MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	THE INDURE PRIVATE LIMITED
Registered Office :	Indure House Greater Kailash-II, New Delhi – 110048
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.04.1970
Com. Reg. No.:	55-005272
Capital Investment / Paid-up Capital :	Rs. 48.000 Millions
CIN No.: [Company Identification No.]	U74899DL1970PTC005272
TAN No.: [Tax Deduction & Collection Account No.]	DELI00216G
PAN No.: [Permanent Account No.]	AAACT0121C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of ‘Ash Handling Systems’ for Thermal Power Projects.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 5300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term loans : BBB-
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	August 2012

Rating Agency Name	ICRA
Rating	Short term non fund based limit : A3
Rating Explanation	Moderate degree of safety it carry higher credit risk.
Date	August 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.

LOCATIONS

Registered/ Head Office :	Indure House Greater Kailash-II, New Delhi – 110048, India
Tel. No.:	91-11-41891400/ 29213762/ 26453761
Fax No.:	91-11-29218393/ 29219566/ 26469566
E-Mail :	info@deseinindure.com
Website :	http://www.desein.com
Factory 1 :	45/1, New Industrial Area, Site No. 4, Sahibabad, Uttar Pradesh, India
Tel. No.:	91-120-2896668-74
Fax No.:	91-120-2896667
Factory 2 :	Plot No. 14, Sikandrabad Industrial Area, Sikandrabad, Uttar Pradesh, India
Branch Offices :	Located at: · Hyderabad Kolkata Vadodara Mumbai Bangalore

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Narendra Prakash Gupta

Designation :

Managing director

Address :

W – 20, Greater Kailash – II, New Delhi – 110048, India

Date of Appointment :

01.04.2004

PAN No.:

AAVPG9979J

DIN No.:

00455587

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1970PTC005474	DESEIN PRIVATE LIMITED	Managing director	24/12/1970	24/12/1970	-	Active	NO
2	U74899DL1971PTC005882	THE INDMAC (INDIA) PRIVATE LIMITED	Director	02/12/1971	02/12/1971	-	Active	NO
3	U74899DL1980PTC010926	DESEIN B-VI PRIVATE LIMITED	Director	08/10/1980	08/10/1980	-	Strike off	NO
4	U73100DL1982PTC013716	OPG COMPUTER AIDED DESIGN PRIVATE LIMITED	Director	22/05/1982	22/05/1982	-	Active	NO
5	U74899DL1986PTC025014	DESEIN SNC PRIVATE LIMITED	Director	05/08/1986	05/08/1986	-	Strike off	NO
6	U74899DL1989PTC035314	INDURE LOUISE PRIVATE LIMITED	Director	02/03/1989	02/03/1989	-	Active	NO
7	U74899DL1989PTC035312	INDURE FABRICATION AND SERVICES PRIVATE LIMITED	Director	02/03/1989	02/03/1989	-	Active	NO
8	U74899DL1994PTC057610	INDIA POWER PARTNERS PRIVATE LIMITED	Director	28/02/1994	28/02/1994	-	Active	NO
9	U74899DL1995PTC073211	MANDYA POWER PARTNERS PRIVATE LIMITED	Director	16/10/1995	16/10/1995	-	Active	NO
10	U74899DL1994PLC063511	ORISSA POWER PARTNERS LIMITED	Director	15/11/1995	15/11/1995	-	Strike off	NO
11	U74899DL1996PTC084147	ALBATROSS TRAVELS PRIVATE LIMITED	Director	31/12/1996	31/12/1996	-	Active	NO
12	U72900DL2000PTC105167	DESEIN DOT VENTURES PRIVATE LIMITED	Director	11/04/2000	11/04/2000	-	Active	NO
13	U74899DL2001PTC109073	DESEIN INTERNATIONAL PRIVATE LIMITED	Director	04/01/2001	04/01/2001	-	Active	NO
14	U40101DL2001PTC111863	ENERGEN INDIA PRIVATE LIMITED	Director	31/07/2001	31/07/2001	-	Active	NO
15	U74899DL1970PTC005272	THE INDURE PRIVATE LIMITED	Managing director	01/04/2004	01/04/2004	-	Active	NO
16	U74999DL2005PTC135351	BIKANER POWER PARTNERS PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
17	U55101DL2001PTC112151	HOTEL QUEEN ROAD PRIVATE LIMITED	Director	04/07/2005	04/07/2005	15/01/2009	Active	NO
18	U40200DL2011PTC221441	MONTEALTO INDURE ENERGY PRIVATE LIMITED	Director	24/06/2011	24/06/2011	-	Active	NO

