	PREMIER STOCK BROKERS AND FINANCIAL SERVICES PRIVATE LIMITED	Director	03-05-95	03-05-95	-	Active	NO
10	U25201HR1996PLC033306	MACHINO POLYMERS LIMITED	Director	12-02-99	12-02-99	-	Active	NO
11	L17226WB1946PLC013554	EASTERN SILK INDUSTRIES LIMITED	Director	27-01-05	27-01-05	01-02-11	Active	NO
12	U45400WB2007PTC115959	ENERGY PROPERTIES PRIVATE LIMITED	Director	05-11-08	22-01-08	-	Active	NO
13	U14290WB2008PTC125627	BHASKAR SILICON PRIVATE LIMITED	Director	30-09-09	18-08-08	25-04-11	Active	NO

Name :	Mr. Sumit Birendra Chandra Mazumdar
Designation :	Director
Address :	Arjun Enclave, Flat No.5A and 5B, 12C, Judges Court Road, Kolkata – 700 027, West Bengal, India
Date of Birth/Age :	11.02.1948
Date of Appointment :	30.09.2010
DIN No.:	00116654

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1974PTC017460	TIL LIMITED	Managing director	01-06-94	01-06-94	Not Available for eFiling	NO
2	L74999WB1974PLC041725	TIL LIMITED	Managing director	01-06-09	01-06-94	Active	NO
3	U51109WB1996PTC077009	MARBELLOUS TRADING PRIVATE LIMITED	Director	25-09-06	25-09-06	Active	NO
4	U51109WB1995PTC068308	SALGURN MERCHANTS PRIVATE LIMITED	Director	18-12-06	18-12-06	Active	NO
5	U27109WB1996PTC079606	BP COMMODITIES PRIVATE LIMITED	Director	18-12-08	18-12-08	Active	NO
6	U52190WB2009PTC137548	SUBHMANGAL TRACOM PRIVATE LIMITED	Additional director	07-12-09	17-08-09	Active	NO
7	U51109WB2007PTC117014	ANSUYA AGENCIES PRIVATE LIMITED	Additional director	07-12-09	14-09-09	Active	NO
8	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LTD	Director	30-09-10	29-12-09	Active	NO
9	U29150WB1995PTC072501	TRACTORS INDIA PRIVATE LIMITED	Managing director	29-07-10	01-04-10	Active	NO
10	U91990WB1907GAP001754	THE BENGAL CLUB LIMITED	Director	05-04-11	05-04-11	Active	NO

Name :	Mr. Satya Brata Ganguly
Designation :	Director
Address :	5C, New Road, Alipore, Kolkata – 700 027, West Bengal, India
Date of Birth/Age :	23.10.1942
Date of Appointment :	30.09.2010
DIN No.:	01838353

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45206WB2007SGC116084	SUNDARBAN INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	04-01-08	04-01-08	Active	NO
2	L20101WB1982PLC034435	CENTURY PLYBOARDS (INDIA) LIMITED	Director	31-10-11	26-06-08	Active	NO
3	U65990WB2009PLC134536	PEERLESS TRUST MANAGEMENT COMPANY LIMITED	Director	09-04-09	09-04-09	Active	NO
4	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LIMITED	Director	30-09-10	29-12-09	Active	NO
5	L63993WB1983PLC036030	EMAMI LIMITED	Director	19-08-10	30-01-10	Active	NO
6	U64201DL1998PLC096685	SU-KAM POWER SYSTEMS LIMITED	Director	30-09-11	07-09-11	Active	NO

Name :	Mr. Gyan Mahendra Swarup
Designation :	Director
Address :	2 B, Judges Court Road, Kolkata-700027, West Bengal, India
Date of Birth/Age :	13.06.1924
Date of Appointment :	17.03.2012
DIN No.:	03103553
Name :	Mr. Sumit Mazumder
Designation :	Director
Address :	Arjun Enclave, Flat No. 5A and 5B, 12 C, Judges Court Road, Kolkata-700027, West Bengal, India
Date of Birth/Age :	11.02.1948
Date of Appointment :	29.12.2009
DIN No.:	00116654

