MIRA INFORM REPORT

Report Date :

24.05.2013

IDENTIFICATION DETAILS

Name :	KIRLOSKAR PNEUMATIC COMPANY LIMITED
Registered Office :	Hadapsar Industrial Estate, Pune – 411 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.11.1974
Com. Reg. No.:	11-110307
Capital Investment / Paid-up Capital :	Rs.128.443 Millions
CIN No.: [Company Identification No.]	L29120PN1974PLC110307
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Pneumatic Systems viz. compressed air, air conditioning, refrigeration and hydraulic power transmission equipment.
No. of Employees :	900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

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 9100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a Kirloskar Group Company. It is a well established and a reputed company having fine track record. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AA (Long Term Rating)
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation it carry very low credit risk.
Date	14.03.2013

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 has been found enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

ENTITY	PERSON	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
Kirloskar Pneumatic Company Limited	--	EPFO	Exempted and unexempted establishments defaulted with EPFO including provident fund, pension and edli contribution, administration charges and penal damages of Rs.1.899 Millions	among other actions, names of defaulters put on the epfo website 31-mar-2012	--

INFORMATION PARTED BY

Name :	Mr. Trunesh Gujar
Designation :	Senior officer in Secretarial Department
Contact No.:	91-20-26727000
Date :	22.05.2013

LOCATIONS

Registered Office :	Hadapsar Industrial Estate, Pune 411013, Maharashtra, India
Tel. No.:	91-20-26727000/ 6870133/ 6870341
Fax No.:	91-20-26870297 / 634
E-Mail :	Sec@Kpcl.Net kpcl@kpcl.net
Website :	http://www.kirloskarkpcl.com
Plant locations:	Hadapsar Industrial Estate, Pune 411013, Maharashtra, India Saswad, Purandar, Pune, Maharashtra, India

DIRECTORS

As on : 31.03.2012

Name :	Mr. Sanjay C. Kirloskar
Designation :	Chairman
Name:	Mr.D.R.Swar
Designation:	Director
Date of appointment:	25.04.2009
Name:	Mr. Atul C. Kirloskar
Designation:	Director
Name:	Mr. Rahul C. Kirloskar
Designation:	Executive Chairman (w.e.f. January 23,2012)
Experience:	15 Years
Name:	Mr. Vikram S. Kirloskar
Designation:	Director
Qualification:	Bachelor of Science in Mechanical Engineering
Name:	Mr. J. Y. Tekawade
Designation:	Director
Name:	Mr. A. C. Mukherji
Designation:	Director
Name:	Mr. P. S. Jawadekar
Designation:	Director
Name:	Mr. G. Krishna Rao
Designation:	Director ( Nominee GIC)
Name:	Mr. Aditya Kowshik
Designation:	Managing Director
Date of appointment:	24.10.2008
Name:	Mr. Sunil Shah Singh
Designation:	Director

KEY EXECUTIVES

Name :	Mr. Jitendra R. Shah
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on: 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	537157	4.18
Bodies Corporate	7584323	59.05
Sub Total	8121480	63.23
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	8121480	63.23
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2235588	17.41
Financial Institutions / Banks	946	0.01
Insurance Companies	71064	0.55
Sub Total	2307598	17.97
(2) Non-Institutions
Bodies Corporate	885496	6.89
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1269098	9.88
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	233125	1.82
Any Others (Specify)	27541	0.21
Clearing Members	4569	0.04
Non Resident Indians	22968	0.18
Trusts	4	0.00
Sub Total	2415260	18.80
Total Public shareholding (B)	4722858	36.77
Total (A)+(B)	12844338	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	12844338	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares	Percentage of Holding
1	Kirloskar Brothers Investments Limited	69,94,176	54.45
2	Kirloskar Industries Limited	5,88,222	4.58
3	Gautam Achyut Kulkarni	1,35,522	1.06
4	Rahul C Kirloskar	1,15,309	0.90
5	Atul C Kirloskar	1,14,330	0.89
6	Alpana Rahul Kirloskar	93,754	0.73
7	Arti Atul Kirloskar	40,000	0.31
8	Jyotsna Gautam Kulkarni	25,125	0.20
9	Alika Rahul Kirloskar	12,152	0.09
10	Cees Investments and Consultants Private Limited	1,350	0.01
11	Alpana Rahul Kirloskar	537	0.00
12	Hematic Motors Private Limited	425	0.00
13	Rahul C Kirloskar	270	0.00
14	Rama Sanjay Kirloskar	125	0.00
15	Alpak Investments Private Limited	50	0.00
16	Navsai Investments Private Limited	50	0.00
17	Achyut and Neeta Holdings and Finance Private Limited	50	0.00
18	Gauri Atul Kirloskar	33	0.00
	Total	81,21,480	63.23

