MIRA INFORM REPORT

Report Date :

17.05.2013

IDENTIFICATION DETAILS

Name :	KULKARNI POWER TOOLS LIMITED
Registered Office :	At and Post Shirol, District Kolhapur, Shirol – 416 103, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.07.1976
Com. Reg. No.:	11-019147
Capital Investment / Paid-up Capital :	Rs. 17.000 Millions
CIN No.: [Company Identification No.]	L29130MH1976PLC019147
TAN No.: [Tax Deduction & Collection Account No.]	KLPK01344A
PAN No.: [Permanent Account No.]	AAACK7368Q
Legal Form :	Public Limited Liability company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Precision Industrial Blowers and Power Tools.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1079000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears sharp dip in the profitability during 2012. However, trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating BB
Rating Explanation	Moderate risk of default
Date	October 30, 2012

Rating Agency Name	CRISIL
Rating	Short Term Rating A4+
Rating Explanation	Minimal degree of safety and very low credit risk.
Date	October 30, 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Anil
Designation :	General Manager and Sales Marketing
Contact No.:	91-9225838960
Date :	14.05.2013

LOCATIONS

Registered Office / Factory :	At and Post Shirol, District Kolhapur, Shirol – 416 103, Maharashtra, India
Tel. No.:	91-23-22-661500
Mobile No.:	91-9225838960 (Mr. Anil)
Fax No.:	91-23-22-661546
E-Mail :	a.suri@kpt.co.in kptl@sancharnet.in kptho@vsnl.net
Website :	www.kpt.co.in
Corporate Office :	No. 5/302, Rhea Apartments, Opposite LIC Office Aundh Road, Pune – 411020, Maharashtra, India

DIRECTORS

As on 31.03.2012

Name :	Mr. P. D. Gune
Designation :	Chairman Emeritus
Name :	Mr. S.N. Inamdar
Designation :	Chairman
Name :	Mr. Prakash Kulkarni
Designation :	Vice Chairman and Managing Director
Address :	CS No. 8795, Sangli Miraj Road, Vishrambag Sangli, Maharashtra – 416415, India
Date of Birth/Age :	16.07.1942
Date of Appointment :	30.07.1976
Name :	Mr. Madhav L Apte
Designation :	Director
Address :	24B, Woodland Apartment, Peddar Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	05.10.1932
Date of Appointment :	26.08.1976
Name :	Mr. Darius C Shroff
Designation :	Director
Address :	Moonlight Flat No.8 158 M, Karve Road, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	08.08.1944
Date of Appointment :	30.03.1995
Name :	Mr. Shishir S Shirgaokar
Designation :	Director
Address :	12, Kostka House, 31 Pali Road Bandra West, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	25.01.1945
Date of Appointment :	29.09.2001
Name :	Mr. Sanjay Kirloskar
Designation :	Director
Address :	33 Suyojana Co. Operative Society Scheme No.II Koregaonpark, Pune – 411001, Maharashtra, India
Date of Birth/Age :	22.03.1957
Date of Appointment :	30.09.2009
Name :	Mr. Dilip Kulkarni
Designation :	Executive Director
Address :	CS 14A, 1A East Side, Vishalgadkar Compound, Kolhapur, Mumbai – 416003, Maharashtra, India
Date of Birth/Age :	14.06.1949
Date of Appointment :	26.07.2007