KEY EXECUTIVES

Name :	Mr. Arun Kumar Singhania
Designation :	Company Secretary
Address :	FE 133, Sector III, Salt Lake City, Kolkata – 700 094, West Bengal, India
Date of Birth/Age :	02.11.1965
Date of Appointment :	16.04.1996
PAN No.:	AKUPS9019D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Mahendra Swarup	127090
Gyan M. Swarup	165900
Vikram Swarup	155400
M. Swarup	120500
Gaurav Swarup	155400
Jain Industrial and Commercial Services Private Limited, India	210
Garima Private Limited, India	42000
Bindu Swarup	8400
Parul Swarup	8400
M. Swarup	56700
TOTAL	840000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	5.03
Directors or relatives of directors	88.23
Other top fifty shareholders	6.74
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Cooling Towers, Air Coolers and their components, and Flexible Packaging Products.
Products :	v Cooling Towers v Heat Exchangers v Air Cooled Heat Exchangers v Air Cooled Condensers v Laminates

PRODUCTION STATUS [AS ON 31.03.2011]

LICENSED CAPACITIES

Under the Government of India's prevailing industrial policy, licensing is not applicable to the Company's manufacturing activities in cooling towers, Heat exchangers, HDPE/ PP woven sacks and flexible packaging products.

Particulars	Unit	Installed Capacity	Actual Production
Cooling tower	No.	2400	1284.000
Heat exchanger	No	700	639.000
Flexible packaging products	Tone	6000	--
Wind Power	MW	40.7	44094915.070
Laminates	Tone	--	6012.310
Plastic Pouches	Lakh Pcs	--	2589.196

The installed capacity of each class of products depends upon a number of variables including product mix, name plate capacities, process cycle, thickness or gauge, etc. The installed capacities are certified by Management

GENERAL INFORMATION

No. of Employees :

500 (Approximately) [Only For Division]

Bankers :

v ABN Amro Bank N V, ITC Centre, 4, Russel Street, Kolkata – 700 071, West Bengal, India

v BNP Paribas, Stephen House, 4 B, B D Bag, Kolkata – 700 001, West Bengal, India

v Canara Bank, Overseas Branch, 2/1, Russel Street, Kolkata - 700 016, West Bengal, India

v Citibank NA, Kanak Building, 41, Jawaharlal Nehru Road, Kolkata - 700 071, West Bengal, India

v HDFC Bank Limited, 9-B, Wood Street, Kolkata - 700 016, West Bengal

v HDFC Bank, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v State Bank of India, Commercial Branch, 24, Park Street, Kolkata - 700 016, West Bengal, India

v ICICI Bank Limited, Kolkata, West Bengal, India

v Standard Chartered Bank, 4, N.S. Road, Kolkata – 700 001, West Bengal, India

v ING Vysya Bank Limited, Brabourne Road Branch, 1/2 Old Court House Corner, Kolkata – 700 001, West Bengal, India

Facilities :

Secured Loan	31.03.2011 [Rs. In Millions]	31.03.2010 [Rs. In Millions]
Rupee term loans secured
Rupee term loans banks secured	489.898	859.416
Foreign currency loans secured	0	0
Foreign currency loans banks secured	891.745	0.000
Foreign currency loans others secured	155.671	44.088
TOTAL	1537.314	903.504
NOTES: Represents loan taken from banks in Indian rupee secured first charge on book debts, raw materials, work in progress, finished goods, stores and spares and other current assets both present and future.
Unsecured Loan	31.03.2011 [Rs. In Millions]	31.03.2010 [Rs. In Millions]
Loans subsidiaries unsecured	0.000	25.800
Other debt unsecured	0.000	2.594
TOTAL	0.000	28.394
Note: (A) Repayable within one year Rs. 2.594 Millions