Name :

Mr. Anant Gupta

Designation :

Managing director

Address :

W – 20, Greater Kailash – II, New Delhi – 110048, India

Date of Appointment :

15.10.2009

PAN No.:

AADPG2028B

DIN No.:

00455983

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1970PTC005272	THE INDURE PRIVATE LIMITED	Managing director	15/10/2009	31/03/1994	Active	NO
2	U74899DL1970PTC005474	DESEIN PRIVATE LIMITED	Director	01/04/1994	01/04/1994	Active	NO
3	U74899DL1989PTC035312	INDURE FABRICATION AND SERVICES PRIVATE LIMITED	Director	04/05/1994	04/05/1994	Active	NO
4	U73100DL1982PTC013716	OPG COMPUTER AIDED DESIGN PRIVATE LIMITED	Director	31/08/1994	31/08/1994	Active	NO
5	U74899DL1984PTC018780	DESIEN BEIZ TECHNIK PRIVATE LIMITED	Director	11/03/1995	11/03/1995	Active	NO
6	U74899DL1980PTC014208	ENERGY ENGINEERS PRIVATE LIMITED	Director	12/05/1995	12/05/1995	Active	NO
7	U74899DL1996PTC084147	ALBATROSS TRAVELS PRIVATE LIMITED	Director	31/12/1996	31/12/1996	Active	NO
8	U74899DL1989PTC035314	INDURE LOUISE PRIVATE LIMITED	Director	01/09/1997	01/09/1997	Active	NO
9	U74899DL1980PTC010926	DESEIN B-VI PRIVATE LIMITED	Director	06/04/1998	06/04/1998	Strike off	NO
10	U74899DL1995PTC073211	MANDYA POWER PARTNERS PRIVATE LIMITED	Director	06/04/1998	06/04/1998	Active	NO
11	U74899DL1994PTC057610	INDIA POWER PARTNERS PRIVATE LIMITED	Director	06/04/1998	06/04/1998	Active	NO
12	U74899DL1994PLC063511	ORISSA POWER PARTNERS LIMITED	Director	06/04/1998	06/04/1998	Strike off	NO
13	U72900DL2000PTC105167	DESEIN DOT VENTURES PRIVATE LIMITED	Director	11/04/2000	11/04/2000	Active	NO
14	U74899DL2001PTC109073	DESEIN INTERNATIONAL PRIVATE LIMITED	Director	04/01/2001	04/01/2001	Active	NO
15	U40101DL2001PTC111863	ENERGEN INDIA PRIVATE LIMITED	Director	31/07/2001	31/07/2001	Active	NO
16	U74999DL2005PTC135351	BIKANER POWER PARTNERS PRIVATE LIMITED	Director	25/04/2005	25/04/2005	Active	NO
17	U74899DL1986PTC025014	DESEIN SNC PRIVATE LIMITED	Director	01/04/2006	01/04/2006	Strike off	NO
18	U74899DL1982PTC013875	SOPHOS ENGINEERING PRIVATE LIMITED	Director	21/09/2006	21/09/2006	Active	NO
19	U40200DL2011PTC221441	MONTEALTO INDURE ENERGY PRIVATE LIMITED	Director	24/06/2011	24/06/2011	Active	NO

Name :

Ms. Nidhi Gupta

Designation :

Director

Address :

W – 20, Greater Kailash – II, New Delhi – 110048, India

Date of Appointment :

19.02.2001

PAN No.:

AEAPG8105J

DIN No.:

00456103

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1982PTC013875	SOPHOS ENGINEERING PRIVATE LIMITED	Director	20/07/1996	20/07/1996	Active	NO
2	U74899DL2001PTC109073	DESEIN INTERNATIONAL PRIVATE LIMITED	Director	04/01/2001	04/01/2001	Active	NO
3	U74899DL1970PTC005272	THE INDURE PRIVATE LIMITED	Director	19/02/2001	19/02/2001	Active	NO
4	U74899DL1971PTC005882	THE INDMAC (INDIA) PRIVATE LIMITED	Director	28/05/2001	28/05/2001	Active	NO
5	U74899DL1970PTC005474	DESEIN PRIVATE LIMITED	Director	19/12/2001	19/12/2001	Active	NO
6	U72900DL2000PTC105167	DESEIN DOT VENTURES PRIVATE LIMITED	Director	21/07/2004	21/07/2004	Active	NO
7	U74899DL1980PTC014208	ENERGY ENGINEERS PRIVATE LIMITED	Director	17/09/2009	17/09/2009	Active	NO
8	U74899DL1984PTC018780	DESIEN BEIZ TECHNIK PRIVATE LIMITED	Director	17/09/2009	17/09/2009	Active	NO

Name :

Mrs. Bhavna Gupta

Designation :

Director

Address :

W – 20, Greater Kailash – II, New Delhi – 110048, India

Date of Appointment :

01.03.2003

PAN No.:

AAHPG3232D

DIN No.:

01484132

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51311DL1998PTC093200	LA BRALLENTINE EXPORTS PRIVATE LIMITED	Director	07/04/1998	07/04/1998	Active	YES
2	U73100DL1982PTC013716	OPG COMPUTER AIDED DESIGN PRIVATE LIMITED	Managing director	30/01/2001	30/01/2001	Active	NO
3	U74899DL1996PTC084147	ALBATROSS TRAVELS PRIVATE LIMITED	Director	30/03/2001	30/03/2001	Active	NO
4	U74899DL1970PTC005272	THE INDURE PRIVATE LIMITED	Director	01/03/2003	01/03/2003	Active	NO

Name :

Mr. Chander Gupta

Designation :

Director

Address :

874, Pocket B&C, Sector-A, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

43 Years

Qualification :

B. A.

Experience :

17 Years

Date of Appointment :

30.09.2010

PAN No.:

AAAPG1753G

DIN No.:

00497837

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1970PTC005474	DESEIN PRIVATE LIMITED	Director	30/09/2010	02/12/2008	Active	NO
2	U74899DL1970PTC005272	THE INDURE PRIVATE LIMITED	Director	30/09/2010	02/12/2008	Active	NO
3	U74899DL1989PLC037969	SUPREME ALLOYS LIMITED	Director	30/04/2011	05/04/2011	Active	NO

Name :

Mr. Atul Kumar Garg

Designation :

Director

Address :

C-21, Ashoka Enclave Phase-Ii, Ground Floor, Sector-37, Faridabad, Haryana, India

Date of Birth/Age :

69 Years

Qualification :

M. Tech.

Experience :

47 Years

Date of Appointment :

16.03.2002

PAN No.:

ACTPG0284H

DIN No.:

00497260

Name :

Mr. Anil Gulati

Designation :

Director

Address :

D-76, Kalkaji, New Delhi – 110019, India

Date of Appointment :

10.03.2011

PAN No.:

AAHPG0877E

DIN No.:

01618557

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140WB1994PTC064808	MPA FINANCIAL SERVICES PRIVATE LIMITED	Director	01/10/2003	01/10/2003	03/12/2007	Active	NO
2	U27310TN2007PLC062823	SBQ STEELS LIMITED	Additional director	01/04/2010	01/04/2010	22/04/2010	Active	NO
3	U74899DL1970PTC005272	THE INDURE PRIVATE LIMITED	Director	10/03/2011	10/03/2011	-	Active	NO

Name :

Mr. Eric James Oakes

Designation :

Director

Address :

1 Olde Forge Lane Hampton, New Jersey 08827, USA

Date of Appointment :

26.05.2010

DIN No.:

03093329

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1970PTC005474	DESEIN PRIVATE LIMITED	Director	26/05/2010	26/05/2010	Active	NO
2	U74899DL1970PTC005272	THE INDURE PRIVATE LIMITED	Director	26/05/2010	26/05/2010	Active	NO

Name :

Mr. Krishna Kumar Pillai

Designation :

Director

Address :

Frejs Vaeg 4 Finspong 61234 Sweden

Date of Appointment :

30.06.2010

DIN No.:

03136224

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1970PTC005474	DESEIN PRIVATE LIMITED	Director	30/06/2010	30/06/2010	Active	NO
2	U74899DL1970PTC005272	THE INDURE PRIVATE LIMITED	Director	30/06/2010	30/06/2010	Active	NO

Name :

Mr. Naga Sai Yelkur

Designation :

Additional director

Address :

Flat No. 630, Gaur Galaxy, Plot No. 5, Sector – 5, Vaishali, Ghaziabad – 201010, Uttar Pradesh, India

Date of Birth/Age :

29.04.1954

Date of Appointment :

25.04.2012

DIN No.:

05273807

Name :

Mr. Shan Singh

Designation :

Additional director

Address :

564, Abhinav Apartment, B-12, Vasundhara Enclave, Delhi – 110096, India

Date of Birth/Age :

05.02.1949

Date of Appointment :

25.04.2012

DIN No.:

05273845

Name :

Kamal Bhasin

Designation :

Director

Address :

J-1234, Palam Vihar, Gurgaon - 122001, Haryana, India

Date of Birth/Age :

07.09.1952

Date of Appointment :

14.12.2012

DIN No.:

06468290

KEY EXECUTIVES

Name :	Mr. Chander Gupta
Designation :	Secretary
Address :	874, Pocket B&C, Sector-A, Vasant Kunj, New Delhi – 110070, India
Date of Birth/Age :	43 Years
Qualification :	B. A.
Experience :	17 Years
Date of Appointment :	31.12.1977
PAN No.:	AAAPG1753G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares	% of Holding
N P Gupta	346213	72.13%
Anant Gupta	6810	1.42%
Nidhi Gupta	2280	0.48%
Bhavna Gupta	7500	1.56%
Avichal Gupta U/G Anant Gupta	15000	3.13%
N.P. Gupta (HUF)	1662	0.35%
Progect	2160	0.45%
Desein Private Limited, India	15480	3.23%
Energy Engg. Private Limited, India	81000	16.88%
R C Aggarwal	832	0.17%
V K Gupta	533	0.11%
Vijay Lakshmi Gupta	250	0.05%
Sarla Batra	280	0.06%
Total	480000	100.02%

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	21.00
Directors or relatives of directors	79.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of ‘Ash Handling Systems’ for Thermal Power Projects.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Canara Bank (Lead Bank), Prime Corporate Branch-I, DDA Building, Nehru Place BOM, Synd Bank, IOB, PNB (Members), New Delhi - 110019, India

Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	122.128	123.383
SHORT TERM BORROWINGS
Loans repayable on demand from banks	1364.788	1005.464
Total	1486.916	1128.847

