MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	NATIONAL ENGINEERING INDUSTRIES LIMITED (w.e.f. 1958)

Formerly Known as :	NATIONAL BEARING COMPANY LIMITED

Registered Office :	9/1, R. N. Mukherjee Road, Birla Building, 11^th Floor, Kolkata-700001, West Bengal

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	24.04.1946

Com. Reg. No.:	21-13643

Capital Investment / Paid-up Capital :	Rs.8.000 Millions

CIN No.: [Company Identification No.]	L29130WB1946PLC013643

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. [Note: As confirmed with Mr. Varun, Key Executive the subject is under process of delisting from Delhi Stock Exchange.]

Line of Business :	Manufacturer and exporter of Ball Bearings, Steel Balls, Tapered Roller Bearings, Cylindrical Roller Bearings and Axle Boxes for Railway Rolling Stock including Spherical Roller Bearings, Cartridge Tapered Roller Bearings and Large Special Bearings.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING

STATUS

PROPOSED CREDIT LINE

56-70

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 25120000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest. The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AA – [Long Term Bank Facilities]
Rating Explanation	High credit quality and low credit risk.
Date	16.09.2013

Rating Agency Name	CARE
Rating	A1+ [Short Term Bank Facilities]
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	16.09.2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	9/1, R. N. Mukherjee Road, Birla Building, 11^th Floor, Kolkata-700001, West Bengal
Tel. No.:	91-33-22420910/22430383
Fax No.:	91-33-22101912
E-Mail :	neical@vsnl.com neical@neibearing.com
Website :	www.neibearing.com

Head Office/ Factory 1:	Khatipura Road, Jaipur-302006, Rajasthan, India
Tel No.:	91-141-2223221
Fax No.:	91-141-2221926/ 2222259

Factory 2:	Village Gunsi, Tehsil Newai. District Tonk, Rajasthan, India

Factory 3:	Plot No. 163, Sector 3, Industrial Estate Ch. Devilal IMT, Manesar, District Gurgaon, Haryana, India

Factory 4:	2 Beerpara Lane, Dum Dum, Kolkata-700030, West Bengal, India

Branch Office :	Located At: Mumbai New Delhi Mumbai Pune Chennai

DIRECTORS

AS ON 09.07.2013

Name :

Mr. Chandra Kant Birla

Designation :

Chairman cum Managing Director

Address :

8/9, Alipore Road, Kolkata-700 027, West Bengal, India

Date of Birth/Age :

23.02.1979

Date of Appointment :

23.02.1979

Din No.:

00118473

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	L21011OR1936PLC000117	ORIENT PAPER AND INDUSTRIES LIMITED	Director	29/09/1978	29/09/1978	-	Active	NO
2	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LIMITED	Director	23/02/1979	23/02/1979	-	Active	NO
3	L74999AP1955PLC000656	HIL LIMITED	Director	04/02/1980	04/02/1980	-	Active	NO
4	L34103WB1942PLC018967	HINDUSTAN MOTORS LIMITED	Director	13/01/1982	13/01/1982	-	Active	NO
5	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	20/01/1995	20/01/1995	-	Active	NO
6	U74999MH1932PLC001910	NEOSYM INDUSTRY LIMITED	Director	31/10/2000	31/10/2000	-	Active	NO
7	U34103MP2005PLC017319	AVTEC LIMITED	Nominee director	28/06/2005	28/06/2005	-	Active	NO
8	L24231DL2003PLC119441	FRESENIUS KABI ONCOLOGY LIMITED	Director	27/01/2006	27/01/2006	29/08/2007	Active	NO
9	U51109WB1918PTC003010	BIRLA BROTHERS PVT LIMITED	Director	29/12/2008	29/12/2008	-	Active	NO
10	U26940OR2011PLC013933	ORIENT CEMENT LIMITED	Director	13/08/2012	23/07/2011	-	Active	NO

Name :