Banking Relations :	--
Financial Institution :	Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India
Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	14, Government Place East, Kolkata - 700 069, West Bengal, India
Tel. No.:	91-33-22481111/ 1507/ 6962/ 22486960
Fax No.:	91-33-22486960
E-Mail :	cal@lodhaco.com
PAN No:	AABFL1894Q
Subsidiaries :	Paharpur Industries Limited CIN No:- U74899DL1936PLC000564 Chemical and Metallurgical Design Company Limited (Upto 31st May 2010) CIN No:- U24111DL1965PLC004507 Doypack Systems Private Limited CIN No:- U74899DL1980PTC010482 Selectopack Private Limited CIN No:- U74899DL1980PTC010609 Floeter India Retort Pouches Private Limited CIN No:- U00313DL2005PTC140903 Paharpur Pragnya Tech Park Private Limited CIN No:- U45200WB2004PTC150912 Paharpur Pragnya Realty Private Limited CIN No:- U70109WB1996PTC078199 Paharpur Asansol Proprieties Private Limited CIN No:- U70200WB2010PTC141590 Paharpur USA Inc Safind Forest Products (Pty) Limited Paharpur Mauritius Limited Paharpur Natural Resource Pty Limited
Associates :	Paharpur Corporation Limited CIN No:- U24239WB1976PLC030739 Unicast (Private) Limited CIN No:- U74899DL1980PTC010611 Unispanner Pvt Limited CIN No:- U74899DL1981PTC011421 Swadeshi Polytex Limited CIN No:- L25209UP1970PLC003320 Unifab Engineering Projects Private Limited CIN No:- U28900MH2006PTC160654 Melvin Powell Vanaspati and Eng Industries Limited CIN No:- U29248WB1983PLC036013

CAPITAL STRUCTURE

AS ON

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
840000	Equity Shares	Rs.100/- each	Rs.84.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		84.000	84.000	84.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10317.424	8100.471	6487.639
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10401.424	8184.471	6571.639
LOAN FUNDS
1] Secured Loans		1537.314	903.504	488.080
2] Unsecured Loans		0.000	28.394	21.655
TOTAL BORROWING		1537.314	931.898	509.735
DEFERRED TAX LIABILITIES		168.852	109.212	34.554
TOTAL		12107.590	9225.581	7115.928
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3345.941	2307.974	942.458
Capital work-in-progress		1272.849	271.831	43.836
INVESTMENT		3954.313	4127.275	2767.414
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1945.160	1681.315	1889.518
	Sundry Debtors	3956.978	4219.859	3587.754
	Cash & Bank Balances	541.165	308.444	517.890
	Other Current Assets	8.451	1.234	212.380
	Loans & Advances	1581.503	1223.899	804.917
Total Current Assets		8033.257	7434.751	7012.459
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2107.014	1909.658	1292.965
	Other Current Liabilities	2220.598	2846.875	2266.348
	Provisions	171.158	159.717	90.926
Total Current Liabilities		4498.770	4916.250	3650.239
Net Current Assets		3534.487	2518.501	3362.220
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		12107.590	9225.581	7115.928