KEY EXECUTIVES

Name :	Mr. Anil Suri
Designation :	General Manager and Sales Marketing

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Holding
A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	259456	7.63
Bodies Corporate	778812	22.91
Any Others (Specify)	324000	9.53
Trusts	324000	9.53
Sub Total	1362268	40.07
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	127012	3.74
Sub Total	127012	3.74
Total shareholding of Promoter and Promoter Group (A)	1489280	43.80
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	200	0.01
Sub Total	200	0.01
(2) Non-Institutions
Bodies Corporate	229028	6.74
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1471896	43.29
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	174000	5.12
Any Others (Specify)	35596	1.05
Clearing Members	10663	0.31
Non Resident Indians	24933	0.73
Sub Total	1910520	56.19
Total Public shareholding (B)	1910720	56.20
Total (A)+(B)	3400000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0.00	0.00
(1) Promoter and Promoter Group	0.00	0.00
(2) Public	0.00	0.00
Sub Total
Total (A)+(B)+(C)	3400000	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Precision Industrial Blowers and Power Tools.
Products :	· Blower · Vehicle Blower · Gas Blower · Exhauster · Accessories · Fan · Bellows and Expansion Joints · Seals · Valves · Scaffolding · Acoustics/ Sound Proofing Materials
Brand Names :	POSTMASTER
Exports :
Products :	Industrial Blowers
Countries :	UK South Africa Middle East South East Asia
Imports :
Products :	Raw Material
Countries :	China Taiwan
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity
Portable Power Tools	--	Note 1
Blowers	--	Note 2
Electricity	KWH per annum	4,100,000

Notes :

1. Most of the Plant and Machinery being common for different products manufactured by the Company and Installed Capacity being dependent on product mix, which, in turn, is decided by the actual demand for various products, from time to time, and also on availing subcontracting facilities, it is not feasible for the Company to indicate the exact Installed Capacity.

2. The Company does not require license to manufacture the items produced by it.

Production As on 31.03.2011

Product	Unit	Production (Quantity)
Portable Power Tools	Nos.	225,811
Blowers	Nos.	1,064
Electricity	KWH	2,567,938

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

350 (Approximately)

Bankers :

· Bank of Maharashtra, Sangli, Maharashtra, India

· IDBI Bank Limited, Sangli, Maharashtra, India

· Shri Mahalaxmi Co-operative Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
TERM LOANS FROM BANKS ( Secured ) Term loan from IDBI Bank Limited (interest @ base rate + 2.5%, secured by hypothecation of Windmill and mortgage of immovable property. Repayable in 72 monthly installments starting from 31st July, 2007)	2.366	10.413
Term loan from IDBI Bank Limited (interest @ base rate + 2.5%, secured by hypothecation of machineries and mortgage of immovable property. Repayable in 17 quarterly installments starting from 31st July, 2010)	10.492	17.891
Buyers Credit from IDBI Bank Limited (interest @ Libor + 2% secured by hypothecation of machineries and mortgage of immovable property. Repayable in 16 quarterly installments after conversion into Rupee Term Loan)	45.684	40.473
Term loan from Bank of Maharashtra (interest @ base rate + 2.5%, secured by hypothecation of machineries and mortgage of immovable property. Repayable in 20 quarterly installments starting from 31st May, 2008)	0.000	8.252
Term loan from Bank of Maharashtra (interest @ base rate + 2.5%, secured by hypothecation of dies, moulds and machineries and mortgage of immovable property. Repayable in 20 quarterly installments starting from 31st March, 2010)	8.568	7.030
Term loan from Shree Mahalaxmi Co-Op. Bank Limited (interest @ 12.50%, secured by mortgage of immovable property. Repayable in 60 monthly installments starting from 25th March, 2010)	8.442	12.607
Term loan from Samarth Sahakari Bank Limited, (interest @ 13.25%, secured by mortgage of immovable property. Repayable in 60 monthly installments starting from 20th January, 2010)	5.137	7.863
Buyers Credit from Bank of Maharashtra, (interest @ Libor + 2%, secured by hypothecation of machinery and mortgage of immovable property. Repayable after three years from the date of availment)	6.853	0.000
Term loan from IDBI Bank Limited (interest @ base rate + 2.5%, secured by hypothecation of machineries and mortgage of immovable property. Repayable in 60 monthly installments starting from 1st April, 2012)	9.252	0.000
Term loan from HDFC Bank Limited (interest @ 11.25%, secured by hypothecation of Vehicles acquired out of the loan. Repayable in 36 monthly installments)	0.813	0.420
TERM LOAN FROM OTHERS Term loan from Tata Capital Limited (interest @ 12%, secured by hypothecation of vehicles acquired out of the loan. Repayable in 36 monthly installments)	1.522	3.278
Out of above loans : (Loans guaranteed by Managing Director Rs. 96.794 Millions Previous year Rs. 104.529 Millions
LOANS REPAYABLE ON DEMAND FROM BANKS Working Capital Loans repayable on demand (secured against hypothecation of stocks and book debts and mortgage of immovable property) Out of above loans : (Loans guaranteed by Managing Director Rs. 188.500 Millions Previous year Rs. 180.426 Millions)	188.500	180.426
Total	287.629	288.653