Banking Relations :	--
Auditors :
Name :	R. Khattar and Associates Chartered Accountants
Address :	N-17, Annexe Flats 1st and 2nd Floors, Green Park Extn., New Delhi – 110016, India
Income-tax PAN of auditor or auditor's firm :	AAHFR4693K
Enterprises under Common Control :	· Desein Dot Ventures Private Limited India Power Partners Private Limited Orissa Power Partners Private Limited
Associate :	· Desein International Private Limited [U74899DL2001PTC109073] The Indmac India Private Limited [U74899DL1971PTC005882] Desein Private Limited [U74899DL1970PTC005474] Sophos Engineering Private Limited [U74899DL1982PTC013875] Energy Engineers Private Limited [U74899DL1980PTC014208] Albatross Travels Private Limited [U74899DL1996PTC084147] Desein Beiz Technik Private Limited [U74899DL1984PTC018780] Mandya Power Partners Private Limited [U74899DL1995PTC073211]
Fellow Subsidiary company :	· OPG Computer Aided Design Private Limited [U73100DL1982PTC013716] Indure Louise Private Limited [U74899DL1989PTC035314] Montealto Indure Energy Private Limited [U40200DL2011PTC221441] Indure Fabrication and Ser. Private Limited [U74899DL1989PTC035312]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,499,000	Equity Shares	Rs. 100/- each	Rs. 249.900 Millions
1,000	Preference Shares	Rs. 100/- each	Rs. 0.100 Million
	Total		Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
480,000	Equity Shares	Rs. 100/- each	Rs. 48.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	48.000	48.000
(b) Reserves & Surplus	1287.850	1033.137
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1335.850	1081.137
(3) Non-Current Liabilities
(a) long-term borrowings	147.628	139.883
(b) Deferred tax liabilities (Net)	15.234	9.654
(c) Other long term liabilities	2168.858	2240.848
(d) long-term provisions	25.441	28.063
Total Non-current Liabilities (3)	2357.161	2418.448
(4) Current Liabilities
(a) Short term borrowings	1364.788	1005.464
(b) Trade payables	2577.576	2101.078
(c) Other current liabilities	448.254	344.290
(d) Short-term provisions	675.117	553.147
Total Current Liabilities (4)	5065.735	4003.979
TOTAL	8758.746	7503.564
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	495.473	412.356
(ii) Intangible Assets	17.728	14.444
(iii) Capital work-in-progress	33.314	49.027
(iv) Intangible assets under development	9.835	0.000
(b) Non-current Investments	7.402	4.747
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	46.896	34.908
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	610.648	515.482
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	557.497	396.053
(c) Trade receivables	4892.237	4007.425
(d) Cash and cash equivalents	1152.598	1347.081
(e) Short-term loans and advances	1545.766	1237.523
(f) Other current assets	0.000	0.000
Total Current Assets	8148.098	6988.082
TOTAL	8758.746	7503.564

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		48.000
2] Share Application Money		0.000
3] Reserves & Surplus		784.448
4] (Accumulated Losses)		0.000
NETWORTH		832.448
LOAN FUNDS
1] Secured Loans		561.770
2] Unsecured Loans		2462.059
TOTAL BORROWING		3023.829
DEFERRED TAX LIABILITIES		8.229
TOTAL		3864.506
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		337.765
Capital work-in-progress		2.707
INVESTMENT		3.247
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	366.845
	Sundry Debtors	3404.539
	Cash & Bank Balances	1314.405
	Other Current Assets	0.000
	Loans & Advances	1096.740
Total Current Assets		6182.529
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1967.131
	Other Current Liabilities	247.262
	Provisions	448.149
Total Current Liabilities		2662.542
Net Current Assets		3519.987
MISCELLANEOUS EXPENSES		0.800
TOTAL		3864.506

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	7484.500	6653.900	7379.700
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		480.147	451.685	469.071
Less/ Add	DEPRECIATION/ AMORTISATION		89.504	61.581	45.411
	PROFIT BEFORE TAX		390.643	390.104	423.660
Less	TAX		128.162	132.446	145.573
	PROFIT AFTER TAX		262.481	257.658	278.087
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.412	1.122	1.431
Less	APPROPRIATIONS
		Transfer to General Reserve	245.000	250.000	270.000
		Proposed Dividend	7.200	7.200	7.200
		Tax on Dividend	1.168	1.168	1.196
	BALANCE CARRIED TO THE B/S		9.525	0.412	1.122
	EARNINGS IN FOREIGN CURRENCY
		Exports at FOB value	17.613	16.737	1227.207
	IMPORTS
		Components, Stores & spares	452.443	210.233	392.800
	Earnings Per Share (Rs.)		546.84	536.79	579.35

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	4.49	5.24	6.50
Return on Investment (ROI) (PBT/Networth)		0.29	0.36	0.51
Debt Equity Ratio (Total Debt/Networth)		1.13	0.22	3.63
Current Ratio (Current Asset/Current Liability)		1.61	1.75	2.32