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	11586.809	9407.925	9287.893
		Other Income	625.138	733.056	652.844
		TOTAL (A)	12211.947	10140.981	9940.737
Less	EXPENSES
		Consumption materials changes inventories	4513.551	3888.519	--
		Manufacturing, Construction and Operating Expenses	204.389	138.072	6557.372
		Contract Cost	2740.057	2472.127	--
		Purchase of Trading Goods	--	--	33.537
		Employment Cost	643.043	562.021	472.323
		Sales, Administration and Other Expenses	970.356	729.414	770.944
		Research and development expenditure	6.721	6.659	--
		Prior Period Items	0.000	0.956	--
		TOTAL (B)	9078.117	7797.768	7834.176
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3133.830	2343.213	2106.561
Less	FINANCIAL EXPENSES (D)		68.530	31.893	126.186
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3065.300	2311.320	1980.375
Less/ Add	DEPRECIATION/ AMORTISATION (F)		305.583	118.495	115.458
	PROFIT BEFORE TAX (E-F) (G)		2759.717	2192.825	1864.917
Less	TAX (H)		493.951	531.794	309.501
	PROFIT AFTER TAX (G-H) (I)		2265.766	1661.031	1555.416
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6110.006	4747.175	3476.156
Less	APPROPRIATIONS
		Transfer to General Reserve	250.000	250.000	250.000
		Proposed Dividend	42.000	42.000	29.400
		Provision for Corporate Dividend Tax	6.813	6.200	4.997
	BALANCE CARRIED TO THE B/S		8076.959	6110.006	4747.175
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	571.012	281.148	445.227
	TOTAL EARNINGS		571.012	281.148	445.227
	IMPORTS
		Raw Materials	613.821	512.731	380.942
		Trading Goods	0.000	64.753	33.537
		Capital Goods	240.706	7.854	127.681
	TOTAL IMPORTS		854.527	585.338	542.160
	Earnings Per Share (Rs.)		2697.34	1977.42	1851.69

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	18.55	16.38	15.65
Net Profit Margin (PBT/Sales)	(%)	23.82	23.31	20.08
Return on Total Assets (PBT/Total Assets}	(%)	24.25	22.51	23.44
Return on Investment (ROI) (PBT/Networth)		0.27	0.27	0.28
Debt Equity Ratio (Total Debt/Networth)		0.15	0.11	0.07
Current Ratio (Current Asset/Current Liability)		1.79	1.51	1.92

LOCAL AGENCY FURTHER INFORMATION

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

OPERATIONS

The Directors are pleased to report that during the year the Company has crossed two major milestones:

1. The turnover of the Company has for the first time crossed Rs 10000.000 Millions mark and

2. The Net Worth of the Company also crossed Rs 10000.000 Millions during the year.

The EBITDA for the year increased to Rs 3130.000 Millions as compared to Rs 2340.000 Millions in the previous year, a growth of 34% over the last year. The Company earned Net Profit after Tax of Rs. 2270.000 Millions as against Rs 1660.000 Millions in the previous year.

PROCESS COOLING SOLUTION BUSINESS

In calendar year 2010 the Cooling Tower order booking was highest ever at Rs.19350.000 Millions in company’s history. The sales of the Cooling Tower Division were Rs.905Crores registering growth of 29% from previous year.ACC/HE business has been growing steadily and the sales from this business stood at Rs 910.000 Millions as against Rs 620.000 Millions in the previous year registering a growth of 47 % . The order book of the Company at the end of the financial year stood over Rs 30000.000 Millions which is to be executed over a period of next two/three years.

The margin in Cooling Towers has improved from 19% to 20 % during the year due to better cost management. However, the rising input costs and non-availability of skilled manpower continue to be areas of concern. The Company plans to mitigate these areas of concern through induction of new construction technologies and improved project management techniques.

FLEXIBLE PACKAGING BUSINESS

The performance of the flexible packaging business of the Company was steady despite huge volatilities witnessed in the input prices especially polyester, during the year. During the year, the sales turnover increased by 28% to Rs 1770.000 Millions mainly due to the commissioning of the new capacities. The full year effect of the expansion will be felt in the coming years. However the EBITDA margin in the business continues to be under pressure due to fierce competition in the industry.

However, the Company expects to improve the overall performance of this business unit in the coming year through continued focus on cost optimization and realignment of product mix.

WIND

The company has commissioned 14nos. of WTG of 16.70 MW in the state of Rajasthan, Gujarat, Tamil Nadu and Maharashtra during the year and with the above addition, the total installed capacity of the company in the wind power stood at 40.70 MW. The work is progressing on installation of further 29 WTG of 23.20 MW which will be completed by March 2012 taking the total wind power generation capacity of the Company to 63.90 MW.