Banking Relations :	--
Auditors :
Name :	P G Bhagwat Chartered Accountant
Address :	Suite No. 101-102, “Orchard”, Dr. Pai Marg, Baner, Pune – 411 045, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.5/- each	Rs. 50.000 Millions
3000000	Preference Shares	Rs.10/- each	Rs. 30.000 Millions
	Total		Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3400000	Equity Shares	Rs.5/- each	Rs. 17.000 Millions

NOTES :

Reconciliation of number of equity shares outstanding at the beginning and at the end of the year

Number of shares outstanding as at the beginning of the year	3,400,000	3,400,000
Add:
Number of shares allotted as fully paid up bonus shares during the year	--	--
Number of shares allotted during the year as fully paid-up pursuant to a contract without payment being received in cash	--	--
Number of shares allotted to employees pursuant to ESOPs/ ESPs	--	--
Number of shares allotted for cash pursuant to public issue	--	--
Less:
Number of shares brought back during the year	--	--
Number of shares outstanding as at the end of the year	3,400,000	3,400,000

Rights of equity shareholders

The Company has only one class of equity shares, having par value of ` 5/- per share. Each holder of equity share is entitled for one vote per share and has a right to receive dividend as recommended by the Board of Directors, subject to the necessary approval from the shareholders. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Shares in the Company held by each shareholder holding more than 5% shares

Name of the shareholder	Number of shares held in the Company
	2012	2011
Suvina Engineers Private Ltd.	778,812	778,812
Kulkarni Power Tools Employees Welfare Trust	324,000	324,000

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		17.000	17.000	17.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		252.953	241.772	210.862
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		269.953	258.772	227.862
LOAN FUNDS
1] Secured Loans		287.629	288.653	284.678
2] Unsecured Loans		92.846	86.967	82.327
TOTAL BORROWING		380.475	375.620	367.005
DEFERRED TAX LIABILITIES		41.515	41.669	45.644
TOTAL		691.943	676.061	640.511
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		419.055	396.793	410.293
Capital work-in-progress		2.736	0.873	0.546
INVESTMENT		0.710	0.710	0.710
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	185.114	225.544	144.375
	Sundry Debtors	238.125	231.608	193.408
	Cash & Bank Balances	23.112	22.499	18.673
	Other Current Assets	7.191	3.278	0.364
	Loans & Advances	47.442	43.789	40.425
Total Current Assets		500.984	526.718	397.245
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	114.779	131.136	17.629
	Other Current Liabilities	98.242	88.700	131.557
	Provisions	18.521	29.197	19.097
Total Current Liabilities		231.542	249.033	168.283
Net Current Assets		269.442	277.685	228.962
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		691.943	676.061	640.511