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	No
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10448737	21/08/2013	2,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA	B84819853
2	10434446	04/06/2013	1,300,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA	B78550910
3	10416471	10/03/2013	1,915,400.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B72214091
4	10385981	16/10/2012	4,606,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B61900940
5	10377254	16/08/2012	1,088,195.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B58396920
6	10373168	01/08/2012	41,258,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA	B56648850
7	10312723	29/09/2011	200,000,000.00	CANARA BANK PRIME CORPORATE BRANCH-I	DDA BUILDING, NEHRU PLACE, NEW DELHI - 110019, INDIA	B23388762
8	10218506	09/11/2009	150,000,000.00	CANARA BANK	PCB-I, G/F, ANSAL TOWERS, 38-NEHRU PLACE, NEW DELHI - 110019, INDIA	A78293404
9	10140111	18/12/2008	2,003,400,000.00	SYNDICATE BANK	CORPORATE FINANCE BRANCH, SAROJANI HOUSE, 6 BHAGWAN DASS ROAD, NEW DELHI - 110001, INDIA	A55850390
10	10140157	18/12/2008	2,003,400,000.00	SYNDICATE BANK	CORPORATE FINANCE BRANCH, SAROJANI HOUSE, 6 BHAGWAN DASS ROAD, NEW DELHI - 110001, INDIA	A55849954
11	10127496	22/09/2008	40,000,000.00	CANARA BANK	D.D.A. BUILDING, NEAR PARAS CINEMA, NEHRU PLACE, NEW DELHI - 110019, INDIA	A49574841
12	10124332	02/09/2008	670,000,000.00	CANARA BANK	D.D.A. BUILDING, NEAR PARAS CINEMA, NEHRU PLACE, NEW DELHI - 110019, INDIA	A47513403
13	10124330	02/09/2008	843,700,000.00	CANARA BANK	D.D.A. BUILDING, NEAR PARAS CINEMA, NEHRU PLACE, NEW DELHI - 110019, INDIA	A47512595
14	10064819	09/07/2007	27,500,000.00	THE BANK OF MAHARASHTRA LIMITED	M-16, M-BLOCK, GREATER KAILASH - II, NEW DELHI - 110048, INDIA	A21642822
15	90051688	11/07/2005 *	614,750,000.00	CANARA BANK	NEHRU PLACE, NEW DELHI - 110019, INDIA	-
16	90050486	19/03/2004	565,000,000.00	SYNDICATE BANK	CORPORATION FINANCE BRANCH, R.K. PURAM, NEW DELHI INDIA	-
17	90049521	21/11/2012 *	18,009,400,000.00	CANARA BANK (LEAD BANK)	PRIME CORPORATE BRANCH-I, DDA BUILDING, NEHRU PLACE BOM, SYND BANK, IOB, PNB (MEMBERS), NEW DELHI - 110019, INDIA	B64246069
18	80065470	21/09/1992 *	450,000,000.00	CANARA BANK	NEHRU PLACE, , NEW DELHI - 110019, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from others	25.500	16.500
Total	25.500	16.500

OPERATIONS

The company achieved a turnover of Rs. 7484.500 Millions as against Rs. 6653.900 Millions of previous year.

NATURE OF OPERATIONS

Subject is engaged in the manufacture and sale of complete range of ‘Ash Handling Equipments’ and in the development of ‘Ash Handling Systems’ in India and outside India. The Company was incorporated in 1970.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Contingent liabilities on account of :
Outstanding bank guarantees	9048.391	8091.640
In respect of the following demands pending disposal of appeals:
Sales tax Sales Tax demand for the year 1988-89, 1999-2000, 2000-01 and 2004-05, 2006-07, 2007-08, 2008-09 and 2009-10 against which the company has gone on appeal.	9.999	13.312
Claims against the Company not acknowledged as debts.	12.090	11.189
Note: The demands are raised by relevant appellate authorities, against which the Company has gone in appeal. Management is of the view, based on judicial pronouncements, that the Company’s claims are likely to be accepted by various appellate authorities and therefore these liabilities are not probable and need not to be provided for.

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Furniture and fixtures

Vehicles

Office equipment

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 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. 61.58
UK Pound	1	Rs. 98.51
Euro	1	Rs. 83.49

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.