Mrs. Amita Birla

Designation :

Director

Address :

8/9, Alipore Road, Kolkata-700 027, West Bengal, India

Date of Birth/Age :

07.12.1956

Date of Appointment :

30.07.2008

Din No.:

00837718

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	U67190MP1901PLC000439	GWALIOR FINANCE CORPORATION LIMITED	Director	27/01/1981	27/01/1981	Active	NO
2	U65921WB1946PLC014242	HINDUSTHAN DISCOUNTING CO LIMITED	Director	24/03/1984	24/03/1984	Active	NO
3	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	16/03/1995	16/03/1995	Active	NO
4	U74999MH1932PLC001910	NEOSYM INDUSTRY LIMITED	Director	10/06/2008	11/07/2007	Active	NO
5	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LIMITED	Additional director	30/07/2008	30/07/2008	Active	NO

Name :

Mr. Kashinath Memani

Designation :

Director

Address :

177-C, Western Avenue, Lane W-7, Sainik Farms, New Delhi-110 062, Delhi, India

Date of Birth/Age :

01.01.1939

Date of Appointment :

30.04.2004

Din No.:

00020696

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	U74899DL1992PTC048015	HT CONSULTANCY SERVICES PRIVATE LIMITED	Director	01/04/2004	01/04/2004	08/02/2010	Active	NO
2	L65190MH2003PLC143249	YES BANK LIMITED	Director	01/04/2004	01/04/2004	11/12/2007	Active	NO
3	U74140DL2004PTC125551	KNM ADVISORY PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
4	L23109MP1972PLC008290	HEG LIMITED	Director	30/04/2004	30/04/2004	19/03/2013	Active	NO
5	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LIMITED	Director	30/04/2004	30/04/2004	-	Active	NO
6	L22121DL2002PLC117874	HT MEDIA LIMITED	Director	05/05/2004	05/05/2004	-	Active	NO
7	U92113DL2000PTC104336	KALEIDOSCOPE ENTERTAINMENT PRIVATE LIMITED	Director	28/09/2004	11/05/2004	27/08/2008	Active	NO
8	U74140MH2004PTC147603	AEGON INDIA PRIVATE LIMITED	Director	21/07/2004	21/07/2004	06/06/2012	Amalgamated	NO
9	L17124MH1986PLC166615	INDO RAMA SYNTHETICS (INDIA) LIMITED	Director	21/07/2004	21/07/2004	09/07/2008	Active	NO
10	U48985WB1992PLC095301	GREAT EASTERN ENERGY CORPORATION LIMITED	Director	26/10/2004	26/10/2004	-	Active	NO
11	U80301HR1998PTC036306	GEMS EDUCATION INDIA PRIVATE LIMITED	Director	06/12/2004	06/12/2004	08/08/2008	Active	NO
12	L24111UR1983PLC009097	INDIA GLYCOLS LIMITED	Director	22/06/2005	22/06/2005	12/06/2009	Active	NO
13	U74999MH1968GAP014120	INDO-AMERICAN CHAMBER OF COMMERCE	Director	29/09/2005	29/09/2005	26/09/2008	Active	NO
14	L70101HR1963PLC002484	DLF LIMITED	Director	29/09/2006	21/04/2006	-	Active	NO
15	L63993WB1983PLC036030	EMAMI LIMITED	Director	15/05/2006	15/05/2006	-	Active	NO
16	U72200MH1989PLC166901	ICICI VENTURE FUNDS MANAGEMENT COMPANY LIMITED	Director	06/09/2007	12/01/2007	-	Active	NO
17	U72900DL2000PLC104989	SPICE DIGITAL LIMITED	Director	29/09/2010	26/01/2008	04/07/2012	Active	NO
18	U66010MH2007PLC169110	AEGON RELIGARE LIFE INSURANCE COMPANY LIMITED	Director	22/07/2008	31/05/2008	-	Active	NO
19	U74899DL1980PTC011082	SPICE TELEVENTURES PRIVATE LIMITED	Director	30/09/2008	28/07/2008	18/06/2009	Amalgamated	NO
20	L74999RJ1938PLC019511	JK LAKSHMI CEMENT LIMITED	Director	25/07/2009	05/08/2008	-	Active	NO