The Wind Power Generation was lower than expected during the year due to the grid availability in Maharashtra till October2010 and the Sales revenue from sale of Green Power was Rs 150.700 Millions with an EBITDA margin of Rs 148.100 Millions. The CDM credit for the wind power projects already installed is under progress and expected to be received by end of the current year. The Company expects to improve on the realization in the coming year due to the commissioning of the new machines with REC benefits and approval of the CDM credit for the projects already commissioned.

SUBSIDIARIES

Paharpur USA Inc., is acting as a Marketing Office of the company in USA and has been procuring international business of supply of Cooling Towers.

Safind Forest Products (Pty) Limited, South Africa continue to perform well in lumber trading, and forest management. The financials of the Company are likely to improve from its investments in plantation business.

In the year, Paharpur Natural Resources Pty Limited has completed its acquisition of Tritimco plantations in South Africa. This unit is also expected to do well in the coming years considering the growing demand supply gaps for timber in future.

FINANCE

The Company during the year borrowed USD 20 Million to finance the Wind Power Projects already commissioned. The other capital expenditure were largely funded by Internal Accruals and Buyers Credit. The total interest payment during the year was Rs.68.500 Millions as against Rs 31.900 Millions during the previous year.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)
a) Corporate guarantees issued on behalf of :
- Subsidiary and associate Companies	453.464
- Others	140.000
b) Certain show cause notices and demands relating to Income tax, Sales Tax, Central Excise Duty and other statutory matters, to the extent ascertainable from the and details available are as follows
(i) Disputed central excise and Service tax matters pending in appeal at various stages	50.383
(ii) Disputed Income Tax matters pending in appeal at various stages	56.359
(iii) Disputed Sales Tax and Works Contract matters pending in appeal at various stages	356.187

Note: In the opinion of the Management, the above claims/demands are not tenable and future cash outflows in respect of the same are determinable on final decisions of the matter.

b) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance) Rs. 304.665 millions.

FORM 8

Corporate identity number of the company	U02005WB1949PTC018363
Name of the company	PAHARPUR COOLING TOWERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Paharpur House, 8/ 1/ B, Diamond Harbour Road, Kolkata - 700 027, West Bengal, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10306134
Type of charge	Immovable property Any interest in immovable property
Particular of charge holder	Axis Trustee Services Limited, 2^nd Floor, E, Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India
Nature of instrument creating charge	No instrument was executed but an equitable mortgage was created by deposit of title deeds on 2.02.2012 in favour of Axis Trustee Services Limited acting as security trustee for the Term Laon Agg to USD 20 mn to create First and exclusive charge over the Tamilnadu immovable properties as described in the Schedules to the attached Declaration
Date of instrument Creating the charge	02.02.2012
Amount secured by the charge	Rs. 922.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Originally at 3 months Libor(relevant interest period)+230bps, 360 day count basis Interest Rate Swap effective from 6.03.2012 @3.35% p.a on outstanding notional amount, Quarterly Terms of repayment 1.5 year capital moratorium and then repayment in 6 equal semiannual installments in arrears Extent and operation of the charge First and exclusive charge over the Tamilnadu immovable properties as described in the Schedules to the attached Declaration
Short particulars of the property charged (Including location of the property)	First and exclusive charge over the Tamilnadu immovable properties (Mortgage by deposit of title deeds) as described in the Schedules to the attached Declaration.
Particulars of the present modification	An Equitable Mortgage was created by way of delivery of title deeds to created First and exclusive charge over the Tamilnadu immovable properties as described in the Schedules to the attached documents to secure the Term Loan of USD 20 mn for the benefit of Lenders.

TRADE REFERENCES

Ø Hindustan Leaver

Ø Henkel

FIXED ASSETS:

Tangible Assets:

v Land – Freehold

v Land- Leasehold

v Factory Building

v Non Factory Building

v Plant and Machinery

v Office Equipments

v Furniture and Fixtures

v Vehicles

v Computers

Intangible Assets:

v Computer Software

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 records 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.53.37
UK Pound	1	Rs.82.07
Euro	1	Rs.70.04

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		69

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.