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	904.863	888.222	652.319
		Other Income	1.907	0.980	5.946
		TOTAL (A)	906.770	889.202	658.265
Less	EXPENSES
		Cost of material and components consumed	396.013	477.925
		Purchase of stock-in-trade	91.189	31.698
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	22.508	(34.064)
		Employee benefit	80.769	74.932
		Exceptional items	13.185	(2.102)
		Other expenses	203.635	209.640
		TOTAL (B)	807.299	758.029	524.227
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		99.471	131.173	134.038
Less	FINANCIAL EXPENSES (D)		40.928	38.404	29.151
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		58.543	92.769	104.887
Less/ Add	DEPRECIATION/ AMORTISATION (F)		38.442	35.733	33.555
	PROFIT BEFORE TAX (E-F) (G)		20.101	57.036	71.332
Less	TAX (H)		6.451	18.222	25.145
	PROFIT AFTER TAX (G-H) (I)		13.650	38.814	46.187
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.746	24.835	16.577
Less	APPROPRIATIONS
		Transfer to General Reserve	7.000	30.000	6.800
		Dividend	2.125	6.800	1.129
		Tax on Dividend	0.345	1.103	30.000
	BALANCE CARRIED TO THE B/S		34.136	25.746	24.835
	EARNINGS IN FOREIGN CURRENCY		124.155	104.934	93.226
	IMPORTS
		Raw Materials, components and Spares	122.129	169.282	100.136
		Capital Goods	10.175	2.444	93.126
	TOTAL IMPORTS		132.304	171.726	193.262
	Earnings Per Share (Rs.)		4.00	11.42	13.58

Particulars	31.03.2013
Sales Turnover (Approximately)	950.000

Expected Sales (2013 – 2014) : Rs. 1200.000 Millions

The above information has been parted by Mr. Anil

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2012 1^st Quarter	30.09.2012 2^nd Quarter	31.12.2012 3ed Quarter
Audited / UnAudited
Net Sales	215.700	206.900	216.100
Total Expenditure	188.700	176.000	189.500
PBIDT (Excl OI)	27.000	30.900	26.600
Other Income	0.400	0.400	0.900
Operating Profit	27.400	31.300	27.500
Interest	10.400	10.000	10.100
Exceptional Items	(6.700)	3.200	(2.500)
PBDT	10.300	24.500	14.900
Depreciation	9.700	9.700	9.900
Profit Before Tax	0.600	14.800	5.000
Tax	(0.400)	3.200	2.600
Provision and Contingencies	0.000	0.000	0.000
Profit After Tax	1.000	11.600	2.400
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustment	0.000	0.000	0.000
Net Profit	1.000	11.600	2.400

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.50	4.36	7.02
Net Profit Margin (PBT/Sales)	(%)	2.22	4.37	10.93
Return on Total Assets (PBT/Total Assets}	(%)	2.18	6.17	8.83
Return on Investment (ROI) (PBT/Networth)		0.07	0.22	0.31
Debt Equity Ratio (Total Debt /Networth)		1.41	1.45	2.35
Current Ratio (Current Asset/Current Liability)		2.16	2.11	2.36

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN :

Particulars	As on 31.03.2012	As on 31.03.2011
Public Deposits	14.554	13.362
Interest Free Sales Tax Deferred Payment Liability Out of above: Liability of Rs.26.107 to be repaid in five yearly equal installments after 10 years from the year in which the Sales Tax is collected, starting from March, 2012 to March, 2022. Liability of Rs. 2.940 to be repaid in five yearly equal Installments of ` 588,000 after 10 years from March, 2018. Liability of Rs. 35.625 to be repaid in five yearly equal installments after 10 years from the year in which the Sales Tax is collected, starting from March, 2014 to March, 2023.	63.292	64.787
Loan from Finance Companies Out of above loans: (Loans guaranteed by Managing Director Rs. 4.500 Millions Previous Years Rs. 6.818 Millions)	15.000	8.818
Total	92.846	86.967

MANAGEMENT REVIEW :

The Indian economy has shown signs of uncertainty in the year mainly on account of inflationary pressure. The impact of adverse exchange rate added to the problems of the Indian companies. Unfortunately, the Company also has suffered due to these factors.

These factors have pressurized the Company to look inward and improve the systems across the Company. This process is continued. They believe that the Company will deliver good results in the coming year.

During the year, Industrial relations continued to be harmonious. The Company is following transparency and good corporate governance practices in all its operations.

The FOB value of exports during the year is ` 124.156 millions which was ` 104.935 millions in the previous year.