Name :

Mr. Manohar Lal Panchisia

Designation :

Director

Address :

8/12, Alipore Road, Kolkata-700 027, West Bengal, India

Date of Birth/Age :

06.01.1944

Date of Appointment :

21.03.1994

Din No.:

00065431

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	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LIMITED	Director	21/03/1994	21/03/1994	-	Active	NO
2	U67190MP1901PLC000439	GWALIOR FINANCE CORPORATION LIMITED	Director	27/05/1996	27/05/1996	-	Active	NO
3	U35202WB1966PLC026980	GMMCO LIMITED	Director	20/11/1996	20/11/1996	-	Active	NO
4	L21011OR1936PLC000117	ORIENT PAPER AND INDUSTRIES LIMITED	Managing director	23/09/2008	23/09/1997	-	Active	NO
5	U51900WB1966PLC026949	SOORYA VANIJYA & INVESTMENTS LIMITED	Director	16/10/1998	16/10/1998	-	Active	NO
6	U70109WB1946PLC014112	BIRLA BUILDINGS LIMITED	Director	09/12/2002	09/12/2002	-	Active	NO
7	U72200DL1999PLC100410	BIRLASOFT ENTERPRISES LIMITED	Director	21/12/2005	21/12/2005	-	Active	NO
8	U29130RJ1948PLC000583	NATIONAL BEARING COMPANY (JAIPUR) LIMITED	Director	28/12/2005	28/12/2005	-	Active	NO
9	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	07/07/2006	07/07/2006	-	Active	NO
10	U26940OR2011PLC013933	ORIENT CEMENT LIMITED	Director	22/07/2011	22/07/2011	21/03/2013	Active	NO
11	U29299WB1960PLC024693	SPECIAL ENGG. SERVICES LIMITED	Director	30/08/2011	30/08/2011	-	Active	NO
12	U31900OR2012PLC015356	ORIENT ELECTRICALS LIMITED	Director	09/05/2012	09/05/2012	-	Active	NO

Name :

Mr. Jagdish Prasad Chhaochharia

Designation :

Director

Address :

6 C, Short Street, Kolkata-700 016, West Bengal, India

Date of Birth/Age :

26.11.1931

Date of Appointment :

28.12.1979

Din No.:

00065287

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	U67190MP1901PLC000439	GWALIOR FINANCE CORPORATION LIMITED	Director	03/11/1969	03/11/1969	Active	NO
2	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LIMITED	Director	28/12/1979	28/12/1979	Active	NO
3	U67120WB1946PLC013689	ASHOK INVESTMENT CORPORATION LIMITED	Director	29/04/1984	29/04/1984	Active	NO
4	U52500WB1928PLC005895	BENGAL STORES LIMITED	Director	22/09/1986	22/09/1986	Active	NO
5	U29130RJ1948PLC000583	NATIONAL BEARING COMPANY (JAIPUR) LIMITED	Director	28/06/1994	28/06/1994	Active	NO
6	U51909WB1947PLC015860	CHHOTANAGPUR GENERAL TRADING CO LIMITED	Director	22/08/1994	22/08/1994	Amalgamated	NO
7	U21093WB1955PLC022651	EASTERN INDIA SERVICES & MARKETING CO. LIMITED	Director	20/09/1999	20/09/1999	Active	NO
8	U35202WB1966PLC026980	GMMCO LIMITED	Director	08/02/2001	08/02/2001	Active	NO
9	L02710MP1938PLC000132	CENTRAL INDIA INDUSTRIES LIMITED	Whole-time director	01/04/2013	26/05/2003	Active	NO
10	U70101WB1932PLC007341	BASANT PROPERTIES LIMITED	Director	15/06/2005	15/06/2005	Active	NO
11	U65191WB1935PLC008270	JUTE INVESTMENT CO LIMITED	Director	28/09/2005	28/09/2005	Active	NO