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares	Percentage of Holding
1	Reliance Capital Trustee Capital Limited A/c Reliance Diversified Power Sector Fund and Reliance Small Cap Fund	1122320	8.74
2	HDFC Trustee Company Limited A/c HDFC Tax Saver Fund and HDFC Indes Fund Sensex Plus Plan	638706	4.97
3	Sudarshan Securities Private Limited	399091	3.11
4	IDFC Sterling Equit Fund	400557	3.12
5	Reliance Capital Limited	145000	1.13
	Total	2705674	21.07

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares	Percentage of Holding
1	Reliance Capital Trustee Capital Limited A/c Reliance Diversified Power Sector Fund and Reliance Small Cap Fund	1122320	8.74
	Total	1122320	8.74

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pneumatic Systems viz. compressed air, air conditioning, refrigeration and hydraulic power transmission equipment.
Exports :
Products :	Pneumatic Systems viz. compressed air, air conditioning, refrigeration and hydraulic power transmission equipment.
Countries :	UAE Gulf Country Dubai Middle East Europe Asian Country
Imports :
Products :	Raw Material
Countries :	USA China Taiwan Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Compressors	Nos	9,846	5,854	2,514
Transmission Equipment and Gear Boxes	Nos	4,300	210	210

* Note : Installed Capacity

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 of subcontracting facilities , it is not ascertainable for the Company to indicate the exact installed capacity . The Company has, however, indicated the installed capacity on the basis of year ‘s Products Mix as certified by the Executive Director of company and being a technical matter , accepted by the Auditors as correct.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

900 (Approximately)

Bankers :

• Bank of India
• Bank of Maharashtra
• State Bank of India
• Union Bank of India
• ICICI Bank Limited
• HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term Loan from Bank	62.549	123.255
Total	62.549	123.255
(a) External Commercial Borrowing of US$ 5,500,000 from Bank of India, UK, is secured by hypothication of Plant and Machinery amounting to Rs.402.854 Millions purchased out of the said loan. (b) Terms of repayment - Eight equal half yearly installments w.e.f June 2010

Banking Relations :	--
Auditors :
Name :	P. G. Bhagwat Chartered Accountants
Address :	Pune, Maharashtra, India
Holding Company :	Kirloskar Brothers Investments Limited
Fellow Subsidiary :	Kirloskar Oil Engines Limited
Subsidiary Company :	Kirloskar Road Railer Limited
Associate Company :	Kirloskar Chilliers Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12844338	Equity Shares	Rs.10/- each	Rs.128.443 Millions

Share Holding Details :	Nos.
Shareholder holding more than 5%
Kirloskar Brothers Investments Limited (Holding Company w.e.f. 20th May 2011)	6,784,884
Reliance Capital Trustee Company Limited A/c Reliance Diversified Power Sector Fund	911,674

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		128.443	128.443	128.443
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2168.978	1739.123	1479.668
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2297.421	1867.566	1608.111
LOAN FUNDS
1] Secured Loans		62.549	123.255	299.040
2] Unsecured Loans		0.000	0.000	1.480
TOTAL BORROWING		62.549	123.255	300.520
DEFERRED TAX LIABILITIES		4.274	15.703	20.600
TOTAL		2364.244	2006.524	1929.231
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		905.852	847.821	724.097
Capital work-in-progress		20.424	43.915	39.763
INVESTMENT		1030.713	608.606	272.186
DEFERREX TAX ASSETS		0.000	0.000	28.617
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	821.739	824.221	741.598
	Sundry Debtors	1350.412	1437.381	1395.659
	Cash & Bank Balances	251.346	274.224	259.790
	Other Current Assets	322.384	237.036	0.000
	Loans & Advances	129.226	299.990	476.500
Total Current Assets		2875.107	3072.852	2873.547
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1077.945	1012.951	730.386
	Other Current Liabilities	875.283	1105.411	851.957
	Provisions	514.624	448.308	426.636
Total Current Liabilities		2467.852	2566.670	2008.979
Net Current Assets		407.255	506.182	864.568
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2364.244	2006.524	1929.231