UNAUDITED STAND-ALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2012

(Rs. in Millions)

	Particulars	Quarter Ended		Nine Months Ended
		31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)
1.	Net Sales/Income from Operations	215.100	205.600	635.300
	Other operating income	1.000	1.300	3.500
	Total Income	216.100	206.900	638.800
2.	Expenditure
	Cost of materials consumed	83.900	111.400	313.500
	Purchase of stock in trade	20.200	35.000	79.700
	Changes in inventories of finished goods, work in progress and stock in trade	20.300	(38.700)	(41.400)
	Employee benefits expenses	21.200	22.500	64.100
	Depreciation and amortization expenses	9.900	9.700	29.300
	Other expenses	43.900	45.800	138.200
	Total Expenses	199.400	78.000	231.600
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	16.700	21.200	55.400
4.	Other Income	0.900	0.400	1.700
5.	Profit Before Interest and Exceptional Items (3+4)	17.600	21.600	57.100
6.	Interest	10.100	10.000	30.600
7.	Profit After Interest but before Exceptional Items (5-6)	7.500	11.600	26.500
8.	Exceptional Items	(2.500)	3.200	(6.100)
9.	Profit from Ordinary Activities before Tax (7+8)	5.000	14.800	20.400
10.	Tax Expense	2.600	3.200	5.400
11.	Net Profit from Ordinary Activities after Tax (9-10)	2.400	11.600	15.000
12.	Paid-up Equity Share Capital (Face Value of Re. 1/- Each)	17.000	17.000	17.000
13.	Reserves Excluding Revaluation Reserve
14.	EARNINGS PER SHARE (EPS)
	(a) Reserves excluding Revaluation Reserve as per Balance Sheet of previous Accounting Year	--	--	--
	(a) Basic and diluted EPS for the year to date & for the previous year (Not Annualized)	0.71	3.41	4.41
15.	Public Shareholding
	-Number of Shares	1910720	1910720	1910720
	- Percentage of Shareholding	56.20	56.20	56.20
16.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	1489280	1489280	1489280
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100	100	100
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	43.80	43..80	43.80

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

particulars	Quarter Ended On		Nine Months Ended
	31.12.2012 (Un - audited)	30.09.2012 (Un - audited)	31.12.2012 (Un - audited)
1. Segment Revenue
a) Power Tools	184.400	171.700	544.100
b) Blowers	30.100	28.600	80.100
c) Windmills	0.600	5.300	11.100
Total	215.100	205.600	635.300
Less: Inter Segment Revenue
Net Sales / Income from Operation
2. Segment Results -Profit /(Loss) before tax and interest from each segment
a) Power Tools	184.400	171.700	544.100
b) Blowers	184.400	171.700	544.100
c) Windmills	184.400	171.700	544.100
Total	22.400	24.900	68.900
I) Interest	10.100	10.000	30.600
II) Other un-allocable expenditure net of un- allocable income	4.800	3.300	11.800
Profit Before Exceptional Item	7.500	11.600	26.500
Exceptional Item-Foreign Exchange gain/(Loss)	(2.500)	3.200	(6.100)
Profit Before Tax	5.000	14.800	20.400
3. Capital Employed (Segment Assets -Segment Liabilities)
a) Power Tools	567.500	576.700	567.500
b) Blowers	87.700	85.700	87.700
c) Windmills	62.800	67.500	62.800
d) Unallocated assets less liabilities	44.800	50.900	44.800
Total	762.800	780.800	762.800

Notes:

1. These results were approved and taken on record by the Board of Directors at their meeting held on 11th February, 2012.

2. During the quarter, no investor complaint was received. There was no complaint pending for redressal at the beginning / end of the quarter.

3. Exceptional item represents foreign exchange gain / (loss) worked out on mark to market valuation basis.

4. The Limited Review of the financial results for the quarter ended 31st December, 2012 pursuant to clause 41 of the Listing Agreement, has been carried out by the Statutory Auditors.

5. Figures for previous year / period have been regrouped where necessary

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. 54.77
UK Pound	1	Rs. 83.33
Euro	1	Rs. 70.46

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.