Name :

Mr. Haigreve Khaitan

Designation :

Director

Address :

B-103, Raj Enclave, 7/1A, Sunny Park, Kolkata-700 019, West Bengal, India

Date of Birth/Age :

13.07.1970

Date of Appointment :

05.02.1998

Din No.:

00005290

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	U29192WB1972PTC028222	VINAR SYSTEMS PRIVATE LIMITED	Director	01/08/1994	01/08/1994	-	Active	NO
2	L01119KL1978PLC002947	HARRISONS MALAYALAM LIMITED	Director	14/03/1995	14/03/1995	-	Active	NO
3	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LIMITED	Director	05/02/1998	05/02/1998	-	Active	NO
4	L25100MH1958PLC011041	CEAT LIMITED	Director	29/07/1999	29/07/1999	-	Active	NO
5	L25209WB1997PLC085972	XPRO INDIA LIMITED	Director	13/10/1999	13/10/1999	-	Active	NO
6	U13202TZ1960PLC000372	THE MADRAS ALUMINIUM COMPANY LIMITED	Director	28/08/2000	28/08/2000	20/07/2011	Amalgamated	NO
7	U74140DL1970PLC005314	KHAITAN CONSULTANTS LIMITED	Director	08/02/2001	08/02/2001	-	Not Available for eFiling	NO
8	L26100GJ1988PLC011663	GUJARAT BOROSIL LIMITED	Director	30/01/2002	30/01/2002	15/01/2009	Active	NO
9	L31300DN2000PLC000340	STERLITE TECHNOLOGIES LIMITED	Director	30/07/2003	30/07/2003	-	Active	NO
10	L15492WB1916PLC002697	DHUNSERI PETROCHEM & TEA LIMITED	Director	23/09/2003	23/09/2003	03/07/2010	Active	NO
11	L21010GJ1991PLC019432	SHREE RAMA NEWSPRINT LIMITED	Director	19/09/2008	09/01/2004	05/04/2012	Active	NO
12	U65999MH2002PTC134398	BTS INVESTMENT ADVISORS PRIVATE LIMITED	Director	03/02/2004	03/02/2004	15/11/2011	Active	NO
13	U72900WB2004PTC098938	NEOWORTH PRIVATE LIMITED	Director	27/07/2004	27/07/2004	31/07/2007	Amalgamated	NO
14	U72200WB2004PTC100314	LEGAL OUTSOURCING PRIVATE LIMITED	Director	28/12/2004	28/12/2004	20/12/2011	Active	NO
15	U51909WB2004PTC100164	HIGH GROWTH DISTRIBUTORS PRIVATE LIMITED	Director	28/12/2004	28/12/2004	20/12/2011	Active	NO
16	U51909WB2004PTC100166	HITECH DEALERS PRIVATE LIMITED	Director	28/12/2004	28/12/2004	20/12/2011	Active	NO
17	U51102WB1996PTC081772	SARVASIDDHI COMMERCIALS PRIVATE LIMITED	Director	28/01/2005	28/01/2005	20/12/2011	Active	NO
18	L21300WB1973PLC028854	INTERNATIONAL CONVEYORS LIMITED	Director	23/04/2005	23/04/2005	29/10/2007	Active	NO
19	U34103MP2005PLC017319	AVTEC LIMITED	Nominee director	28/06/2005	28/06/2005	-	Active	NO
20	U72300DL1999PTC100368	TECTURA INFOTECH PRIVATE LIMITED	Director	12/12/2005	12/12/2005	22/03/2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.07.2013