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	6666.141	4917.315	4532.796
		Other Income	135.609	97.675	99.706
		TOTAL (A)	6801.750	5014.990	4632.502
Less	EXPENSES
		Cost of Materials Consumed	3716.010	2785.601	3858.115
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	202.677	(62.415)
		Employee Benefits Expenses	705.085	612.174
		Other Expenses	1160.742	888.936
		TOTAL (B)	5784.514	4224.296	3858.115
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1017.236	790.694	774.387
Less	FINANCIAL EXPENSES (D)		11.947	18.952	18.597
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1005.289	771.852	755.790
Less/ Add	DEPRECIATION/ AMORTISATION (F)		120.572	117.512	73.507
	PROFIT BEFORE TAX (E-F) (G)		884.717	654.230	682.283
Less	TAX (H)		265.572	215.103	206.575
	PROFIT AFTER TAX (G-H) (I)		619.145	439.127	475.708
Less	TAX ADJUSTMENTS IN RESPECT OF EARLIER YEARS (NET)		0.000	0.000	3.403
	EXPENSES IN RESPECT OF PREVIOUS YEARS		0.000	0.000	(0.066)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		177.123	167.131	168.404
Less	APPROPRIATIONS
		Transfer to General Reserve	400.000	250.000	300.000
		Dividend	154.132	154.132	154.132
		Tax on Dividend	25.004	25.004	26.187
	BALANCE CARRIED TO THE B/S		217.132	177.123	167.131
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	318.534	129.268	172.851
		Dividend Received	0.315	0.395	0.000
	TOTAL EARNINGS		318.849	129.663	172.851
	IMPORTS
		Raw Materials	910.337	468.880	486.137
		Stores & Spares	23.286	16.919	0.000
		Capital Goods	0.000	41.070	82.435
	TOTAL IMPORTS		933.623	526.869	568.572
	Earnings Per Share (Rs.)		48.20	34.19	37.29

Particulars	31.03.2013
Sales Turnover (Approximately)	5640.000
	Due to Recession

Expected Sales (2013-14) : Rs.7000.000 Millions

The above information has been parted by Mr. Trunesh Gujar.

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	1492.400	1337.000	1217.900	1495.600
Total Expenditure	1268.900	1167.100	1064.700	1287.500
PBIDT (Excl OI)	223.500	169.900	153.200	208.100
Other Income	19.200	17.900	14.900	29.000
Operating Profit	242.700	187.800	168.100	237.100
Interest	2.500	3.900	4.400	2.300
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	240.200	183.900	163.700	234.800
Depreciation	30.500	1.500	33.700	19.200
Profit Before Tax	209.700	152.400	130.000	215.600
Tax	65.300	43.800	51.100	76.600
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	144.400	108.600	78.900	139.000
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	144.400	108.600	78.900	139.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.10	8.76	10.26
Net Profit Margin (PBT/Sales)	(%)	13.27	13.30	15.05
Return on Total Assets (PBT/Total Assets}	(%)	23.40	16.69	13.22
Return on Investment (ROI) (PBT/Networth)		0.39	0.35	0.42
Debt Equity Ratio (Total Debt /Networth)		0.03	0.07	0.19
Current Ratio (Current Asset/Current Liability)		1.17	1.20	1.43

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Other Trade Payables	1077.945	1012.951	730.386
Total	1077.945	1012.951	730.386

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

OPERATIONS:

A net sale of Rs.6666.141 Millions was achieved during the year as against Rs. 4917.315 Million in last year. This 36% increase in revenue growth over the previous year has also contributed to a Profit Before Tax growth of Rs. 231.000 Millions.

The revenue of Compression Segment grew by Rs. 1428.000 Millions to Rs. 5781.000 Millions and growth in all product segments and dominance in all are as continued.

As committed to you last year the revamp of Transmission Division Operations has resulted in a great increase from Rs. 565 Millions to Rs. 885 Millions and has become operationally profitable.

They successfully delivered their largest Centrifugal Compressor based Refrigeration System for the first Coal Gasification Plant in India.

Export grew from Rs. 129.000 Millions to Rs. 319.000 Millions over the previous year.

Future plan of Action:

• Extend design of centrifugal compressor to cove complete market requirements.

• Create own technology for oil free screw compressors.

• Integrated packages of electrical oil injected screw compressors.

• Design and Development of new two stage Refrigeration Compressors (Air cooled series).

• Design and Development of new combinations in CNG compressors.

• Design and Development of KRCD SERIES - Vapour Absorption Chiller (Direct fired).

• Manufacture of CNG Compressors.

• Design of refrigeration system with Centrifugal Compressor (compliant to API 617).

• Development of MW Class Wind Turbine Gearboxes for various customers.

• Prototype development of High Speed Gearbox.

INDUSTRY STRUCTURE AND DEVELOPMENT

Notwithstanding the recessionary trend in the Market the Company has ended the year with the healthy growth.