Names of Shareholders		No. of Shares
Rajasthan Industries Limited, India		10
Central India Industries Limited, India		10
Bengal Rubber Company Limited, India		395960
Amer Investments (Delhi) limited, India		393146
Hindustan Discounting Company Limited, India		10
Gwalior Finance Corporation Limited, India		10
Hitaish Investments Limited, India		2000
Birla Kant Chandra		8854

TOTAL		800000

AS ON 09.07.2013

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		98.89
Directors or relatives of directors		1.11
TOTAL		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and exporter of Ball Bearings, Steel Balls, Tapered Roller Bearings, Cylindrical Roller Bearings and Axle Boxes for Railway Rolling Stock including Spherical Roller Bearings, Cartridge Tapered Roller Bearings and Large Special Bearings.

Products :

Item Code No. (ITC Code)	84.82
Product Description	Ball and Roller Bearings
Item Code No. (ITC Code)	40
Product Description	Rubber Moulded and Extruded Goods
Item Code No. (ITC Code)	-
Product Description	Execution of Turnkey Contracts

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Bank of Nova Scotia, Classic Towers, P.O. Box 3749, 1547 Trichy Road, Coimbatore, CPO-641 018, Tamil Nadu, India

State Bank of India, 34, Jawaharlal Nehru Road, Kolkata-700071, West Bengal, India

State Bank of Bikaner and Jaipur, 14 N. S. Road, Kolkata-700001, West Bengal, India

UCO Bank, 10, B. T. M. Sarani, Kolakata-700001, West Bengal, India

Punjab National Bank, 31 Chowringhee Road, Kolkata-700001, West Bengal, India

Kotak Mahindra Bank Limited, 57, S. P. Marg, C. Scheme, Jaipur-302001, India

State Bank of Indore, 161, C.R. Avenue, Kolkata-700007, West Bengal, India

IDBI Bank Limited, 119, Park Street, Kolkata-700016, , West Bengal, India

Standard Chartered Bank, Narain Manzil, 23 Barakhamba Road, New Delhi-110001, India

Barclays Bank PLC, Eros Corporate Tower, Nehru Place, New Delhi-110019, Delhi, India

The Honk Kong and Shanghai Banking Corporation Limited, Birla Towers, 25, Barakhamba Road, New Delhi-110001, India

Indusind Bank Limited, Sangam Complex, Church Road, Jaipur-302001, Rajasthan, India

Axis Bank Limited, 148, Statesman House, Barakhamba Road, New Delhi-110001, India

Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term loans from others	814.200	875.500

Short Term Borrowings
Loans repayable on demand from banks	2461.713	2809.041
TOTAL	3275.913	3684.541

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Loans repayable on demand from banks	1542.485	781.647
TOTAL	1542.485	781.647


Banking Relations :	--

Auditors :
Name :	S R Batliboi and Company LLP Chartered Accountants
Address :	Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon-122002, Haryana, India
PAN No:	AALFS0506L

Associates/Subsidiaries :	National Bearing Company (Jaipur) Limited [U29130RJ1948PLC000583] Birla GTM Entrepose Limited [U45203WB1990PLC048284] Nei Properties Limited [U70200WB1989PLC046103] Birla Soft Limited [U72900DL2010PLC197773]

Other Related Parties :	Amer Investments (Delhi) Limited [U74899DL1971PLC005601] Bengal Rubber Company Limited [U25111WB1946PLC013784]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions
100000	Preferences Share	Rs.100/- each	Rs.10.000 Millions
	TOTAL		Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs.8.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.000	8.000
(b) Reserves & Surplus	6273.730	5320.414
(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)	6281.730	5328.414

(3) Non-Current Liabilities
(a) long-term borrowings	814.200	875.500
(b) Deferred tax liabilities (Net)	453.012	305.850
(c) Other long term liabilities	2.633	5.994
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1269.845	1187.344

(4) Current Liabilities
(a) Short term borrowings	4004.198	3590.688
(b) Trade payables	1654.509	1544.649
(c) Other current liabilities	624.716	573.637
(d) Short-term provisions	124.038	137.278
Total Current Liabilities (4)	6407.461	5846.252

TOTAL	13959.036	12362.010

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6914.504	5943.874
(ii) Intangible Assets	44.597	27.604
(iii) Capital work-in-progress	328.068	389.025
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	911.000	909.849
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	262.714	158.796
(e) Other Non-current assets	6.320	12.068
Total Non-Current Assets	8467.203	7441.216

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3026.137	2416.823
(c) Trade receivables	2148.475	2110.608
(d) Cash and cash equivalents	6.796	35.127
(e) Short-term loans and advances	270.455	313.145
(f) Other current assets	39.970	45.091
Total Current Assets	5491.833	4920.794

TOTAL	13959.036	12362.010

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		8.000
2] Share Application Money		0.000
3] Reserves & Surplus		4334.392
4] (Accumulated Losses)		0.000
NETWORTH		4342.392
LOAN FUNDS
1] Secured Loans		2736.272
2] Unsecured Loans		241.986
TOTAL BORROWING		2978.258
DEFERRED TAX LIABILITIES		267.117
OTHER LIABILITIES		20.439

TOTAL		7608.206

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		4927.694
Capital work-in-progress		451.794

INVESTMENT		409.536
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2269.613
	Sundry Debtors	1432.942
	Cash & Bank Balances	43.668
	Other Current Assets	41.823
	Loans & Advances	365.119
Total Current Assets		4153.165
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	717.189
	Other Current Liabilities	1538.781
	Provisions	78.013
Total Current Liabilities		2333.983
Net Current Assets		1819.182

MISCELLANEOUS EXPENSES		0.000

TOTAL		7608.206

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	11997.174	10962.611	9553.389
		Other Income	436.458	195.449	86.180
		TOTAL (A)	12433.632	11158.060	9639.569

Less	EXPENSES
		Cost of materials consumed	6218.844	5476.937	4484.740
		Purchases of stock-in-trade	63.405	68.995	83.829
		Employee benefit expense	1187.598	929.446	898.989
		Other expenses	2688.447	2507.016	1935.178
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(212.562)	(208.941)	(165.967)
		TOTAL (B)	9945.732	8773.453	7236.769

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2487.900	2384.607	2402.800

Less	FINANCIAL EXPENSES (D)		302.583	284.619	192.913

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2185.317	2099.988	2209.887

Less/ Add	DEPRECIATION/ AMORTISATION (F)		772.017	625.173	494.434

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1413.300	1474.815	1715.453

Less	TAX (H)		385.354	451.602	526.486

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1027.946	1023.213	1188.967

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		558.320	472.298	301.927

Less	APPROPRIATIONS
		Transfer to General Reserve	950.000	900.000	1000.000
		Interim Dividend	32.000	0.000	0.000
		Provision For Dividend	32.000	32.000	16.000
		Income Tax on Distribution of Dividend	10.630	5.191	2.596
	BALANCE CARRIED TO THE B/S		561.636	558.320	472.298

	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB Basis	1292.547	769.590	NA
		Consultancy Fees	311.823	588.531	NA
		Commission Earnings	33.958	73.998	NA
	TOTAL EARNINGS		1638.328	1432.119	NA

	IMPORTS
		Raw Materials	2437.548	1893.152	NA
		Stores & Spares	242.457	190.916	NA
		Capital Goods	563.571	869.643	NA
		Finished Goods	6.439	4.983	NA
	TOTAL IMPORTS		3250.015	2958.694	NA

	Earnings / (Loss) Per Share (Rs.)		1284.93	1279.02	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	8.27	9.17	12.33