BUSINESS SEGMENTS (SEGMENT-WISE PERFORMANCE)

The Company has two major business segments viz. Compression Systems and Transmission Products.

TRANSMISSION PRODUCTS

Transmission Products are manufactured at Hadapsar, Pune. Addressed markets are for Railways, Wind Power, Marine and Industrial Gearboxes.

PERFORMANCE

During the year, the turnover of Compression Systems Segment, was Rs.5781.000 Millions, (previous year Rs.4352.000 Millions) The turnover of Transmission Products Segment was Rs.885.000 Millions, (previous year Rs.565.000 Millions).

OUTLOOK

The Company is focused on

1) Oil and Gas

2) Food

3) Power

4) Railways

5) Marine

In the current year considering the increase in business of Air Conditioning and Refrigeration Division, they propose to increase existing compressor manufacturing capacity by setting up an Environment friendly world class manufacturing facility at Saswad.

In the second quarter of the current year, the manufacturing of the Road Railer will commence at their Plant in Nasik.

CONTINGENT LIABILITIES AS ON 31.03.2012

(Rs. in Millions)

Contingent Liabilities not provided for in respect of :	31.03.2012	31.03.2011
Claims against the Company not acknowledged as Debts, estimated at	305.227	278.648
Income Tax Matters under Dispute	0.712	0.712
Disputed Central Excise Matters	2.395	3.971
Disputed Sales Tax Demands	1.157	1.157
Guarantees given by Company to Customers for the contracts undertaken in usual course of business	3.419	2.458

Claim for US $ 10 million has been filed against the Company in the International Court of Arbitration. The Arbitration proceedings have been stayed by the Honorable High Court of Delhi. The Special Leave Petition filed by the plaintiff against the Order of High Court has been dismissed by the Honorable Supreme Court. Further the Honorable High Court of Delhi has transferred the matter to District Courts, Tis Hazari, Delhi on the grounds of pecuniary jurisdiction. Company has obtained an opinion from Senior Counsel stating that claim made by the plaintiff is not tenable.

STATEMENT OF STANDALONE AUDITED RESULTS FOR THE QUARTER AND FINANCIAL YEAR ENDED MARCH 31, 2013

(Rs. in Millions)

Sr.No.	Particulars	31.03.2013	31.12.2012	31.03.2013
		Audited	Unaudited	Audited
1	Income From Operations
	a Net Sales / Income from operations (Net of excise duty)	1475.700	1209.200	6488.100
	b Other Operating Income	19.900	8.700	54.900
	Total Income from operations (net)	1495.600	1217.900	6543.000
2	Expenses
	a Cost of material consumed .	964.100	559.900	2967.900
	b Changes in Inventories of finished goods. work in progress & stock in trade	(159.900)	49.000	(121.300)
	c Employee benefit expense	202.800	200.000	802.800
	d Depreciation and amortisation expense	19.200	33.700	114.900
	e Other Expenses	280.500	255.800	1138.900
	Total expenses	1306.700	1099.400	4903.200
3	Profit(Loss) from Operations before Other Income .finance cost & exceptional Items	196.900	119.500	639.800
4	Other Income	29.000	14.900	81.000
5	Profit(Loss) from ordinary activities before finance cost & exceptional Items	217.900	134.400	720.800
6	Finance cost	2.300	4.400	13.100
7	Profit/(Loss) from ordinary activities after finance cost but before exceptional items	216.600	130.000	707.700
8	Exceptional Hems	-	-	-
g	Profit from ordinary activities before tax	216.600	130.000	707.700
10	Tax expense	76.800	51.100	236.800
11	Net Profit from ordinary activities after tax	139.000	78.900	470.900
12	Share In Profits of Associate Company'	-	-	-
13	Net Profit after taxes & share of Profit of Asso.	139.000	78.900	470.900
14	Paid up Equity Share Capital (Face Value of Rs. 10V- each)	128.400	128.400	128.400
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year			2459.600
16	Earning per share basic and diluted (Rs.)	10.83	8.14	36.67

A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	Number of Shares	4,722,858	4,723,283	4,722,858
	Percentage of Shareholding	35.77%	36.77%	36.77%
2	Promoter* Promoter Group Share holding
	a Pledged / Encumbered
	Number of Shares	-	-	-
	Percentage of shares {as a % of the total shareholding of promoter and promoter group)
	Percentage of shares (as a % of the total share capital of the company)
	b Non Encumbered
	Number of Shares	8,121,480	8,121,055	8,121,480
	Percentage of shares (as a % of the total shareholding ot promoter and promoter group)	100-00%	100.00%	100.00%
	Percentage of shares (as a % of the total share capital of the company)	63.23%	63.23%	63.23%