Net Profit Margin (PBT/Sales)	(%)	11.78	13.45	17.95

Return on Total Assets (PBT/Total Assets}	(%)	11.11	13.33	18.89

Return on Investment (ROI) (PBT/Networth)		0.22	0.27	0.40

Debt Equity Ratio (Total Debt/Networth)		0.77	0.84	0.69

Current Ratio (Current Asset/Current Liability)		0.85	0.84	1.77

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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10349639	26/03/2012	750,000,000.00	DBS BANK LIMITED	(SECURITY TRUSTEE OF DBS BANK LIMITED, SINGAPORE), K OLKATA BRANCH, 4A, NANDALAL BASU SARANI, KOLKATA - 700071, West Bengal, INDIA	B37568227
2	10313519	29/09/2011	1,900,000.00	STATE BANK OF INDIA	S M E C C C, SANGANERI GATE, JAIPUR - 302001, Rajasthan, INDIA	B23644024
3	10269761	29/11/2011 *	225,000,000.00	THE BANK OF NOVA SCOTIA	CLASSIC TOWER, P.O.BOX 3749, 1547 TRICHY ROAD, COIMBATORE - 641018, TAMILNADU, INDIA	B26314567
4	10246631	02/11/2010	450,000,000.00	DBS BANK LIMITED	4A, NANDALAL BASU SARANI,, KOLKATA - 700071, WEST BENGAL, INDIA	A97595144
5	10197818	03/12/2010 *	100,000,000.00	INDUSIND BANK LIMITED	SANGAM COMPLEX, CHURCH ROAD, JAIPUR - 302001, RAJASTHAN, INDIA	B01911122
6	10163051	19/11/2009 *	300,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI - 400018, MAHARASHTRA, INDIA	A73860389
7	10164258	16/09/2013 *	5,500,000,000.00	STATE BANK OF INDIA	34, JAWAHARLAL NEHRU ROAD, CAG BRANCH, KOLKATA - 700071, WEST BENGAL, INDIA	B84717396
8	10091022	11/12/2009 *	400,000,000.00	AXIS BANK LIMITED	148 STATESMAN HOUSE, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	A74636515
* Date of charge modification

FINANCIAL AND OPERATIONAL PERFORMANCE:

In the financial year, there was continuous pressure of inflation and resultant high interest rates; however, inspite of these adverse factors, the company achieved an increase in turnover of 11% (16% in the previous year). In exports, the company has achieved a growth of 67% (46% in the previous year). The gross operating profit increased by 4%.

OPERATIONAL PERFORMANCE:

The directors are pleased to inform that the company became No. 1 manufacturer of bearings in India and also became one of the highest exporters of bearings from India during the year.

Consistent with its long term strategy, the Company has acquired a land measuring 21.61 acre to set up a new bearing plant at Savli, Vadodara in Gujarat which shall be operative by December 2013. The Company has also signed a MOU with RIICO (Rajasthan State Industrial Development and Investment Corporation) for a land measuring 100 acre in Bagru, Rajasthan for its future requirements.

The Company has installed a Wind Turbine of 1.25 MW at Ratkhuriya District, Jodhpur in Rajasthan with an estimated annual Power generation of 21.60 lacs units.

AWARDS AND RECOGNITION:

The directors are pleased to inform that the company has been accredited with the following awards and recognition during the year:

Manufacturing Excellence Award from ACMA – Bronze

Technology Excellence Award from ACMA – Bronze

Gold Quality Award from Bajaj Auto Limited

Best Supplier Award for Quality and Capacity Ramp UP from TAFE (Tractors and Equipments Limited)

Special Support Award from Maruti Suzuki India Limited

Best Emerging Supplier Award from Spicer India Limited

FIXED ASSETS:

Leasehold land
Freehold Land
Building
Plant and Machinery
Vehicles
Furniture and Building
Live Stock

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 records 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 Declration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.99.41
Euro	1	Rs.84.12

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		68

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.

MIRA INFORM REPORT

8.27

11.78

11.11

0.22

0.77

0.85

Unit