	Particulars	3 Months ended 31.03.2013
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	Nil
	Received during the quarter	1
	Disposed of during the quarter	1
	Remaining unresolved at the end of the quarter	Nil

SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED, AS PER CLAUSE 41 OF THE LISTING AGREEMENT

(Rs. in Millions)

		Quarter Ended		Year Ended
Sr. No.	Particulars	31.03.2013	31.12.2013	31.03.2013
		Audited	Unaudited	Audited
	Segment Revenue
	a Compression Systems	1181.300	962.500	4483.600
	b Transmission Products	294.400	246.700	1004.500
	TOTAL	1475.700	1209.200	5488.100
	Less : Inter Segment revenue	-
	Net Sales/ Income from operations	1475.700	1209.200	5488.100
2	Segment Results
	Profit/(Loss) before tax and
	interest from each segment
	a Compression Systems	229.700	189.800	883.200
	b Transmission Products	36.000	21.700	100.500
	TOTAL	265.700	I 211.500	983.700
	Less: i. Interest	2.300	4.400	13.100
	ii. Other unallocable expenditure net off unallocable income	47.800	77.100	262.900
	Total Profit/(Loss) Before Tax	215.600	130.000	707.700
3	Capital Employed (Segment Assets - Segment Liabilities)
	a ComDression Systems	746.700	514.000	746.700
	b Transmission Products	525.000	433.100	525.000
	TOTAL Capital employed in segments	1271.700	947.100	1271.700
	Add : Unallocable corporate assets Net of Liabilities	1317.400	1683.700	1317.400
	Total Capital employed in the Company	2589.100	2630.800	2589.100

Notes

1 Dividend received during the year from the Associate Company has been excluded from other income in the consolidated results for the quarter & year ended on 31st March, 2013 consequent to recognizing share in profits of the Associate Company in the consolidated results for the first time. Consolidated results are therefore not comparable with that of the previous year. |

2 The above Results have been reviewed and recommended by the Audit Committee & approved by the Board of Directors at its Meeting held on 24th April, 2013.

3 The figures for the quarter ended March 31, 2013 are the balancing figures between the audited figures in respect of the full financial year ended March 31,2013 and the published year to date figures up to the third quarter ended December 31,2012.

4 Previous periods' figures are regrouped, wherever necessary to make them comparable with those of the current year.

5 The Board is pleased to recommend dividend @120% (Rs.12/-pershare)

6 The Promoters' holding as on 31st March, 2012 does not include 1,01,000 (0.79%) equity shares of the Company acquired by Kirloskar Brothers Investments Limited on 30th March, 2012 which were credited to their demat account after 31st March, 2012.

STANDALONE AND CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2013

(Rs. in Millions)

Sr. No.	Particulars	As at 31.03. 2013
A	EQUITY AND LIABILITIES
1	Shareholders Funds
	a) Share Capital	128.400
	b) Reserves and Surplus	2459.600
	c) Money received against snare warrants
	Sub-total - Shareholders' funds	2588.000
2	Share application money pending allotment
3	Non-current liabilities
	a) Long-term borrowings	-
	b) Deferred Tax Liabilities (net)	1.100
	c) Other long-term liabilities	11.000
	d) Long-term provisions	38.400
	Sub-total - Non-current liabilities	50.500
4	Current liabilities
	a) Short-term borrowings	-
	b) Trade payable	852.200
	c) Other current liabilities	891.100
	d) Short-tem provisions	429.100
	Sub-total - Current liabilities	2172.400
	TOTAL - EQUITY AND LIABILITIES	4810.900
B	ASSETS
1	Non-current assets
	a) Fixed Assets	1041.500
	b) Non-current investments	79.600
	c) Long-tern loans and advances d) Other non-current assets	61314.100
	Sub-total - Non-current assets	1196.500
	Current assets
	a) Current investments	1050.000
	b) Inventories	723.900
	c) Trade receivables	13,20.700
	d) Cash and cash equivalents	158.800
	e) Short-term loans and advances	87.700
	f) Other current assets	273.300
	Sub-total - current assets	3614.400
	TOTAL - ASSETS	4810.900

FIXED ASSETS:

• Land
• Building
• Water Tanks and Pipelines
• Plant and Machinery (Including Equipments)
• Electrical Installations
• Furniture and Fixture
• Vehicles
• Leased Assets (Plant and Machinery)

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.55.99
UK Pound	1	Rs.84.19
Euro	1	Rs.71.86

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	RAJ

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	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	YES
TOTAL		63

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.